DGAP-News: Fair Value REIT-AG announces final financial figures for 2009
(firmenpresse) - Fair Value REIT-AG / Final Results
24.03.2010 07:30
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Fair Value REIT-AG announces final financial figures for 2009
- Adjusted consolidated net income (in accordance with EPRA) of EUR 6
million
- Valuation-related decline in income leads to consolidated net loss of
EUR 2.9 million
- Equity ratio pursuant to§ 15 REIT-G (German REIT Law) amounts to 45.5%
- EPRA-Earnings of 45 ct per share forecasted for 2010
- Annual Report 2009 available from today at www.fvreit.de
Munich, Germany, March 24, 2010 - For the fiscal year 2009, Fair Value
REIT-AG recorded adjusted consolidated net income (EPRA-Earnings) of EUR 6
million (previous year EUR 5.7 million). This adjusted result, which
excludes market value changes of properties and interest derivatives, as
well as other one-off effects, is considerably higher than the forecast of
EUR 4.5 million issued in the previous year. This is primarily due tosavings in net interest expenses.
An opposite effect had the market valuations of the properties at the end
of the year. However, a positive aspect was that some of the properties had
shown an increase in value again. Whilst the proportionate valuation result
for the Fair Value real estate portfolio was on balance -3.4%, the rate of
decline was halved compared to the previous year's figure of -6.4%.
Due to the market valuations, the Group recorded a consolidated net loss in
2009 of EUR 2.9 million in 2009 (pursuant to IFRS), compared to EUR 13.3
million in the previous year. The positive deviation of EUR 1.3 million
compared to the preliminary financial figures released on February 22, 2010
is due to a resolution of value adjustments for the book values of the
associated companies, which had not yet been determined at that time.
With a consolidated balance sheet total of EUR 203.8 million, the
consolidated equity on December 31, 2009, was EUR 72.7 million,
corresponding to a decline of 4.7% compared to the previous year. When
stated in accordance with § 15 REIT-G (German REIT Law), which means that
minority interests of EUR 15.3 million have to be included, equity amounted
toEUR 88 million. This corresponds to 45.5% of the immovable assets.
The currently negative market values for the derivative financial
instruments included in the consolidated equity amount to a proportionate
position for Fair Value of EUR 8.8 million. This position will gradually
dissipate as the interest rate hedging transactions expire and thereby give
rise to an increase in equity. Thus the real estate related net assets of
the Fair Value Group, pursuant to EPRA, added up to EUR 81.5 million (EUR
8.72 per share) on December 31, 2009 after inclusion of the proportionate
market value of thederivative financial instruments.
The funds from operations (FFO) recorded at the Group level totalled EUR
2.9 million (previous year EUR 3.5 million), which corresponds to EUR 0.32
per share. The Group's cash and cash equivalents were EUR 8.3 million on
the balance sheet date (previous year EUR 14million). The fall in
liquidity of EUR 5.7 million compared to the previous year is primarily the
result of the repayment of financial liabilities amounting to EUR 8.4
million and the accrual of EUR 1.8 million due to an addition to the
consolidated companies.
Frank Schaich, Chief Executive Officer of Fair Value REIT-AG, is positive
about the current situation: 'The business is very stable, both in terms of
occupancy and of our debt side. The average term of our rental contracts is
6.3 years, and the remaining period of our financial liabilities until
renegotiation averages 4.3 years. In this respect, the proportionate
average interest rate on the financial liabilities has been 5.2% p.a. on
balance sheet date.' He also has a positive view regarding the continuing
development of the business, not least because of the rental successes
already achieved early in 2010. 'Since the beginning of the year, we have
been able to halve the Group's already low vacancy level and negotiate the
early conclusion of follow-up rental agreements. In our view, these are
clear indications of a positive turnaround in the sector. For the current
fiscal year we thus expect EPRA-Earnings of 45 ct per share due to
maintenance and leasing costs, while we anticipate the FFO to account for
29 ct per share. In 2011, we want to further improve our results. According
to our plans, the EPRA-Earnings will amount to 59 ct and the FFO to 46 ct
per share.'
The Annual Report 2009 provides a comprehensive overview of the results for
the year, and is available from today for download at www.fvreit.de.
Key performance figures for Fair Value REIT-AG
31.12.2009 31.12.2008Contact
Consolidated net income EUR -2.9 million EUR -13.3 million
EPS EUR -0.31 EUR -1.41
Adjusted consolidated net income EUR 6 million EUR 5.7 million
(EPRA)
EPRA-EPS EUR 0.65 EUR 0.60
FFO EUR 2.9 million EUR 3.5million
FFO per share in circulation EUR 0.29 EUR 0.37
NAV per share EUR 7.78 EUR 8.16
EPRA-NAV per share EUR 8.72 EUR 8.99
Investor&Media Relations
cometis AG
Dirk Stauer
Phone: +49(0)611 - 205855-22
Fax: +49(0)611 - 205855-66
E-mail: stauer(at)cometis.de
Company profile
Munich-based Fair Value REIT-AG focuses on the acquisition, leasing,
property management and sale of commercial properties in Germany. Its
investment activities focus primarily on offices, logistics and retail
properties in German regional centers. As a REIT-AG, Fair Value is not
subject to corporation or trade tax. Fair Value's USP is that - in addition
to investing directly in real estate - it also acquires interests in
closed-end real estate funds.
Fair Value currently participates in 13 closed-end real estate funds in a
highly diversified portfolio of 48 properties with a total rental area of
414.220 m² and a market value of around EUR 479 million as of December 31,
2009 (Fair Value's share of this portfolio totaled around EUR 191 million
on December 31, 2009).
Fair Value further directly owns a portfolio of 32 commercial properties in
Schleswig-Holstein. These have a rental area of more than 42,948 m² and are
mostly used as bank branches. These properties had a total market value of
around EUR 46 million as of December 31, 2009.
On December 31, 2009, the proportion of the entire portfolio due to Fair
Value had a market value of around EUR 236 million. As of December 31,
2009, this proportionate portfolio was 95.5% let in terms of the achievable
annual rent of EUR 21 million. The rental agreements had a weighted
remaining term of 6.3 years on December 31, 2009. Around 45% of the
potential rent stems from retail facilities, 40% from offices, 8% is from
logistics facilities and 6% from other facilities.
24.03.2010 07:30 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Fair Value REIT-AG
Leopoldstraße 244
80807 München
Deutschland
Phone: +49 (0)89 9292 815-01
Fax: +49 (0)89 9292 815-15
E-mail: info(at)fvreit.de
Internet: www.fvreit.de
ISIN: DE000A0MW975
WKN: A0MW97
Indices: RX REIT All Share Index, RX REIT Index
Listed:Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
" alt="Crowflight Appoints Stephen Davies as Chief Operating Officer
Datum: 24.03.2010 - 02:30 Uhr
Sprache: Deutsch
News-ID 1011842
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 72 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Fair Value REIT-AG announces final financial figures for 2009
"
steht unter der journalistisch-redaktionellen Verantwortung von
Fair Value REIT-AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
