EQS-News

VIB Vermögen AG with a successful first half of 2023 - Seite 2

The sale of the retail property portfolio and the targeted acquisition of logistics properties in the second half of 2022 have additionally reinforced VIB’s focus as the logistics arm of the DIC Asset Group. Logistics and light industrial properties now account for 91 percent of the VIB Group’s total portfolio.

The real estate assets under management in the in-house portfolio were valued at EUR 2.0 billion as of the reporting date, while those attributable to the Institutional Business segment were valued at EUR 1.4 billion. Accordingly, real estate assets of a total of EUR 3.4 billion and a total floor space of 2.3 million square metres are under management, marking a further record in VIB’s history.

Increase in FFO and consolidated net income, vacancy rate still low

Funds from operations (FFO) before taxes and minority interests increased by 6.7% over the same period in the previous year to EUR 37.3 million, translating into FFO per share of EUR 1.13. Consolidated net income came to EUR 63.4 million, up from EUR 35.2 million in the previous year. This increase was also underpinned by gains from the sale of 31 retail properties to a special real estate fund at the beginning of the year.

The vacancy rate was also encouraging, remaining at a low 1.7% despite the challenging economic conditions in Germany. In this respect, VIB will be continuing its proven strategy of managing its property portfolio in-house through its own employees.

Full-year forecast for 2023 confirmed

In an ad-hoc bulletin published on July 7, 2023, VIB announced that it had signed a new loan agreement with DIC Asset AG. The resulting additional interest income will have a significant positive impact on funds from operations (FFO) as the main earnings indicator. This has prompted the Managing Board to raise the forecast published in the annual report for 2022.

VIB confirms the full-year forecast for 2023 adjusted on July 7, 2023 of gross rental income of between EUR 82.0 and 88.0 million (unchanged; 2022: EUR 93.8 million), funds from operations (FFO) in a range of EUR 68.0 to 74.0 million (previously EUR 58.0 to 64.0 million; 2022: EUR 71.2 million) and a vacancy rate as of December 31, 2023 of a percentage in the low single digits (unchanged; December 31, 2022: 1.4%).