DGAP-News: POLIS Immobilien boosts rental volumes in first quarter
(firmenpresse) - POLIS Immobilien AG / Quarter Results/Quarter Results
06.05.2010 09:00
Dissemination of a Corporate News, transmitted by
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- Operating business remains stable, solid equity ratio of 49 percent
- Modernisation-related vacancies exert temporary negative impact on key
results
- Non-cash-effective impairment losses on interest-rate hedging
instruments feed through to slightly negative quarterly result
Berlin, May 6, 2010 - POLIS Immobilien AG [ISIN: DE0006913304] has already
let around 2,800 square meters of office space in the first three months of
the current fiscal year, thereby exceeding the prior-year period's letting
volume. The company is modernising office properties in good inner-city
locations, for example in Stuttgart, Düsseldorf and Cologne. Due to
modernisation-related vacancies, rental income in the first three months of
the year fell to EUR 3.2 million (previous year: EUR 3.8 million), while
income from property management dropped to EUR 2.5 million (previous year:
EUR 3.3 million). The earnings decline was partially compensated by a lower
interest expense at EUR 1.1 million (previous year: EUR 1.3 million). Funds
from operations, which are adjusted for the valuation gains and sales
proceeds, amounted to EUR 1 million (previous year: EUR 1.2 million).
Further non-cash-effective valuation losses on interest-rate hedging
instruments of EUR 1.5 million (previous year: EUR 1.3 million), which were
due to the further decline in market interest rates, resulted in a slightly
negative consolidated net result of TEUR -521 (previous year: TEUR -135).
With a look forward to higher rental income and a rising utilisation level
following the modernisation, POLIS Immobilien anticipates high earnings
potential.
The specialist for the modernisation and management of office properties
achieved operating cash flow of EUR 2.2 million in the first quarter
(previous year: EUR 2.6 million). The equity ratio stoodat 49 percent on
March 31, 2010 (previous year: 50 percent). The company is able to expand
and further develop its portfolio thanks to its good capital backing. 'The
increase in investment market transactions points to opportunities that we
potentially also wish to exploit. We continue to aim for aportfolio of
around EUR 300 million,' commented Dr. Alan Cadmus, Chief Executive Officer
of POLIS Immobilien. POLIS Immobilien's real estate portfolio currently
comprises a total of 34 properties with a market value of around EUR 287
million.
Driven by the economic recovery, demand for office properties in the first
quarter was up again for the first time on a quarterly comparison,
following six consecutive declines. POLIS Immobilien is benefiting from
this trend: for example, in the first quarter, the company let an office
comprising more than 800 square meters in the Hanover banking district.
Initial successes are also emerging in Düsseldorf: on May 1, the Engel
Canessa Group, which specialises in commercial properties, moved into a 520
square meter office owned by POLIS Immobilien. 'We are assuming that the
economic situation will recover further over the next few months, and that
the demand for office properties will continue to firm up,' Dr. Alan Cadmus
went on to comment. The company anticipates steady rental incomefor the
current year, and has set itself the target of raising its letting ratio on
a sustainable basis. Rental income is set to rise significantly in 2011.
The interim report as of March 31, 2010 can be downloaded from the
company's website at http://www.polis.de/english/IR/zwischenberichte.php.
POLIS Immobilien AG, which was founded in Berlin in 1998, is listed real
estate company that buys, refurbishes/revitalises, and manages office
properties for its own portfolio. The company focuses on one market
segment: office properties in inner-city locations at the most important
German office centres. The company acquires properties that are either
already renovated and are completely let, thereby generating stable cash
flow, or properties that are vacant or require modernisation, and which
offer specific value appreciation potential. This potential may be realised
by corresponding modernisation measures or full revitalisation. The company
pursues a moderate buy-and-sell strategy. POLIS Immobilien's real estate
portfolio currently comprises a total of 34 properties with a market value
of around EUR 287 million. POLIS shares are listed on the regulated market
(Prime Standard) of the Frankfurt Securities Exchange. Further information
can be found at www.polis.de.
Investor relations:
Dr. Alan Cadmus
POLIS Immobilien AG
Tel: +49 30 225 00 250
E-mail: ir(at)polis.de
URL: www.polis.de
Press contact:
Britta Cirkel
HOSCHKE&CONSORTEN Public Relations GmbH
Tel: +49 40 36 90 50- 56
E-mail: b.cirkel(at)hoschke.de
06.05.2010 09:00 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: POLIS Immobilien AG
Rankestraße 5/6
10789 Berlin
Deutschland
Phone: +49 30 225 00-261
Fax: +49 30 225 00-299
E-mail: info(at)polis.de
Internet: www.polis.de
ISIN: DE0006913304
WKN: 691330
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hamburg
End of News DGAP News-Service
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