DGAP-News: POLIS Immobilien reports further improvement in key operational figures
(firmenpresse) - DGAP-News: POLIS Immobilien AG / Key word(s): Half Year Results/Half
Year Results
POLIS Immobilien reports further improvement in key operational
figures
08.08.2013 / 07:45
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Corporate News
POLIS Immobilien reports further improvement in key operational figures
- Result from property management up 21 percent to EUR 6.8 million
- Group result rises 43 percent to EUR 3.6 million
- Funds from operations climb 48 percent to EUR 2.3 million
Berlin, 8 August 2013 - Real estate company POLIS Immobilien AG [ISIN:
DE0006913304] again increased its letting performance in the first six
months of 2013. At 89 percent, the company's letting performance was up by
9 percent on the same period of the previous year. 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 92 percent as the year progresses, assuming no other
change in the letting situation. The positive trend is also reflected in
rental income. In the report on the six-month period published today, the
company reports EUR 8.5 million in rental income, which represents a 10
percent increase on the same period of the previous year. A total of 4,290
square metres were newly let, and the leases for 5,020 square meters of
office space were renewed by the tenants. The result from property
management improved by an impressive 21 percent to EUR 6.8 million. The
positive performance is mainly due to higher rental income and lower
property management costs, which are also attributable to the increased
letting ratio.
In the first half of the year, POLIS invested a total of EUR 4.4 million in
existing properties (H1 2012: EUR 5.0 million). The modernisation measures
had a positive effect on the valuation of the respective investment
properties as of 30 June 2013. Because of a soon-to-be-vacated investment
property in Frankfurt and the modernisation expenses anticipated for the
coming year, the valuation of the investment properties led only to a
balanced result, however.
The Group result rose by 43 percent to EUR 3.6 million. Besides the
improved result from property management, this increase was primarily due
to the positive result from the valuation of interest rate derivatives,
which, in turn, is attributable to the rise in interest rates in the first
half of the year.
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, increased by 51 percent to EUR 2.3 million. POLIS expects the FFO to
pass the EUR 4 million mark in 2013.
The specialist for the modernisation and management of office properties in
established locations in Germany's leading office cities signed new leases
in six cities in the first half of the year. The company was especially
active in Dresden, Berlin, Cologne and Stuttgart. The new tenants include,
for instance, Cologne Technical College as well as the Baden-Wuerttemberg
Cooperative State University (DHBW), which moved into a property at
Tübinger Straße 31/33 in Stuttgart as planned on 1 August. In the context
of its portfolio optimisation measures, POLIS sold properties in Hamburg,
Duisburg and Dortmund. 'We aim to optimise our portfolio in the long term
and to focus on locations offering potential for development,' said Dr.
Alan Cadmus, CEO of POLIS. The acquisition of new properties is supported
by the continued high equity ratio of 48 percent, considerable liquid funds
and unused credit lines. 'We have sufficient means to make significant new
investments and want to use them in the near future.'
Office space turnover rising slowly
At approx. 1.36 million square metres, office space turnover (letting) was
still weak in most of the seven largest property locations (down 11 percent
on the prior year period), although industry experts project a total gross
office space turnover of 2.8 to 3 million square metres for the full year
2013. Office space vacancies in the top seven cities continued to decline
to 7.7 million square metres. The vacancy rate stands at 8.7 percent.
Office properties again dominated the real estate transactions in the first
half of 2013, which is reflected in an investment volume of EUR 5.6 billion
(44 percent of the total volume). Most transactions were recorded in
Berlin, Düsseldorf, Frankfurt, Hamburg and Munich. POLIS expects the
positive trend to continue in 2013.
The report for the six-month period ended 30 June 2013 is available for
downloading on the company's website at
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 June
30 2013, POLIS Immobilien's real estate portfolio comprised a total of 26
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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