News
08/13/2013
Deutsche Wohnen raises its forecast for 2013
DGAP-News: Deutsche Wohnen raises its forecast for 2013
Deutsche Wohnen AG / Key word(s): Interim Report/Half Year Results
13.08.2013 / 07:01
---------------------------------------------------------------------
Deutsche Wohnen raises its forecast for 2013
- Increase in FFO (without disposals) of 85% to EUR 60.6 million - Acquisition of 10,700 residential units since the beginning of year - FFO forecast for 2013 increased by 10% to EUR 110 million
Frankfurt/Main and Berlin, 13 August 2013. Deutsche Wohnen has successfully completed the first half-year of 2013 with a profit for the period of EUR 50.2 million (previous year: EUR 36.9 million). Adjusted earnings before taxes rose by around 86% to EUR 69.3 million (previous year: EUR 37.3 million). Earnings from Residential Property Management increased by 61% to EUR 139.3 million (previous year: EUR 86.6 million), Earnings from Disposals by 35% to EUR 12.3 million (previous year: EUR 9.1 million) and Earnings from Nursing and Assisted Living by 33% to EUR 6.5 million (previous year: EUR 4.9 million).
Due to acquisitions, the significant key figure, Funds from Operations (FFO without disposals), has increased in comparison to the previous year by approximately 85% to EUR 60.6 million (previous year: EUR 32.8 million). The Loan to Value Ratio was approximately 55.8% as at the reporting date (31 December 2012: 57.2%). Taking into account the pay-out of a dividend of EUR 0.21 per share, the intrinsic value, measured as EPRA NAV, rose to EUR 12.79 per share (31 December 2012: EUR 12.48 per share).
Core and growth regions further strengthened
In the first half-year of 2013 Deutsche Wohnen acquired a total of 10,700 residential units. In addition to the 7,800 residential units acquired in the first quarter it was possible to complete further value-enhancing portfolio acquisitions in the existing core and growth regions. The majority of the additionally acquired residential properties are located in Dresden (around 1,900 units), in Greater Berlin - particularly in Potsdam - (around 500 units) and in the Rhineland (around 215 units). The total current annual gross rental income from the 10,700 units acquired in the first half-year is approximately EUR 40 million. In addition, a retirement facility in Berlin with around 250 places was acquired.
Michael Zahn, the CEO of Deutsche Wohnen AG, states, 'With these acquisitions we have strengthened our core and growth regions and can generate economies of scale through our operational platform. The FFO return (before taxes) of the acquired residential properties will be around 8% following their complete integration into our existing portfolio.'
Forecast for the year raised
Overall, Deutsche Wohnen has completed value-enhancing acquisitions in the current financial year - in part with the help of the funds from the capital increase carried out at the beginning of the year - with a transaction volume of around EUR 592 million. Particularly due to the contributions that these acquisitions will make to earnings, Deutsche Wohnen raises its forecast for recurring FFO for the financial year 2013 by 10% to EUR 110 million.
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. As at 30 June 2013 the portfolio comprised around 90,600 units in total, of which 89,500 are residential units and 1,100 are commercial properties. The company is 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
---------------------------------------------------------------------
13.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group 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 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
--------------------------------------------------------------------- 225400 13.08.2013
Deutsche Wohnen AG / Key word(s): Interim Report/Half Year Results
13.08.2013 / 07:01
---------------------------------------------------------------------
Deutsche Wohnen raises its forecast for 2013
- Increase in FFO (without disposals) of 85% to EUR 60.6 million - Acquisition of 10,700 residential units since the beginning of year - FFO forecast for 2013 increased by 10% to EUR 110 million
Frankfurt/Main and Berlin, 13 August 2013. Deutsche Wohnen has successfully completed the first half-year of 2013 with a profit for the period of EUR 50.2 million (previous year: EUR 36.9 million). Adjusted earnings before taxes rose by around 86% to EUR 69.3 million (previous year: EUR 37.3 million). Earnings from Residential Property Management increased by 61% to EUR 139.3 million (previous year: EUR 86.6 million), Earnings from Disposals by 35% to EUR 12.3 million (previous year: EUR 9.1 million) and Earnings from Nursing and Assisted Living by 33% to EUR 6.5 million (previous year: EUR 4.9 million).
Due to acquisitions, the significant key figure, Funds from Operations (FFO without disposals), has increased in comparison to the previous year by approximately 85% to EUR 60.6 million (previous year: EUR 32.8 million). The Loan to Value Ratio was approximately 55.8% as at the reporting date (31 December 2012: 57.2%). Taking into account the pay-out of a dividend of EUR 0.21 per share, the intrinsic value, measured as EPRA NAV, rose to EUR 12.79 per share (31 December 2012: EUR 12.48 per share).
Core and growth regions further strengthened
In the first half-year of 2013 Deutsche Wohnen acquired a total of 10,700 residential units. In addition to the 7,800 residential units acquired in the first quarter it was possible to complete further value-enhancing portfolio acquisitions in the existing core and growth regions. The majority of the additionally acquired residential properties are located in Dresden (around 1,900 units), in Greater Berlin - particularly in Potsdam - (around 500 units) and in the Rhineland (around 215 units). The total current annual gross rental income from the 10,700 units acquired in the first half-year is approximately EUR 40 million. In addition, a retirement facility in Berlin with around 250 places was acquired.
Michael Zahn, the CEO of Deutsche Wohnen AG, states, 'With these acquisitions we have strengthened our core and growth regions and can generate economies of scale through our operational platform. The FFO return (before taxes) of the acquired residential properties will be around 8% following their complete integration into our existing portfolio.'
Forecast for the year raised
Overall, Deutsche Wohnen has completed value-enhancing acquisitions in the current financial year - in part with the help of the funds from the capital increase carried out at the beginning of the year - with a transaction volume of around EUR 592 million. Particularly due to the contributions that these acquisitions will make to earnings, Deutsche Wohnen raises its forecast for recurring FFO for the financial year 2013 by 10% to EUR 110 million.
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. As at 30 June 2013 the portfolio comprised around 90,600 units in total, of which 89,500 are residential units and 1,100 are commercial properties. The company is 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
---------------------------------------------------------------------
13.08.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group 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 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
--------------------------------------------------------------------- 225400 13.08.2013