News
11/29/2010
Deutsche Wohnen AG: Deutsche Wohnen: strategic course confirmed
DGAP-News: Deutsche Wohnen AG: Deutsche Wohnen: strategic course confirmed
Deutsche Wohnen AG / Key word(s): Interim Report/Quarter Results
29.11.2010 07:37
CORPORATE NEWS
Earnings as of 30 September 2010
Deutsche Wohnen: strategic course confirmed
- Earnings after taxes increased to EUR 10.1 million
- FFO up by 35 % to EUR 0.46 per share
- Successful refinancing of large value loan due in 2012
Frankfurt am Main / Berlin, Germany, 29 November 2010. Based on the strong performance of recent months Deutsche Wohnen made a number of key decisions for its successful future development in the third quarter.
Consistent increase in earnings
Earnings after taxes went up significantly from EUR -2.5 million to EUR 10.1 million year on year. Earnings before taxes more than tripled to EUR 24.5 million. Funds from operations (FFO) improved as a result to EUR 0.46 per share, already exceeding earnings for the full year 2009 as of 30 September 2010.
Financial liabilities were scaled back substantially in the first nine months of 2010 due to net debt repayments of EUR 113.6 million. The loan-to-value ratio on the reporting date was 58.8 %.
Early refinancing of significant loan
In September 2010 Deutsche Wohnen agreed with BayernLB on the early refinancing of EUR 255 million of the EUR 358 million loan due in 2012. To date the Company has also been able to extend the final tranche of the large loan and is therefore almost fully funded until 2014.
'At the same time we have managed to arrange further loans of around EUR 100 million, which is now available for investment,' declared Michael Zahn, CEO of Deutsche Wohnen AG.
Improvement in operating activities
NOI per square metre and month in the core portfolio grew by 4.4 % year on year. Average in-place rent went up by 2.3 %, reaching EUR 5.43/sqm as of the reporting date 30 September 2010.
'As we have been able to generate basically constant rental earnings from a smaller portfolio, our operating performance has in fact improved,' said Michael Zahn.
The vacancy rate in the core portfolio was reduced again sharply compared with last year, down by 18 % to 2.7 %. In the metropolitan areas Berlin and Frankfurt/Main the vacancy rate is just 1.6 % and 1.8 % respectively. This means that these portfolios are basically fully let, confirming the Company's strategic decision to focus on fast-growing metropolitan regions.
The disposals segment doubled its transaction volume from EUR 72.3 million to EUR 158.4 million year on year. In the privatisation business Deutsche Wohnen has already exceeded its budget for the full year, earning average margins of 34 %. At the same time we continued to reduce properties in the structurally weak areas of Rhineland-Palatinate and Brandenburg.
The portfolio structure was optimised not only by the disposals, but also by the purchase of 1,125 residential units to reinforce the portfolio in our core regions. Deutsche Wohnen will continue to work intensively on further acquisitions in this area over the months ahead.
About Deutsche Wohnen
Deutsche Wohnen is Germany's second-largest listed residential property company with a business focus on managing and developing its residential property portfolio. The portfolio comprises 47,665 units in total, of which 47,209 are residential units and 456 are commercial properties. The company's 81.84 million shares are listed in the SDAX segment of Deutsche Börse and are also included in the major indices EPRA/NAREIT and GPR 250.
Contact:
+49 (0)30 / 89786 - 551
29.11.2010 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
Language: English
Company: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt
Deutschland
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: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Hamburg, München, Düsseldorf, Berlin, Stuttgart
End of Announcement DGAP News-Service
Deutsche Wohnen AG / Key word(s): Interim Report/Quarter Results
29.11.2010 07:37
CORPORATE NEWS
Earnings as of 30 September 2010
Deutsche Wohnen: strategic course confirmed
- Earnings after taxes increased to EUR 10.1 million
- FFO up by 35 % to EUR 0.46 per share
- Successful refinancing of large value loan due in 2012
Frankfurt am Main / Berlin, Germany, 29 November 2010. Based on the strong performance of recent months Deutsche Wohnen made a number of key decisions for its successful future development in the third quarter.
Consistent increase in earnings
Earnings after taxes went up significantly from EUR -2.5 million to EUR 10.1 million year on year. Earnings before taxes more than tripled to EUR 24.5 million. Funds from operations (FFO) improved as a result to EUR 0.46 per share, already exceeding earnings for the full year 2009 as of 30 September 2010.
Financial liabilities were scaled back substantially in the first nine months of 2010 due to net debt repayments of EUR 113.6 million. The loan-to-value ratio on the reporting date was 58.8 %.
Early refinancing of significant loan
In September 2010 Deutsche Wohnen agreed with BayernLB on the early refinancing of EUR 255 million of the EUR 358 million loan due in 2012. To date the Company has also been able to extend the final tranche of the large loan and is therefore almost fully funded until 2014.
'At the same time we have managed to arrange further loans of around EUR 100 million, which is now available for investment,' declared Michael Zahn, CEO of Deutsche Wohnen AG.
Improvement in operating activities
NOI per square metre and month in the core portfolio grew by 4.4 % year on year. Average in-place rent went up by 2.3 %, reaching EUR 5.43/sqm as of the reporting date 30 September 2010.
'As we have been able to generate basically constant rental earnings from a smaller portfolio, our operating performance has in fact improved,' said Michael Zahn.
The vacancy rate in the core portfolio was reduced again sharply compared with last year, down by 18 % to 2.7 %. In the metropolitan areas Berlin and Frankfurt/Main the vacancy rate is just 1.6 % and 1.8 % respectively. This means that these portfolios are basically fully let, confirming the Company's strategic decision to focus on fast-growing metropolitan regions.
The disposals segment doubled its transaction volume from EUR 72.3 million to EUR 158.4 million year on year. In the privatisation business Deutsche Wohnen has already exceeded its budget for the full year, earning average margins of 34 %. At the same time we continued to reduce properties in the structurally weak areas of Rhineland-Palatinate and Brandenburg.
The portfolio structure was optimised not only by the disposals, but also by the purchase of 1,125 residential units to reinforce the portfolio in our core regions. Deutsche Wohnen will continue to work intensively on further acquisitions in this area over the months ahead.
About Deutsche Wohnen
Deutsche Wohnen is Germany's second-largest listed residential property company with a business focus on managing and developing its residential property portfolio. The portfolio comprises 47,665 units in total, of which 47,209 are residential units and 456 are commercial properties. The company's 81.84 million shares are listed in the SDAX segment of Deutsche Börse and are also included in the major indices EPRA/NAREIT and GPR 250.
Contact:
+49 (0)30 / 89786 - 551
29.11.2010 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
Language: English
Company: Deutsche Wohnen AG
Pfaffenwiese 300
65929 Frankfurt
Deutschland
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: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Hamburg, München, Düsseldorf, Berlin, Stuttgart
End of Announcement DGAP News-Service