DGAP-News: Publication of the nine-month report of POLIS Immobilien: Letting volume more than doubled
(firmenpresse) - POLIS Immobilien AG / Key word(s): Quarter Results/Quarter Results
04.11.2010 08:22
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- 15,300 square metres of newly let office space
- Rental income to increase in 2011
- Best result in eight quarters
Berlin, 4 November 2010 - POLIS Immobilien AG [ISIN: DE0006913304] has let
a total of 15,350 square metres at the end of the third quarter. This is
more than twice as much as in the same period in the previous year (7,022
square metres). The specialist for property modernisation and management
has thus reached most of the targets set for 2010. While the letting ratio
only climbed from 69 percent at the end of 2009 to 71 percent, the
successful letting activities in the second half of 2010 will be reflected
in a higher letting ratio in the fourth quarter and in fiscal year 2011.
EBIT climbed from EUR 2.1 million in Q3 2009 to EUR 2.8 million, which is
the highest level in eight quarters.
New leases signed and properties sold
In the third quarter of 2010, the real estate company benefited from
growing demand for office properties. At 2,121 square metres, the largest
lease agreement was signed for a property at Konrad-Adenauer-Ufer in
Cologne. The fourth quarter has also shown a positive trend so far. In
October, POLIS Immobilien signed additional agreements for some 1,800
square metres. The company optimises its portfolio by selling individual
properties in those locations that are not among its core locations, e.g.
in Kassel, Mannheim and Essen. In the third quarter, the company also sold
a property in Düsseldorf. This sale will be reflected in the balance sheet
in the fourth quarter.
Key figures expected to improve markedly in 2011
The Management Board of POLIS Immobilien AG is optimistic for the further
course of the year: 'The favourable labour market trend and the excellent
economic situation will continue to have a positive impact on the property
market in the coming months,' said CEO Dr. Alan Cadmus.
For the current fiscal year, the company expects its key figures, 'rental
income', 'income from property management' and 'funds from operations', to
remain slightly below the prior year level. At EUR 9.7 million, the
company's rental income in the first nine months of 2010 was slightly lower
than in the same period of the previous year (EUR 10.8 million) due to
ongoing modernisation work. Income from property management declined to EUR
7.4 million (previous year: EUR 9.1 million), while EBIT decreased to EUR
6.0 million (previous year: EUR 6.4 million). Funds from operations (FFO)
which are adjusted for the valuation gains and sales proceeds amounted to
EUR 2.3 million (previous year: EUR 3.3 million). As interest rates
continued to decline, the company again reported non-cash-effective
valuation losses on interest-rate hedging instruments in an amount of EUR
2.8 million (previous year: EUR 1.5 million), which led to a Group result
of TEUR - 151 (previous year: EUR 1.3 million). The cash flow from current
operations amounted to EUR 6.2 million (previous year: EUR 7.3 million). As
the modernisation work is completed and more properties are let, the
relevant key figures will continue to improve in the fourth quarter and in
fiscal 2011.
An equity ratio of 49 percent as of 30 September 2010 reflects the sound
financial position of POLIS Immobilien. The high capitalisation will enable
POLIS Immobilien to seize acquisition opportunities as they arise. The
company invests exclusively in properties in established locations in
Germany's most important business districts and relies on active asset
management to consistently increase the value of its property portfolio.
The report for the nine-month period ended 30 September 2010 is available
for downloading on the company's website at
http://www.polis.de/IR/zwischenberichte.php.
About POLIS Immobilien
POLIS Immobilien AG, which was founded in Berlin in 1998, is 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. The company
pursues a moderate buy-and-sell strategy. POLIS Immobilien's real estate
portfolio currently comprises a total of 31 properties with a market value
of around EUR 293 million. POLIS Immobilien shares are listed on the
regulated market (Prime Standard) of the Frankfurt Securities Exchange.
Further information can be found at www.polis.de.
Investor Relations contact:
Dr. Alan Cadmus
POLIS Immobilien AG
Tel: +49 30 225 00 250
E-mail: ir(at)polis.de
URL: www.polis.de
Press contact:
Britta Cirkel
HOSCHKE&CONSORTEN Public Relations GmbH
Tel: +49 40 36 90 50- 56
E-mail: b.cirkel(at)hoschke.de
04.11.2010 08:22 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: POLIS Immobilien AG
Rankestraße 5/6
10789 Berlin
Deutschland
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 Hamburg, München, Berlin
End of Announcement DGAP News-Service
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Datum: 04.11.2010 - 08:22 Uhr
Sprache: Deutsch
News-ID 32488
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Kategorie:
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