DGAP-News: POLIS Immobilien AG continues its course for growth in third quarter
(firmenpresse) - DGAP-News: POLIS Immobilien AG / Key word(s): Interim Report/Quarter
Results
POLIS Immobilien AG continues its course for growth in third quarter
03.11.2011 / 08:15
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- Year-on-year results before tax rise noticeably to 4.7 million euros
- Rental income grows by 15 percent to 11.1 million euros
- Rental performance continues to be high
Berlin, November 3, 2011 - Berlin-based POLIS Immobilien AG [ISIN:
DE0006913304] profited from the continuing stable demand for commercial
property in Germany during the first nine months of the current financial
year. With currently 4.7 million euros, the company succeeded in noticeably
increasing its year-on-year results before taxes (previous year: -0.2
million euros). During the same period rental income increased by 15
percent to 11.1 million euros (previous year: 9.7 million euros). The
results from ongoing property management also developed positively, rising
slightly from 7.4 million euros to 7.7 million euros year-on-year, but
were, however, influenced at the same time by high rental expenditures,
amongst other factors, as a consequence of the good rental results.
'Our focussing on the value increase of commercial property in good
inner-city locations has paid off once again,' states Dr. Alan Cadmus,
spokesperson for the board at POLIS Immobilien AG, commenting on
developments in business to-date. The company's portfolio comprises 29
properties at the moment, and was further enhanced through purchases and
sales in the current financial year. As recently as at the beginning of the
year POLIS Immobilien took over three very promising investment properties
in Dresden, with new tenants being found for them immediately after the
purchase. The consequence of this transaction was a good evaluation as
determined by the external rating agency Feri EuroRating Services. On
November 1, 2011 the company also took over a fourth property located at
the historical Altmarkt in Dresden.
The external financing linked to the investments in 2011 has impinged upon
the interest expense, which rose slightly from 3.5 million euros
year-on-year to 4.1 million euros. Together with the higher expenditure for
maintaining and managing the properties, which includes the rental costs,
this effect also influences the operating result after its adjustment for
sales and evaluation changes (FFO = Funds from Operations). The FFO lay at
1.6 million euros (previous year: 2.2 million euros). Owing to the
continuing rise in rent revenues and the fall in rental expenditures in
2012, POLIS Immobilien expects a significant rise in the FFO.
Sufficient room for further investments
Owing to sales and strategic cooperations in the current financial year,
POLIS Immobilien continues to look upon a solid capital base for future
investments. As recently as in July of this year, for instance, a foreign
institution made an 85 percent investment in three of the company's
investment properties and commissioned POLIS Immobilien to manage the
assets over ten years. In the third quarter of 2011 the property being
modernized at 'Kasernenstraße 1' in Düsseldorf was sold to an institutional
investor. 'With an equity ratio of 51 percent, sufficient financial room
exists to replace those investment properties sold very quickly,'
accentuates Cadmus. 'In addition we would like to strengthen our new Asset
Management section by starting new projects and hence increase the assets
under management to 350 million euros.'
Tenancy rate rises to 75 percent
The tenancy situation for the property portfolio also developed positively
as before: during the first nine months of the financial year, the company
entered into rental agreements and renewals for a total of around 21,750
square meters, of which 13,600 square meters were for new or extended
agreements, and 8,150 square meters for renewals. As of September 30, 2011
the tenancy rate rose by four percent to 75 percent compared year-on-year.
By the end of the year the company wants to enter into further rental
agreements, which will lead to a tenancy rate of 90 percent being achieved
after the new tenants move in. In October a spate of new agreements and
renewals comprising 2,147 square meters could already be added. These
rental successes, along with the value increases, both produce a positive
result according to the German Commercial Code (HGB) in an otherwise
unchanged environment. Currently POLIS Immobilien is therefore assuming
that, with a dividend, shareholders would be able to benefit from this good
development in business, as long as no unexpected events occur.
The quarterly report published on September 30 2011 is available for
download on the company's website under
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 30
September 2011, POLIS Immobilien's real estate portfolio comprised a total
of 29 properties with a market value of around EUR 264 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
Phone: +49 30 225 00 250
Email: ir(at)polis.de
URL: www.polis.de
Press Contact:
Britta Cirkel
HOSCHKE&CONSORTEN Public Relations GmbH
Phone: +49 40 36 90 50- 56
Email: b.cirkel(at)hoschke.de
End of Corporate News
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03.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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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