News
05/11/2012
Deutsche Wohnen completes first quarter of 2012 successfully
DGAP-News: Deutsche Wohnen completes first quarter of 2012 successfully
Deutsche Wohnen AG / Key word(s): Quarter Results
11.05.2012 / 07:00
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- Consolidated Group profit of EUR 14.4 million
- Recurring FFO (without disposals) improved by 21% to EUR 18.4 million - Share of core regions increased to 94%
Frankfurt/Main and Berlin, 11 May 2012. In the first quarter of 2012 Deutsche Wohnen posted a consolidated Group profit of EUR 14.4 million, increasing its result in comparison to the previous year (EUR 8.5 million) by around 70%.
'Thanks to improved earnings from Residential Property Management and because of acquisitions, the for us fundamentally important key earnings figure Funds from Operations (FFO, without disposals) has risen by a further 21%,' explains Michael Zahn, Chief Executive Officer of Deutsche Wohnen AG.
At 54.9% the debt ratio (Loan-to-Value Ratio) has not increased in comparison to 31 December 2011 despite the borrowing of debt capital for property acquisitions. The value of the company, measured as EPRA NAV, was EUR 12.01 per share as at the reporting date (31 December 2011: EUR 11.84 per share).
The average in-place rent of the units that have been in the letting portfolio of the core regions for the past twelve months (like-for-like comparison) has increased in comparison to the previous year by 3.6% to EUR 5.70 per sqm (previous year: EUR 5.50 per sqm). At the same time, there was a disproportionately high increase in the new-letting rent in holdings not subject to price controls to an average of EUR 6.89 per sqm per month. As a result, the rent potential in the letting portfolio of the core regions has risen further to 21.7%. It was possible to reduce the vacancy rate here once more in a like-for-like comparison from 1.9% to 1.5%.
A total of EUR 7.7 million was spent on maintenance and modernisation work in the first quarter of 2012 (equivalent period of previous year: EUR 7.5 million).
In the segment Disposals the transaction volume was EUR 98.7 million (equivalent period of previous year: EUR 58.0 million) or 1,823 units. In the area of privatisation the sale of as many as 460 units was notarised in the first three months of 2012 because of the high demand for property as an investment form for owner-occupiers and investors. Taking into consideration the overhang from the financial year 2011, the overall transaction volume in this area was 1,003 units. In the context of institutional sales it was possible to sell 820 units, predominantly in structurally weak regions. Of these units 368 apartments were recorded in the balance sheet as at the reporting date on account of the transfer of risks and rewards. Thus, the share of holdings in the core regions increases to 94%.
The positive development of the first quarter confirms our forecast for 2012 of an increase in recurring FFO to EUR 55 million - without consideration of further acquisitions.
Deutsche Wohnen
Deutsche Wohnen is one of the largest publicly listed residential property companies in Germany with a business focus on managing and developing its residential property portfolio. The portfolio comprises 50,288 units in total, of which 49,822 are residential units and 466 are commercial properties. The Company has 102.3 million shares listed in the Deutsche Börse's MDAX and is also included in the leading indices EPRA/NAREIT and GPR 250.
Contact:
+49 (0)30 / 89786 - 551
End of Corporate News
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11.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: Deutsche Wohnen AG Pfaffenwiese 300 65929 Frankfurt Germany Phone: +49 (0)30 89786-0 Fax: +49 (0)30 89786-507 E-mail: ir@deutsche-wohnen.com Internet: http://www.deutsche-wohnen.com ISIN: DE000A0HN5C6, DE0006283302 WKN: A0HN5C, 628330 Indices: MDAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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Deutsche Wohnen AG / Key word(s): Quarter Results
11.05.2012 / 07:00
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- Consolidated Group profit of EUR 14.4 million
- Recurring FFO (without disposals) improved by 21% to EUR 18.4 million - Share of core regions increased to 94%
Frankfurt/Main and Berlin, 11 May 2012. In the first quarter of 2012 Deutsche Wohnen posted a consolidated Group profit of EUR 14.4 million, increasing its result in comparison to the previous year (EUR 8.5 million) by around 70%.
'Thanks to improved earnings from Residential Property Management and because of acquisitions, the for us fundamentally important key earnings figure Funds from Operations (FFO, without disposals) has risen by a further 21%,' explains Michael Zahn, Chief Executive Officer of Deutsche Wohnen AG.
At 54.9% the debt ratio (Loan-to-Value Ratio) has not increased in comparison to 31 December 2011 despite the borrowing of debt capital for property acquisitions. The value of the company, measured as EPRA NAV, was EUR 12.01 per share as at the reporting date (31 December 2011: EUR 11.84 per share).
The average in-place rent of the units that have been in the letting portfolio of the core regions for the past twelve months (like-for-like comparison) has increased in comparison to the previous year by 3.6% to EUR 5.70 per sqm (previous year: EUR 5.50 per sqm). At the same time, there was a disproportionately high increase in the new-letting rent in holdings not subject to price controls to an average of EUR 6.89 per sqm per month. As a result, the rent potential in the letting portfolio of the core regions has risen further to 21.7%. It was possible to reduce the vacancy rate here once more in a like-for-like comparison from 1.9% to 1.5%.
A total of EUR 7.7 million was spent on maintenance and modernisation work in the first quarter of 2012 (equivalent period of previous year: EUR 7.5 million).
In the segment Disposals the transaction volume was EUR 98.7 million (equivalent period of previous year: EUR 58.0 million) or 1,823 units. In the area of privatisation the sale of as many as 460 units was notarised in the first three months of 2012 because of the high demand for property as an investment form for owner-occupiers and investors. Taking into consideration the overhang from the financial year 2011, the overall transaction volume in this area was 1,003 units. In the context of institutional sales it was possible to sell 820 units, predominantly in structurally weak regions. Of these units 368 apartments were recorded in the balance sheet as at the reporting date on account of the transfer of risks and rewards. Thus, the share of holdings in the core regions increases to 94%.
The positive development of the first quarter confirms our forecast for 2012 of an increase in recurring FFO to EUR 55 million - without consideration of further acquisitions.
Deutsche Wohnen
Deutsche Wohnen is one of the largest publicly listed residential property companies in Germany with a business focus on managing and developing its residential property portfolio. The portfolio comprises 50,288 units in total, of which 49,822 are residential units and 466 are commercial properties. The Company has 102.3 million shares listed in the Deutsche Börse's MDAX and is also included in the leading indices EPRA/NAREIT and GPR 250.
Contact:
+49 (0)30 / 89786 - 551
End of Corporate News
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11.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English Company: Deutsche Wohnen AG Pfaffenwiese 300 65929 Frankfurt Germany Phone: +49 (0)30 89786-0 Fax: +49 (0)30 89786-507 E-mail: ir@deutsche-wohnen.com Internet: http://www.deutsche-wohnen.com ISIN: DE000A0HN5C6, DE0006283302 WKN: A0HN5C, 628330 Indices: MDAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of News DGAP News-Service
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