Further acquisitions lead to successful annual closing; PT up

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What's it all about ?

At the end of the year, FCR once again significantly increased its acquisition activities. The company invested c. EUR 9m (eAR) in three additional properties. For FY 2021, FCR has thus acquired properties with a total value of around EUR 80m, which means that the annualized net rent from its existing portfolio now totals over EUR 29m and annualized FFO rises to EUR 12.5m. In our view, this again significantly increases the visibility for a further FFO increase in 2022 (eAR +60%) and - depending on further acquisitions in the current financial year - even holds further upside potential. Due to higher long-term growth assumptions, we are raising our price target from EUR 17.50 to EUR 22.00 and confirm our BUY recommendation.