DGAP-News: POLIS Immobilien reports good operating figures and successful acquisition
(firmenpresse) - DGAP-News: POLIS Immobilien AG / Key word(s): Quarter Results/Quarter
Results
POLIS Immobilien reports good operating figures and successful
acquisition
07.11.2013 / 07:45
---------------------------------------------------------------------
Corporate News
POLIS Immobilien reports good operating figures and successful acquisition
- Result from property management rises 20 percent to EUR 9.8 million at
the nine-month stage
- Funds from operations up 44 percent to EUR 2.8 million
- Acquisition of an office property in Berlin
Berlin, 7 November 2013 - POLIS Immobilien AG [ISIN: DE0006913304] today
published its financial report for the period ended 30 September 2013,
which shows that the real estate company's operating figures continued to
improve. Rental income in the first nine months of 2013 was up by EUR 1.1
million on the same period of the previous year to EUR 12.8 million thanks
to the good letting performance. The result from property management after
maintenance and property management expenses was up by an impressive 20
percent on the previous year to EUR 9.8 million. This is primarily
attributable to higher rental income and reduced property management costs.
At EUR 1.2 million, the result from the revaluation of investment
properties was positive but lower than in the prior year period (EUR 3.4
million) due to the depreciation of an office property in Frankfurt, which
will be vacated at the end of the year, and the expected modernisation
costs. By contrast, the valuation result from the financial derivatives
used for interest rate hedging increased sharply to EUR 2.2 million due to
higher interest rates, compared to a negative result of EUR 1.9 million in
the prior year period. As a result, the Group's net income climbed to EUR
5.5 million (prior year period: EUR 3.0 million).
Funds from operations (FFO) up 44 percent to EUR 2.8 million
The 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
44 percent to EUR 2.8 million.
Acquisition of an office property in Berlin
As announced by POLIS on 30 August, the company acquired an office and
retail building with approx. 11,300 square metres of lettable space close
to its headquarters in the west of the Berlin city centre. Located on the
corner of Rankestrasse 21 and Lietzenburger Strasse 44/46, the property is
almost fully let and, together with 'Quartier Büchsenstrasse' in Stuttgart
and 'Altmarkt' in Dresden, one of the largest and highest revenue
generating properties in the company's current portfolio. On the other
hand, POLIS sold an office property in Dortmund at a profit of EUR 377,000.
'We have increased assets under management to over EUR 350 million and want
to grow this way also in future,' said Dr. Alan Cadmus, CEO of POLIS. The
continued high equity ratio of 47 percent, considerable liquid funds and
unused credit lines will support the purchase of new properties.
Tenant demand for POLIS office properties remains high
In the first nine months of 2013, POLIS was able to sign new or renew
existing leases for some 12,990 square metres of lettable space, of which
6,530 square metres were newly let. The leases signed by 30 September 2013
represent a rental income of approx. EUR 8.0 million. As a result of the
new leases, the letting ratio climbed to 92 percent (30 Sept. 2012: 82
percent) and will increase to 93 percent by the end of the year assuming no
other changes in the letting situation. As lettings increase, less lettable
space is available, which is why the letting performance was lower than in
the prior year period. The largest new leases were signed in Dresden and
Cologne, at 2,716 square metres (thereof 795 square metres in Q3) and 2,122
square metres (thereof 1,338 square metres in Q3), respectively. The single
most important lease renewal was negotiated with the Cologne Technical
College at Gustav-Heinemann-Ufer 54. The Technical College opted for an
early renewal of the existing lease for 3,080 square metres until 2020 and
additionally leased 589 square metres for the same duration.
Future business outlook
The office markets continued to stabilise at a high level at the beginning
of 2013. In spite of increased construction activity, the number of vacant
office properties in Germany has declined. POLIS projects moderate economic
growth slightly below the prior year level for the full year 2013. The key
operating figures will continue to improve in the fiscal year 2013 thanks
to the increased letting ratio. POLIS wants to further increase the result
from property management and to achieve growth through the acquisition of
new properties in 2013. From today's point of view, the funds from
operations will grow by about 50 percent to over EUR 4.0 million in 2013
and climb to over EUR 5.0 million in 2014.
The report for the nine-month period ended 30 September 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 30
September 2013, POLIS Immobilien's real estate portfolio comprised a total
of 26 properties with a market value of around EUR 314 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
---------------------------------------------------------------------
07.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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
---------------------------------------------------------------------
238368 07.11.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: EquityStory
" alt="Red Mountain Discovers Ounce per Tonne Gold Lode
Datum: 07.11.2013 - 07:45 Uhr
Sprache: Deutsch
News-ID 313713
Anzahl Zeichen: 9738
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 195 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: POLIS Immobilien reports good operating figures and successful acquisition"
steht unter der journalistisch-redaktionellen Verantwortung von
POLIS Immobilien AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
