DGAP-News: Godewind Immobilien AG / Key word(s): 9 Month figures/Real Estate

12.11.2019 / 07:35
The issuer is solely responsible for the content of this announcement.


Godewind Immobilien AG continues strong growth and shows a siginicant value increase of the real estate portfolio in the third quarter

  • Office property portfolio worth more than EUR 1bn at the end of Q3 2019
  • EPRA net asset value (EPRA NAV) of more than EUR 579m or EUR 5.40 per share
  • Consolidated net income of around EUR 134.9m achieved
  • Office property portfolio’s vacancy rate as of 30 September reduced to below 11%

Frankfurt am Main, 12 November 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, ticker symbol: GWD, Godewind), a company specialising in German office properties, continued to successfully roll out its business model in the third quarter of 2019, which is designed to increase earnings through expansion.

Further expansion of profitable office portfolio
In the third quarter of 2019, Godewind closed the acquisition of another office property with a gross acquisition value of around EUR 90.2m, increasing its portfolio to a total of ten properties. The purchase of the “City Gate” property in Frankfurt am Main further expanded the office property portfolio with strategically acquired vacant space, offering excellent conditions for further profitable growth in the next few years. The value of the total portfolio increased to around EUR 1.022bn.

Significant progress in vacancy reduction and in increasing NAV
The EPRA net asset value (EPRA NAV) amounted to around EUR 579.1m or EUR 5.40 per share at the end of the third quarter of 2019, following EUR 4.54 per share at the end of the first half of the year. The company’s successful active asset management continues to play an important role in this respect. The office property portfolio’s vacancy rate was reduced from around 27% at the start of the year to slightly below 11% as of 30 September. Net LTV was 46.5% at the end of the third quarter of 2019.

Consolidated net income in the third quarter of 2019 was already EUR 134.9m. Revenue from letting activities accounted for around EUR 26.4m. Funds from operations (FFO) amounted to around EUR 5.1m. It should be taken into account that income from properties acquired in the current year is only included in the figures on a pro rata basis. For example, the acquisitions of “Eight Dornach” near Munich and “Pentahof” in Hamburg closed on 31 January and the acquisition of “Y2” in Frankfurt closed on 13 February this year. The acquisitions of “Herzogterrassen” in Dusseldorf and “Quartier am Zeughaus” in Hamburg closed in April and the acquisition of “City Gate” in Frankfurt closed as of 1 September.

Growth prospects also remain positive for the fourth quarter
The Management Board continues to expect a positive business development for the final quarter of the current financial year, even under somewhat more challenging macroeconomic conditions. In particular, progress in reducing the acquired vacancy rate has a positive impact. Taking into account on a pro rata basis the previously acquired properties, but subject to any further acquisitions, FFO is now expected to range from EUR 8.5m to EUR 9.5m. Net rental income will continue to increase in the fourth quarter and the EPRA net asset value (EPRA NAV) should continue to rise compared to the nine-month result.

First dividend payout planned for the 2019 financial year
The ten office properties in total thus form a solid basis not only for further NAV and FFO increases but also for an initial dividend payout for the 2019 financial year. With a portfolio volume to date of around EUR 1.022bn in Value-add and Core(+) office properties, Godewind is currently almost fully invested. In line with its business model, the company has decided to start focusing on reducing its strategically acquired vacancies, which have been reduced again to 10%.

Godewind Immobilen AG’s full interim financial statements for the third quarter of 2019 are available on the Investor Relations section of the website: https://www.godewind-ag.com/en/financial-reports/.

IFRS CONSOLIDATED KEY FIGURES

EARNINGS INDICATORS   1.1-30.9.2019 1.1-30.9.2018
Revenue from letting activities in EUR k 26,378 0
Net operating income from letting activities (NOI) in EUR k 16,039 0
Gains/losses from property valuation in EUR k 152,555 0
EBITDA in EUR k 8,344 -3,419
Consolidated net income in EUR k 134,905 -6,594
FFO I in EUR k 5,107 -1,832
FFO I per share in EUR 0.05 -0.02
EPRA earnings in EUR k 32,801 -6,594
EPRA earnings per share in EUR 0.31 -0.08
Earnings per share, basic in EUR 1.24 -0.08
Earnings per share, diluted in EUR 1.23 -0.08
       
KEY BALANCE SHEET METRICS (FIGURES)   30.9.2019 31.12.2018
Investment property in EUR k 1,021,882 300,905
Cash and cash equivalents in EUR k 27,714 157,745
Balance sheet total in EUR k 1,059,360 503,054
Equity (incl. non-controlling interests) in EUR k 529,126 397,251
Equity ratio in % 49.95 78.97
Net debt in EUR k 475,123 -59,390
Net loan to value (LTV) in % 46.5 -19.7
EPRA NAV in EUR k 579,117 396,394
EPRA NAV per share in EUR 5.40 3.65
EPRA NNNAV per share in EUR 4.88 3.62
       
SELECTED PORTFOLIO KEY PERFORMANCE INDICATORS   30.9.2019 31.12.2018
Property value pursuant to IAS 40 in EUR k 1,021,882 300,905
Number of properties   10 4
Lettable area in m² 293,385 96,655
Annualised topped-up rental income in EUR k 39,279 13,657
Gross initial yield in % 3.84 4.54
EPRA vacancy rate in % 24.9 32.3
Loan to value (LTV) of the portfolio in % 49.2 29.1
WALT in years 5.4 4.2
Average rent in EUR/m² 15.10 15.98
 

About Godewind Immobilien AG
Godewind Immobilien AG, headquartered in Frankfurt am Main, is a company specialising in German office properties. The company’s focus is on creating and expanding an attractive real estate portfolio in Germany’s growth centres. As an active portfolio and asset manager, Godewind strives for sustainable increases in earnings and income, which are supplemented by regularly increasing upside potential. Godewind currently has an office property portfolio totalling more than EUR 1 billion. In the medium term, the aim is to create a commercial real estate portfolio of at least EUR 3 billion with the help of a wide-ranging network and by means of value-added acquisitions.

Based on internal portfolio and asset management, Godewind Immobilien AG will manage commercial properties cost effectively, conclude long-term tenancy agreements and thus increase the value of the company. The company has loss carryforwards for corporation and trade tax and a tax deposit account. The Godewind Immobilien AG share is listed at the highest transparency level of Deutsche Börse AG, Prime Standard, and is traded amongst other in the XETRA market segment of the Frankfurt Stock Exchange (FWB).

For further information please visit https://www.godewind-ag.com.

Contact Details

Investor Relations Contact
Gunnar Janssen
Godewind Immobilien AG
Phone +49 69 27 13 97 32 13
E-mail g.janssen@godewind-ag.com

Press Contact
Jan Hutterer
Kirchhoff Consult AG
Phone +49 40 60 91 86 65
E-mail godewind-ag@kirchhoff.de


12.11.2019 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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