DGAP-News Deutsche Konsum REIT-AG successfully closes 2019/2020 financial year
DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Annual Results
Deutsche Konsum REIT-AG successfully closes 2019/2020 financial year
- Rental income up 34% to EUR 56.2 million
- FFO rises by 40% to EUR 35.0 million and thus in line with the forecast
- FFO run rate of EUR 40.0 million as of 30 September 2020 also as forecast
- Real estate portfolio grew to EUR 810 million
- EPRA NAV increased by 12% to EUR 11.11 per share
- Net LTV at 51.7%
- Dividend proposal rises to EUR 0.40 per share after EUR 0.35 per share in the previous year
- FFO forecast of EUR 42 million to EUR 45 million for financial year 2020/2021
- FFO run rate of EUR 47 million to EUR 51 million expected at the end of the 2020/2021 financial year
- Sustainability report published for the first time
Broderstorf, 17 December 2020 - Deutsche Konsum REIT-AG (ISIN DE000A14KRD3) has grown strongly and profitably in the 2019/2020 financial year - despite the impact of the COVID 19 pandemic.
FFO increase stronger than rental income
The Company's rental income increased by 34% from EUR 42.0 million to EUR 56.2 million in the financial year 2019/2020 compared to the previous year, mainly as a result of the expansion of the property portfolio.
Funds from operations ("FFO") also rose by a much stronger 40% from EUR 25.0 million to EUR 35.0 million, fully achieving the guidance given in the previous year (EUR 34.0 million to EUR 36.0 million) and confirming DKR's continued profitable growth. aFFO (FFO after deduction of capitalised modernisation measures) was slightly below the previous year's level at around EUR 19.9 million (2018/2019: EUR 20.5 million) due to extensive and value-creating investments in the revitalisation of properties from current cash flow.