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| Datum : | 08.05.2014 |
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DGAP-News: Fair Value REIT-AG further increases operating result (FFO) in the first quarter 2014 and confirms forecast for the full year |
| Meldung : | DGAP-News: Fair Value REIT-AG / Key word(s): Quarter Results/Real Estate Fair Value REIT-AG further increases operating result (FFO) in the first quarter 2014 and confirms forecast for the full year 08.05.2014 / 07:31 --------------------------------------------------------------------- Fair Value REIT-AG further increases operating result (FFO) in the first quarter 2014 and confirms forecast for the full year - FFO at EUR 1.3 million (adjusted previous year: EUR 1.2 million) - Net asset value per share rises to EUR 8.78 as of March 31 - IFRS consolidated net income of EUR 1.2 million (adjusted previous year: EUR 1.4 million) - REIT equity ratio increases to 50.4 percent from 46.9 percent Munich, May 8, 2014 - Fair Value REIT-AG (WKN A0MW97) has made a successful start to the financial year 2014 and has once again increased the operating result in the first quarter. Adjusted consolidated net income (EPRA-Earnings or FFO) came in at EUR 1.3 million, exceeding the adjusted previous year result of EUR 1.2 million by around 8 percent. This corresponds to earnings of EUR 0.14 per share (previous year quarter: EUR 0.13) and is therefore slightly above target. The first-time adoption of the accounting standard IFRS 10 as of December 31, 2013 resulted in the full consolidation of all participations. As a result, the previous year comparison figures have been adjusted. The rental income of the Group for the first three months of 2014 amounted to a total of EUR 6.2 million and, on the back of property sales, was down on the corresponding previous year figure of EUR 7.2 million by EUR 1.1 million or 15 percent as expected. Due to lower non-recoverable real estate-related expenses, net rental income came in at EUR 4.8 million, which was just EUR 0.5 million or 10 percent lower than the corresponding quarter in the previous year (EUR 5.3 million). The operating result came in at EUR 4.0 million in the period under review, following EUR 4.6 million in the previous year. On the back of the termination of the last participation not fully consolidated as of December 31, 2013, no income from participations was recorded (previous year: EUR 0.6 million). The substantially lower net interest expenses of EUR 1.4 million (previous year: EUR 2.3 million) had a positive effect compared to the previous year period. After minority interests in subsidiaries (EUR 1.4 million after EUR 1.6 million in the previous year), the Fair Value Group concluded the first quarter 2014 with consolidated net income of EUR 1.2 million. This result was down on the adjusted previous year figure of EUR 1.4 million as expected due to property sales. As of March 31, 2014, Group equity rose to EUR 81.8 million following EUR 80.7 million as of the end of December 2013. This meant that the balance sheet net asset value per share in circulation increased by 2 percent to EUR 8.78 per share in the first three months of 2014 (December 31, 2013: EUR 8.65). The equity ratio pursuant to Paragraph 15 of the German REIT Act increased further to 50.4 percent of immovable assets (December 31, 2013: 46.9 percent). Frank Schaich, CEO of Fair Value REIT-AG, commented on business development in the first quarter: "We regard the results from the first quarter of 2014 as confirmation of our plans and a solid platform for development throughout the rest of the year. That is why we are reiterating our forecast based on the assumption of adjusted consolidated net income (FFO) of EUR 5.1 million or EUR 0.55 per share, for 2014 as a whole, as well as a dividend of EUR 0.25 per share." The Interim Report for the First Quarter 2014 is available from today in the Financial Reports section of www.fvreit.de. Selected financial key figures for Fair Value REIT-AG 1/1-3/31/2014 1/1-3/31/ 2013 * Rental income EUR 6.185 EUR 7.240 million million EBIT EUR 4.040 EUR 4.614 million million Result from equity-accounted investments EUR 0 EUR 648 thousand Consolidated net income (IFRS) EUR 1.174 EUR 1.351 million million IFRS-EPS 0.13 EUR 0.14 EUR Adjusted consolidated net income (EPRA- EUR 1.293 EUR 1.179 Earnings)/FFO million million EPRA-EPS 0.14 EUR 0.13 EUR March 31, December 31, 2014 2013 Net asset value per share 8.78 EUR 8.65 EUR EPRA-NAV per share 8.89 EUR 8.86 EUR Equity ratio within the meaning of section 15 50.4% 46.9% of the REIT act *Previous year period adjusted as part of the first-time adoption of IFRS 10 and due to a correction pursuant to IAS 8 (see Note 2b) Contact Fair Value REIT-AG Frank Schaich Tel. +49 (0) 89-9292815-10 Fax +49 (0) 89-9292815-15 e-mail: schaich@fvreit.de Corporate Profile Fair Value REIT-AG, based in Munich, focuses on the acquisition, leasing, property management and sale of commercial properties in Germany. At the core of its investment activities are retail and office properties in German regional centres. As of March 31, 2014, Fair Value's share of the total portfolio of 47 properties amounted to around EUR 293 million. This portfolio had an occupancy rate of 89.6% of the achievable rents at full occupancy of EUR 26.7 million per annum. As of March 31, 2014, the weighted remaining term of the leases was 5.0 years. Around 54% of the potential rent relates to retail floor space, 36% to office space and 11% to other types of use. End of Corporate News --------------------------------------------------------------------- 08.05.2014 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. --------------------------------------------------------------------- Language: English Company: Fair Value REIT-AG Leopoldstraße 244 80807 München Germany Phone: +49 (0)89 9292 815-01 Fax: +49 (0)89 9292 815-15 E-mail: info@fvreit.de Internet: www.fvreit.de ISIN: DE000A0MW975 WKN: A0MW97 Indices: RX REIT All Share Index, RX REIT Index Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 267076 08.05.2014 |
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