DGAP-News: Fair Value REIT-AG: Fair Value REIT-AG adjusts disclosure of minority interests at three subsidiaries
(firmenpresse) - DGAP-News: Fair Value REIT-AG / Key word(s): Final Results/Quarter
Results
Fair Value REIT-AG: Fair Value REIT-AG adjusts disclosure of minority
interests at three subsidiaries
14.05.2013 / 13:06
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Fair Value REIT-AG reports on the necessary adjustment of minority
interests at three subsidiaries as a result of increased participations of
Fair Value REIT-AG effective as of December 31, 2012. The consolidated net
income for 2012 was therefore reported EUR 0.27 million too low, while the
consolidated net income in the interim financial report as of March 31,
2013, was recorded too high by the same amount.
Frank Schaich, CEO of Fair Value REIT-AG, explains the background to the
adjustment: 'The deviation is based on an entry error in the Group's
book-keeping. It corresponds with around 2% of the total sales of our Group
over the year and is therefore minor. The adjustment led to a shift in the
earnings shares of the minority interest at the subsidiaries between the
years. The Group equity was therefore correctly measured as of the balance
sheet date on March 31, 2013. We will document the required adjustments in
subsequent financial reports accordingly.'
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 office and retail properties in
German regional centres
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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14.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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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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210993 14.05.2013
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Datum: 14.05.2013 - 13:06 Uhr
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News-ID 259584
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Kategorie:
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