News
05/12/2011
Deutsche Wohnen AG makes a successful start to the fiscal year 2011
Corporate News: Deutsche Wohnen AG makes a successful start to the fiscal year 2011
Deutsche Wohnen AG / Key word(s): Quarter Results/Interim Report
12.05.2011 / 06:57
- Successful acquisition of a further 2,500 residential units in Berlin
- Increase in consolidated profit of 63% to EUR 8.5 million
- Improvement in sustainably generated FFO (without disposals) of around
19% to EUR 0.19 per share
Frankfurt/Main, Berlin, 12 May 2011. Deutsche Wohnen has made a successful
start to 2011 with a consolidated profit of EUR 8.5 million (previous year:
EUR 5.2 million), thus paving the way for the continued positive
development of its business. There was an improvement in earnings before
taxes - adjusted for special effects - of 54% to EUR 14.0 million (previous
year: EUR 9.1 million), and once again the sustainable Funds from
Operations (FFO without disposals) increased in a year-on-year comparison
by 19% to EUR 0.19 per share. The company succeeded in increasing its
intrinsic value, expressed as the EPRA NAV, in the first quarter by 1.4% to
EUR 11.94 per share. The Loan-to-Value Ratio (LTV) was reduced in the same
period to 60.1%.
Sustainable portfolio development
Consistent with its growth strategy Deutsche Wohnen was able to make
further acquisitions in April and May 2011. 'We have purchased 2,500
residential units in Berlin. In total we have been able to acquire around
4,300 residential units in the past nine months. In doing so we are
strengthening our position in the core regions on a sustainable basis,'
explained Michael Zahn, the CEO of Deutsche Wohnen AG. In total the 4,300
residential units generate an annual current gross rental income of EUR
15.0 million.
Further improvements in operational development
Deutsche Wohnen continued to improve its operating results in the first
quarter of 2011. Despite disposals, earnings from Residential Property
Management increased slightly in comparison to the previous year from EUR
39.2 million to EUR 39.6 million. There was a clear rise in the key figure
for portfolio performance - the Net Operating Income (NOI) - of 4.4% to EUR
4.03 per sqm per month. The average in-place rent in the core portfolio
amounts to EUR 5.50 per sqm as of 31 March 2011. This represents an
increase of 2.2% in comparison to the previous year. In the first quarter
it was also possible to maintain the vacancy rate in the core portfolio at
the low level of 2.3%.
The growth in new-letting rents in the core regions of Deutsche Wohnen
demonstrates unmistakeably the dynamic nature of rental developments in
these areas. The average new-letting rent of units not subject to price
controls rose in the twelve months to 31 March by EUR 0.22 to EUR 6.46 per
sqm. This rent is significantly higher than the average in-place rent per
sqm.
It is the strategy of the company to develop its portfolio in such a way as
to create long-term growth in value. Accordingly, it intends to guarantee
that its holdings remain attractive and of high quality by means of
targeted modernisation measures and continuing maintenance. The success of
this strategy is demonstrated by the above-average rental growth potential
of currently 17.5%.
In residential privatisations in the first quarter of 2011 Deutsche Wohnen
notarised 306 units with average sales proceeds of EUR 1,237 per sqm and a
margin of 41%. At the same time 1,032 units were sold to institutional
investors with a transaction volume of EUR 32.7 million.
In the business segment Nursing and Assisted Living there was an
improvement in earnings (before interest, taxes, depreciation and
amortisation) to EUR 2.7 million (previous year: EUR 2.2 million). This is
particularly attributable to an increase in the average capacity
utilisation of the relevant properties.
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 47,536 units in total, of which
47,095 are residential units and 441 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.
Contact:
+49 (0)30 / 89786 - 551
End of Corporate News
---------------------------------------------------------------------
12.05.2011 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
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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124188 12.05.2011
Deutsche Wohnen AG / Key word(s): Quarter Results/Interim Report
12.05.2011 / 06:57
- Successful acquisition of a further 2,500 residential units in Berlin
- Increase in consolidated profit of 63% to EUR 8.5 million
- Improvement in sustainably generated FFO (without disposals) of around
19% to EUR 0.19 per share
Frankfurt/Main, Berlin, 12 May 2011. Deutsche Wohnen has made a successful
start to 2011 with a consolidated profit of EUR 8.5 million (previous year:
EUR 5.2 million), thus paving the way for the continued positive
development of its business. There was an improvement in earnings before
taxes - adjusted for special effects - of 54% to EUR 14.0 million (previous
year: EUR 9.1 million), and once again the sustainable Funds from
Operations (FFO without disposals) increased in a year-on-year comparison
by 19% to EUR 0.19 per share. The company succeeded in increasing its
intrinsic value, expressed as the EPRA NAV, in the first quarter by 1.4% to
EUR 11.94 per share. The Loan-to-Value Ratio (LTV) was reduced in the same
period to 60.1%.
Sustainable portfolio development
Consistent with its growth strategy Deutsche Wohnen was able to make
further acquisitions in April and May 2011. 'We have purchased 2,500
residential units in Berlin. In total we have been able to acquire around
4,300 residential units in the past nine months. In doing so we are
strengthening our position in the core regions on a sustainable basis,'
explained Michael Zahn, the CEO of Deutsche Wohnen AG. In total the 4,300
residential units generate an annual current gross rental income of EUR
15.0 million.
Further improvements in operational development
Deutsche Wohnen continued to improve its operating results in the first
quarter of 2011. Despite disposals, earnings from Residential Property
Management increased slightly in comparison to the previous year from EUR
39.2 million to EUR 39.6 million. There was a clear rise in the key figure
for portfolio performance - the Net Operating Income (NOI) - of 4.4% to EUR
4.03 per sqm per month. The average in-place rent in the core portfolio
amounts to EUR 5.50 per sqm as of 31 March 2011. This represents an
increase of 2.2% in comparison to the previous year. In the first quarter
it was also possible to maintain the vacancy rate in the core portfolio at
the low level of 2.3%.
The growth in new-letting rents in the core regions of Deutsche Wohnen
demonstrates unmistakeably the dynamic nature of rental developments in
these areas. The average new-letting rent of units not subject to price
controls rose in the twelve months to 31 March by EUR 0.22 to EUR 6.46 per
sqm. This rent is significantly higher than the average in-place rent per
sqm.
It is the strategy of the company to develop its portfolio in such a way as
to create long-term growth in value. Accordingly, it intends to guarantee
that its holdings remain attractive and of high quality by means of
targeted modernisation measures and continuing maintenance. The success of
this strategy is demonstrated by the above-average rental growth potential
of currently 17.5%.
In residential privatisations in the first quarter of 2011 Deutsche Wohnen
notarised 306 units with average sales proceeds of EUR 1,237 per sqm and a
margin of 41%. At the same time 1,032 units were sold to institutional
investors with a transaction volume of EUR 32.7 million.
In the business segment Nursing and Assisted Living there was an
improvement in earnings (before interest, taxes, depreciation and
amortisation) to EUR 2.7 million (previous year: EUR 2.2 million). This is
particularly attributable to an increase in the average capacity
utilisation of the relevant properties.
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 47,536 units in total, of which
47,095 are residential units and 441 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.
Contact:
+49 (0)30 / 89786 - 551
End of Corporate News
---------------------------------------------------------------------
12.05.2011 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
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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124188 12.05.2011