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Deutsche Wohnen focuses on growth

DGAP-News: Deutsche Wohnen focuses on growth

Deutsche Wohnen AG / Key word(s): Quarter Results

14.11.2011 / 07:01

- Consolidated profit almost doubled to EUR 19.7 million - Recurring FFO (without disposals) improved by 40% to EUR 0.49 per share - Acquisition of around 8,000 residential units since July 2010
Frankfurt/Main and Berlin, 14 November 2011. Deutsche Wohnen continued the positive development of the first half-year of 2011 and recorded a consolidated profit of EUR 19.7 million as at 30 September 2011. This is almost double the result of last year (EUR 10.1 million) and represents an increase of EUR 9.6 million. Adjusted earnings before taxes improved by around 40% to EUR 37.6 million (previous year: EUR 26.9 million). Deutsche Wohnen was able therefore to significantly increase the recurring Funds from Operations (FFO, without disposals) by 40% from EUR 0.35 to 0.49 per share. As a result of acquisitions the Loan-to-Value Ratio rose to 62.1% and continues to be within the target range of up to 65%. Because of these positive quarterly earnings the EPRA NAV improved by around 2.2% or EUR 0.26 per share to EUR 12.04 per share - despite a dividend payment for 2010 of EUR 0.20 per share in the second quarter of 2011.
Accretive acquisitions in core regions 

Since July 2010 Deutsche Wohnen has acquired around 8,000 residential units, focussing exclusively on growth regions. 'We mainly acquired in Berlin, where we have purchased 6,000 units. In addition, we were able to acquire 1,160 residential units in Düsseldorf and, in doing so, establish ourselves in a new metropolitan region,' says Michael Zahn, CEO of Deutsche Wohnen AG. 'Overall, the acquisitions in the core regions in combination with the sale of holdings in our disposals regions lead to a significant strengthening of our portfolio.' Today around 92% of the holdings of Deutsche Wohnen are located in prospering metropolitan regions.
Successful development of operative key figures

In comparison to the previous year it was possible to improve earnings from lettings (Net Operating Income - NOI) by 5.6% to EUR 3.94 per sqm and month, whilst in the core regions the average in-place rent of the units which have been in the lettings portfolio for the last 12 months (like-for-like comparison) increased by 3.4% to EUR 5.64 per sqm (previous year: EUR 5.45 per sqm). In core region holdings not subject to price controls the new lettings rents achieved in 2011 EUR 6.73 per sqm and month. The continuing dynamics is due to a high demand for residential accommodation in the lettings markets of Deutsche Wohnen. In a like-for-like comparison it was possible to further reduce the vacancy rate in the lettings portfolio of the core regions from 2.5% to 1.7%.
In privatisations of residential units 1,025 units were sold with a sales volume of EUR 75.9 million (equivalent period of previous year: EUR 56.1 million) and a margin of 33%. The transaction volume for bloc sales amounts to EUR 57.7 million in the reporting period (equivalent period of previous year: EUR 102.3 million). In 2011 the main focus here has been on streamlining the portfolio in structurally weak regions.
In the segment Nursing and Assisted Living it was possible, primarily because of the improved capacity utilisation of 94.6%, to achieve earnings (before interest, taxes, depreciation and amortisation) of EUR 7.3 million (previous year: EUR 7.1 million).

Deutsche Wohnen
Deutsche Wohnen is one of the largest listed residential property companies in Germany with a business focus on managing and developing its residential property portfolio. The portfolio comprises 50,112 units in total, of which 49,664 are residential units and 448 are commercial properties. The Company has 81.84 million shares listed in the Deutsche Börse's MDAX and is also included in the leading indices EPRA/NAREIT and GPR 250.

+49 (0)30 / 89786 - 551 

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14.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
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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: Internet: ISIN: DE000A0HN5C6, DE0006283302 WKN: A0HN5C, 628330 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart  
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