DGAP-News Deutsche Konsum REIT successfully closes first financial quarter 2020/2021
DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Quarterly / Interim Statement
Deutsche Konsum REIT successfully closes first financial quarter 2020/2021
- Rental income increased by 32% to EUR 16.2 million
- FFO increase by 38% to EUR 10.2 million or EUR 0.29 per share
- EPRA NAV at EUR 11.34 per share
- Net LTV at 51.6%
- Rental income not significantly affected by lockdown so far
Broderstorf, 11 February 2021 - Deutsche Konsum REIT-AG ("DKR") (ISIN DE000A14KRD3) has completed the first financial quarter of the new 2020/2021 financial year ("Q1") as expected.
Rental income and FFO increase strongly as expected
Due to the portfolio growth in the course of the previous financial year, rental income in the first quarter increased strongly by 32% from EUR 12.2 million to EUR 16.2 million compared to the same quarter of the previous year.
The increase in funds from operations ("FFO") was even more significant, rising by around 38% year-on-year to EUR 10.2 million (Q1 2019/2020: EUR 7.3 million), mainly as a result of further economies of scale.
aFFO (FFO after deduction of capitalised modernisation measures) was EUR 5.0 million (Q1 2019/2020: EUR 3.5 million) due to current revitalisation projects at various properties.
Property portfolio continues to grow to around EUR 890 million
DKR's property portfolio recognised on 31 December 2020 comprises 164 retail properties with a balance sheet value of approximately EUR 831.6 million (31 December 2019: EUR 625.8 million) and a lettable area of approximately 917,000 m².
Since the beginning of the new financial year, DKR has also acquired eleven additional properties with an investment volume of around EUR 73 million and an annual rent of EUR 6.9 million. The change of benefits and encumbrances has already taken place in some cases. The change of benefits and encumbrances of the other properties is expected by 1 April, so that a further significant increase in rental income can be expected from the third business quarter onwards.