DGAP-News: Fair Value REIT-AG: Fair Value REIT-AG increases FFO by 13% in the first quarter of 2013 and confirms full year forecast
(firmenpresse) - DGAP-News: Fair Value REIT-AG / Key word(s): Quarter Results
Fair Value REIT-AG: Fair Value REIT-AG increases FFO by 13% in the
first quarter of 2013 and confirms full year forecast
08.05.2013 / 07:31
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- IFRS consolidated net income of EUR 1.62 million (previous year: EUR 1.21
million)
- Adjusted consolidated net income according to EPRA / FFO up 13% to EUR
1.45 million
- REIT equity ratio increases to 53.3%
Munich, May 8, 2013 - Fair Value REIT-AG has made a successful start to the
financial year 2013 and generated consolidated net income pursuant to IFRS
of EUR 1.62 million or EUR 0.17 per share, in the first quarter. The
increase compared to the previous year figure of EUR 1.21 million or EUR
0.13 per share resulted from substantially reduced net interest expenses in
the Group and at the associated companies, which were in part boosted by
the positive earnings contributions from the market valuation of interest
rate hedges.
The Fair Value Group's operating result, adjusted for changes in market
values (EPRA earnings or FFO), totalled EUR 1.45 million in the first
quarter of 2013, some 13% higher than in the previous year (EUR 1.28
million) on the back of a fall in interest expenses. This corresponds to
earnings of EUR 0.16 per share (previous year quarter: EUR 0.14).
Total revenues in the first three months of 2013 amounted to a total of EUR
2.97 million, down from the previous year's total by EUR 0.17 million or
5%. The fall is largely the result of property sales in the previous year.
The occupancy rate of the properties held by the Group and its
participations increased, proportionate to Fair Value, from 94.4% to 95.0%
in the quarter under review. The remaining terms of the lease agreements
averaged 5.8 years as of the reporting date March 31, 2012.
Net rental income in the first quarter 2013 amounted to EUR 1.23 million,
representing a fall of some EUR 0.74 million or 37% compared with the
corresponding quarter in the previous year (EUR 1.97 million). This fall
was driven by lower net sales and higher property-related expenses in
connection with new lettings. The operating result of EUR 0.82 million was
EUR 0.50 million or 38% lower than in the first three months of 2012 (EUR
1.31 million).
In contrast, earnings from the equity-accounted associated companies grew
by EUR 0.25 million or 18% to EUR 1.67 million (previous year: EUR 1.41
million). The increase compared to the previous year figure exclusively
resulted from an improvement in the financial result, which was 50%
attributable to non-cash positive earnings contributions from the market
valuation of interest rate hedges and 50% from repayment and
interest-related reductions in net interest expenses.
The 21% fall in net interest expenses of EUR 1.0 million within the Group
(previous year: EUR 1.27 million) also contributed to the fall in the
operating result being more than offset. After accounting minority
interests in subsidiaries, the Fair Value Group concluded the first quarter
2013 with a consolidated net income of EUR 1.62 million.
Group equity totalled EUR 79.78 million as of March 31, 2013. This means
that the balance sheet net asset value per share in circulation increased
by 3% to EUR 8.55 per share in the first three months of the year (December
31, 2012: EUR 8.30). The equity ratio as per paragraph 15 of the German
REIT Act increased further to 53.3% of immovable assets (December 31, 2012:
52.6%).
Frank Schaich, CEO of Fair Value REIT-AG, commented on business development
in the first quarter: 'We regard the results from the first quarter of 2013
as confirmation of our targets and as a solid platform for the development
throughout the rest of the year. That is why we are reiterating our
forecast based on the assumption of adjusted consolidated net income (FFO)
of EUR 5.3 million, or EUR 0.57 per share, for 2013 as a whole.'
The Interim Report 1st Quarter 2013 is now available in the Financial
Reports section of www.fvreit.de.
Selected financial indicators of Fair Value REIT-AG
1/1 - 3/31/ 1/1 - 3/31/*Rental income and consolidated net income for Q1 2013 was adjusted on the
2013 2012 *
Rental Revenues EUR 2.458 EUR 2.731
million million
EBIT EUR 815 EUR 1.314
thousand million
Results from equity-accounted investments EUR 1.669 EUR 1.418
million million
IFRS-Consolidated net income EUR 1.620 EUR 1.210
million million
IFRS-EPS EUR 0.17 EUR 0.13
Adjusted consolidated income (EPRA-Earnings)/FFO EUR 1.448 EUR 1.275
million million
EPRA-EPS EUR 0,16 EUR 0.14
March 31, December 31,
2013 2012
Net asset value per share EUR 8.55 EUR 8.30
EPRA-NAV per share EUR 9.40 EUR 9.25
Equity ratio within the meaning of section 15 53.3% 52.6%
of the REIT Act
back of the accrual of a rent repayment received (Explanation see Note 11
in the Interim Report Q1-2013).
Contact
Fair Value REIT-AG
Frank Schaich
Tel. +49 (0) 89-9292815-10
Fax. +49 (0) 89-9292815-15
e-mail: schaich(at)fvreit.de
Corporate Profile
Fair Value REIT-AG, based in Munich, focuses on the acquisition, leasing,
property management and sale of commercial properties in Germany. At the
core of its investment activities are retail and office properties in
German regional centres. Because of its REIT status, Fair Value is exempt
from corporation and trade tax. In addition to investing in real estate
directly, Fair Value also acquires participations in real estate
partnerships.
Through direct investments and subsidiaries, Fair Value Group manages a
portfolio of 42 commercial properties with a total leasable floor space of
around 156,000 square metres and a market value of around EUR 127 million
as of March 31, 2013. Fair Value's share of these investments amounted to
around EUR 92 million on the same date.
In addition, Fair Value REIT-AG holds minority interests in six closed-end
real estate partnerships with holdings in 23 commercial properties with a
total leasable floor space of around 260,000 square metres. As of December
31, 2012, the total market value of these properties was around EUR 336
million (Fair Value's share of this amounted to around EUR 121 million on
March 31, 2013).
As of March 31, 2013, Fair Value's share of the total portfolio amounted to
around EUR 213 million. This portfolio had an occupancy rate of 95.0% of
the achievable rents at full occupancy of EUR 19.0 million per annum. As of
March 31, 2013, the weighted remaining term of the leases was 5.8 years.
Around 43% of the potential rent relates to retail floor space, 42% to
office space and 15% to other types of use.
End of Corporate News
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Language: English
Company: Fair Value REIT-AG
Leopoldstraße 244
80807 München
Germany
Phone: +49 (0)89 9292 815-01
Fax: +49 (0)89 9292 815-15
E-mail: info(at)fvreit.de
Internet: www.fvreit.de
ISIN: DE000A0MW975
WKN: A0MW97
Indices: RX REIT All Share Index, RX REIT Index
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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Datum: 08.05.2013 - 07:31 Uhr
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