DGAP-News: POLIS Immobilien reports strong improvement in earnings from property management
(firmenpresse) - DGAP-News: POLIS Immobilien AG / Key word(s): Quarter Results/Quarter
Results
POLIS Immobilien reports strong improvement in earnings from property
management
08.05.2013 / 07:45
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Corporate News
POLIS Immobilien reports strong improvement in earnings from property
management
- Funds from operations doubled as expected in Q1
- Letting ratio at high level
Berlin, 8 May 2013 - The operating figures of POLIS Immobilien AG [ISIN:
DE0006913304] continued to improve as expected in the first quarter of
2013. The company, which today published its report on the first three
months of 2013, was able to increase its rental income by 9 percent on the
prior year quarter to EUR 4.2 million. A total of 8,270 square metres were
newly let. At 89 percent, the letting ratio reached a high level compared
to the previous year's 78 percent. Taking into account the leases that have
been signed but will become effective only after the reporting period and
the notices of termination received, the letting ratio will increase to 91
percent assuming no other change in the letting situation. Based on this,
income from property management rose sharply by 25 percent to EUR 3.6
million. This is mainly attributable to higher rental income and lower
property management costs resulting from the increased letting ratio.
As had been expected, funds from operations (FFO) - which represent the
operating result adjusted for the result from revaluation and the sale of
properties, the valuation result of financial derivatives and deferred
taxes - (2012: EUR 0.7 million) doubled to EUR 1.4 million. This supports
POLIS' expectation to increase its funds from operations to over EUR 4
million this year.
The specialist for the modernisation and management of office properties in
established locations in Germany's leading office cities was able to sign
new leases in five cities this year. In Dresden, for instance, 1,428 square
metres were newly let. Lease renewals, which secure the company's future
earnings, were concluded in Dresden and Cologne, among others. In the
latter city, Cologne College prematurely renewed its lease for the property
at Gustav-Heinemann-Ufer 54 until 2020. In addition, the College added
another 584 square metres to the originally rented space of 3,080 square
metres. 'Our portfolio of office properties that have been modernised to
the latest standards is very much appreciated by our tenants. This is why
we invested another EUR 2.7 million in our investment properties in the
first quarter, compared to EUR 2.3 million in the first three months of the
previous year,' said Dr. Alan Cadmus, CEO of POLIS. The valuation of the
investment properties as of 31 March 2013 vindicated the investments made
and led to a positive change in the market value of EUR 0,8 Mio. Euro
(2012: EUR 1,3 Mio. Euro).
An unchanged high equity ratio of 49 percent means that the company remains
soundly financed and gives it enough scope for new investments, which is to
be exploited soon.
Continued good business trend
The office markets continued to stabilise at a high level at the beginning
of 2013. Vacancies were reduced further in spite of increased construction
activity. At approx. 573,000 square metres, office space turnover in the
first quarter of 2013 was still relatively low (down 21 percent on the
prior year quarter), but experts expect office space turnover to reach EUR
2.8 - 3 million in the full year 2013. POLIS also projects a positive
trend. Over the past three years, the Berlin property specialists achieved
a good letting performance, which has laid the basis for a stabilisation
and improvement in their key earnings figures in 2013. The company
optimises its portfolio on an ongoing basis and also sells individual
properties if warranted by the market situation. In the first quarter of
2013, one property in Duisburg was sold. The good business trend was also
reflected in the performance of the POLIS share, whose price was up by
approx. 17.5 percent on the first quarter of 2012 to EUR 11 per share.
The report for the three-month period ended 31 March 2013 is available for
downloading on the company's website at
http://www.polis.de/IR/zwischenberichte.php.
POLIS Immobilien AG, which was founded in Berlin in 1998, is a 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. As of March
31 2012, POLIS Immobilien's real estate portfolio comprised a total of 27
properties with a market value of around EUR 290 million. POLIS Immobilien
shares are listed on the regulated market (Prime Standard, ISIN:
DE0006913304) of the Frankfurt Securities Exchange. Further information can
be found at www.polis.de.
Investor Relations: Press contact:
Dr. Alan Cadmus Britta Cirkel
POLIS Immobilien AG HOSCHKE&CONSORTEN Public Relations GmbH
Tel: +49 30 225 00-250 Tel: +49 40 36 90 50- 56
E-mail: ir(at)polis.de E-mail: b.cirkel(at)hoschke.de
URL: www.polis.de
End of Corporate News
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Language: English
Company: POLIS Immobilien AG
Rankestraße 5/6
10789 Berlin
Germany
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, Hamburg, München
End of News DGAP News-Service
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210155 08.05.2013
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