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     105  0 Kommentare FCR Immobilien: A jump in FFO provides a healthy start to the year; BUY

    FCR Immobilien (“FCR”) presented a compelling set of figures for Q1 2022. Funds from Operations (FFO) increased by a strong 64% yoy to EUR 2.3m – slightly ahead of AlsterResearch estimates.

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    FCR Immobilien (“FCR”) presented a compelling set of figures for Q1 2022. Funds from Operations (FFO) increased by a strong 64% yoy to EUR 2.3m – slightly ahead of AlsterResearch estimates. Accounting profits (EBT) increased by even 90% to EUR 3.8m. Basis for this continued strong performance is FCR’s well filled acquisition pipeline and focus on the portfolio management of retail properties in established secondary locations in Germany. Given that competition in this niche market is rather low (this market requires a large degree of specialist know-how and a broad potential tenant base), FCR can generate initial superior yields between 8-10% p.a. More than 100 properties in the real estate portfolio and annualized FFOs of EUR 12.9m additionally provide highly visible earnings momentum and cash flows in the quarters to come. We therefore reiterate out BUY rating, PT unchanged at EUR 22.00.

     

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    FCR Immobilien: A jump in FFO provides a healthy start to the year; BUY FCR Immobilien (“FCR”) presented a compelling set of figures for Q1 2022. Funds from Operations (FFO) increased by a strong 64% yoy to EUR 2.3m – slightly ahead of AlsterResearch estimates. Accounting profits (EBT) increased by even 90% to EUR 3.8m. Basis for this continued strong performance is FCR’s well filled acquisition pipeline and focus on the portfolio management of retail properties in established secondary locations in Germany.