Business news for the stock market
Potsdam (pta010/12.05.2021/07:25) - Deutsche Industrie REIT-AG ends first half-year successfully (H1 2020/2021) and confirms FFO forecast.
* Rental income increased from EUR 18.7 million to EUR 24.3 million
* FFO grows from EUR 11.0 million to EUR 16.0 million
* FFO per share increases by 26% (from EUR 0.40 to EUR 0.50 per share)
* Real estate assets of EUR 647.7 million balanced
* Net-LTV at 41.8%
* FFO forecast of EUR 32 million to EUR 34 million for financial year 2020/2021 confirmed
Deutsche Industrie REIT-AG (ISIN DE000A2G9LL1) has successfully completed its first half of 2020/2021.
Property portfolio grows to EUR 647.7 million
Deutsche Industrie REIT-AG is continuing its steady portfolio growth in the first half of 2020/2021 (01/10/2020 – 31/03/2021). As of the reporting date 31/03/2021, a total of 78 properties amounting to EUR 647.7 million were recognised in the balance sheet. Ten additional properties were acquired for which the transfer of ownership took place or will take place after the balance sheet date of 31 March 2021.
Taking into account all properties that have already been notarised, the pro forma portfolio comprises 88 properties with 1.6 million m² of commercial space, a total annualised rent of approximately EUR 58.7 million and a portfolio value of around EUR 688.6 million.
The company continues to examine specific acquisition targets and expects further acquisitions in the ongoing financial year.
Increased half-year result
DIR's rental income increased from EUR 18.7 million (H1 2019/2020) to EUR 24.3 million (H1 2020/2021). In line with this, DIR's net rental income rose from EUR 14.6 million in the previous year to EUR 18.7 million in the first half of 2020/2021. DIR was thus able to achieve FFO (Funds From Operations) of EUR 16.0 million, a significant increase compared to the first half of the previous year (H1 2019/2020 EUR 11.0 million). The increase in FFO per share from EUR 0.40 to EUR 0.50 corresponds to 26%.
The EPRA-NAV (net asset value) was EUR 11.99 per share as at 31 March 2021 (EUR 11.74 per share as at 30 September 2020).
The net leverage ratio (Net LTV) of the Company, as at 31/03/2021 was 41.8% (30/09/2020 = 37.1%), providing scope for further leveraging up to the target LTV of 50%.
Optimistic business outlook for 2020/2021 and FFO forecast confirmed
The ongoing Corona pandemic has so far had little impact on DIR's results with its industrial tenant mix. As the overall economic impact of SARS-CoV-2 can only be estimated to a limited extent in the further course of the financial year, future effects on the result cannot be completely ruled out.
DIR's business performance has been positive over the past six months, and the Management Board therefore confirms the forecast it issued of FFO between EUR 32 million and EUR 34 million for the 2020/2021 financial year. The FFO - run rate (annualised FFO excluding accrual effects) continues to be forecast at EUR 38 million to EUR 40 million at the end of the 2020/2021 financial year.
Deutsche Industrie REIT-AG will hold an analyst conference call on the results of the first half of 2020/2021 today at 12:00 (CEST). The conference language will be English.
Publications on the half-year results H1 2020/2021
The half-year financial report, the presentation on the results and further information on the company can be found at:
Details of DIR's current property portfolio can be found at:
About Deutsche Industrie REIT-AG
Deutsche Industrie REIT-AG invests sustainably in light industrial properties in Germany. In addition to the activities of storage and distribution of commercial goods, light industrial also includes their administration and production. The asset class consists mainly of medium to large industrial and commercial park sites. The areas are usually more complexly equipped than pure logistics properties and have a high local relevance.
The share is listed on the regulated market of the Berlin Stock Exchange and in the Prime Standard of the Frankfurt Stock Exchange. Since the beginning of 2018, the company has had the status of a REIT ("Real Estate Investment Trust") and the associated income tax exemption.
emitter: Deutsche Industrie REIT-AG
address: August-Bebel-Str. 68, 14482 Potsdam
contact person: René Bergmann
phone: +49 331 740 076 535
ISIN(s): DE000A2G9LL1 (share), DE000A2GS3T9 (bond), DE000A2YNQU1 (bond)
stock exchanges: regulated market in Frankfurt, Berlin