DGAP-News: POLIS Immobilien reports sharp increase in Q1 EBT to EUR 8.3 million
(firmenpresse) - DGAP-News: POLIS Immobilien AG / Key word(s): Quarter Results/Quarter
Results
POLIS Immobilien reports sharp increase in Q1 EBT to EUR 8.3 million
05.05.2011 / 08:45
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- Much better valuation result from revaluation of investment properties
- Polis well positioned in city centre locations
- Course set for continued growth
Berlin, 5 May 2011 - At EUR 8.3 million, first-quarter earnings before
taxes of POLIS Immobilien AG [ISIN: DE0006913304] were much higher than in
the previous year (EUR 0.5 million). One of the reasons is an unexpectedly
high valuation result from the revaluation of investment properties and
interest rate hedging instruments, which increased to approx. EUR 9.2
million in Q1 2011 (previous year: EUR -1.6 million). A major portion of
the valuation result, which was determined by external appraiser Feri
EuroRating Services, was attributable to the initial recognition of three
properties in Dresden, which were acquired with effect from 1 January 2011.
First, POLIS Immobilien was able to win new tenants immediately after the
acquisition and benefits from the fact that a lease for some 2,700 square
metres of retail space was renewed at better conditions. Second, the
increase in market interest rates led to a valuation gain of EUR 2.3
million (previous year: EUR -1.4 million) on interest rate hedging
instruments. The company uses interest rate hedges for at least 50 to 70
percent of its loans. Due to the non-recurrent nature of these valuation
gains, the company does not expect similarly high valuation results.
POLIS Immobilien benefits from market developments and trends
When it came to the letting of properties, POLIS Immobilien benefited from
the good city centre locations and the high-quality modernisation of the
properties as well as from the economic upswing and the resulting increase
in demand for high-quality office space and boosted its letting ratio to 79
percent. The company expects to be able to let further properties by the
end of the year, which will result in a letting ratio in excess of 90
percent.
POLIS Immobilien relies on office properties in good city centre locations
and on ecologically sustainable modernisation to the latest standards. In
the context of its multi-tenant concept, the company lets its properties to
a large number of tenants from different sectors and aims to retain these
tenants in the long term with the help of high quality and good service.
The company increased its rental income by 10 percent to EUR 3.5 million
(previous year: EUR 3.2 million), while the result from property management
rose to EUR 2.6 million (previous year: EUR 2.5 million). Funds from
operations (FFO) after divestments and valuation changes amounted to EUR
0.7 million (previous year: EUR 1.0 million). The moderate decline is
attributable to higher interest expenses, which, in turn, were due to a
higher credit volume and increased interest rates. In view of the
modernisation-related vacancies and the letting expenses, the company does
not expect FFO to increase markedly before next year.
Course set for continued growth
As of 31 March 2011, the equity ratio remained almost unchanged at 48
percent. Thanks to its good capitalisation, the company is able to expand
its portfolio and increase its value. 'Our expert team has great expertise
in the assessment and the management of properties in accordance with
tenants' needs and wishes. We are convinced that we will achieve a high
letting performance in 2011 and want to continue our growth,' said Dr. Alan
Cadmus, CEO of POLIS Immobilien. The property portfolio of POLIS Immobilien
currently comprises 36 properties with a market value of approx. EUR 312
million.
The report for the three-month period ended 31 March 2011 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 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 1
January 2011, POLIS Immobilien's real estate portfolio comprises a total of
37 properties with a market value of around EUR 306 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:
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
End of Corporate News
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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 Berlin, Hamburg, München
End of News DGAP News-Service
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123080 05.05.2011
Datum: 05.05.2011 - 08:45 Uhr
Sprache: Deutsch
News-ID 33971
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