DGAP-News: Godewind Immobilien AG / Key word(s): Quarterly / Interim Statement/Real Estate

10.05.2019 / 08:11
The issuer is solely responsible for the content of this announcement.


Godewind Immobilien AG shows successful start into the 2019 financial year

  • Office real estate portfolio with a book value of over EUR 451 million at the end of the first quarter of 2019
  • EPRA Net Asset Value (EPRA NAV) just under EUR 394 million
  • Consolidated net income of around EUR 0.7 million achieved
  • Strong growth expected in current financial year

Frankfurt am Main, May 10, 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, has successfully continued its business model of profit-enhancing expansion in the first quarter of 2019 and expects strong growth for the 2019 financial year.

Development of a profitable office portfolio
In the first quarter of 2019, Godewind closed three further office properties with a gross acquisition value of around EUR 150.7 million, thus expanding its portfolio to a total of seven properties. The acquisition of the ‘Herzogterrassen’ in Dusseldorf also further expedited the expansion of the office property portfolio with significant earnings and value enhancement potential. This has created excellent conditions for further growth in the coming years. After the reporting period, in April, the transactions for the last two assets acquired, ‘Herzogterrassen’ and ‘Quartier am Zeughaus’ in Hamburg, were also closed. The goal of using the proceeds from the IPO in 2018 to build up a portfolio with strong earnings and substance was thus achieved.

The consolidated result for the first quarter of 2019 was around EUR 0.7 million. Income from property management amounted to around EUR 5.5 million and funds from operations (FFO) amounted to around EUR 1.6 million. It should be taken into account that the income from the acquired real estate has only been included proportionally in the financial figures. Thus, the acquisitions of ‘Eight Dornach’ near Munich and ‘Pentahof’ in Hamburg were closed on January 31 and those of ‘Y2’ in Frankfurt on February 13 of this year. These properties therefore offer further significant earnings potential for the future. The complete portfolio, which will then include all nine properties acquired to date, is to be valued as of 30 June.

The EPRA Net Asset Value (EPRA NAV) at the end of the first quarter of 2019 was around EUR 393.7 million or EUR 3.67 per share. This also reflects the company’s share buyback programme, which was concluded on 20 February with the acquisition of 1.5 million shares at an average price of EUR 3.23 per share. The Net LTV amounted to 24.1 percent at the end of the first quarter of 2019.

Continued excellent growth prospects for 2019
For the current financial year, the Management Board expects a continuing positive business development, even under somewhat more volatile macroeconomic conditions.

Based on current estimates, EPRA Net Asset Value, the key performance indicator at the end of the financial year, is expected to achieve a result well above the previous year’s level. FFO should also increase significantly and are expected to be in the mid single-digit million range. Annualised net rental income (NRI) should increase significantly. The Net LTV is expected to be between 45 percent and 55 percent. This forecast does not include additions or disposals that have not yet been specified, but does include all already completed and contractually secured acquisitions.

First dividend distribution planned for the 2019 financial year
The total of nine office properties thus form a solid basis for further increases of NAV and FFO in the current financial year and an initial dividend distribution for the 2019 financial year. With an office property portfolio of around EUR 762 million of value-add and core(+) office properties to date, Godewind is currently almost fully invested. In line with its business model, the company has now initially focused on reducing the targeted vacancy rate of originally 28 percent. As announced on 6 May, it has already been reduced to 26 percent. Further growth potential also results strongly from the implementation speed of planned further real estate acquisitions. The company intends to announce further details in the course of the year.

The complete Group Interim Statement for the first quarter 2019 of Godewind Immobilen AG is available in the Investor Relations section of the website: https://www.godewind-ag.com/en/financial-reports/.

 

Consolidated Financial Statements after IFRS at a glance
       
EARNINGS INDICATORS unit 1.1. – 31.3.2019 1.1. – 31.3.2018
Revenues from property management in EUR k 5,503 0
Net operating income from letting activities (NOI) in EUR k 4,063 0
Earnings from property valuation in EUR k -113 0
EBITDA in EUR k 1,937 -625
Consolidated net income in EUR k 662 -632
FFO I  in EUR k 1,602 -623
FFO I per share in EUR 0.01 -0.03
EPRA earnings in EUR k 1,121 -632
EPRA earnings per share in EUR 0.01 -0.03
Earnings per share, basic in EUR 0.01 -0.03
Earnings per share, diluted in EUR 0.01 -0.03
       
KEY BALANCE SHEET METRICS (FIGURES) 31.3.2019 31.12.2018
Investment properties in EUR k 451,627 300,905
Cash and cash equivalents in EUR k 78,140 157,745
Balance sheet total in EUR k 594,753 503,054
Equity (incl. minorities) in EUR k 394,147 397,251
Equity ratio in % 66.27 78.97
Net debt in EUR k 108,700 -59,390
Net loan to value (LTV) in % 24.1 -19.7
EPRA NAV in EUR k 393,747 396,394
EPRA NAV per share in EUR 3.67 3.65
EPRA NNNAV per share in EUR 3.63 3.62
       
SELECTED PORTFOLIO KEY PERFORMANCE INDICATORS 31.3.2019 31.12.2018
Property value pursuant to IAS 40 in EUR k 451,627 300,905
Number of properties 7 4
Lettable area in m² 170,589 96,655
Annual basic rent in EUR k 19,780 13,657
Gross initial yield in % 4.38 4.54
EPRA vacancy rate in % 32.4 32.3
Portfolio LTV in % 37.7 29.1
WALT in years 4.3 4.2
Average rent In EUR/m² 14.41 15.98

 

About Godewind Immobilien AG
Based in Frankfurt, Godewind Immobilien AG is a listed real estate company specialising in German office real estate. The company’s acquisition focus lies on building up an attractive real estate portfolio with a focus on office properties. As an active portfolio and asset manager, Godewind strives for sustainable increases in earnings and income, which are supplemented by the regular realisation of added value potential. Currently Godewind owns a secured or rather acquired office portfolio of around EUR 762 million. In the medium term, the aim is to build a commercial real estate portfolio of around three billion euros with the help of the company’s wide-ranging network and by means of value-added acquisitions.

Based on its internal portfolio and asset management, Godewind Immobilien AG will manage commercial properties cost-effectively, enter into long-term tenancy agreements and thus increase its enterprise value. The company has tax loss carry-forwards for corporation and trade tax, as well as a tax-free capital reserve. The shares in Godewind Immobilien AG are traded in the Prime Standard segment on the Frankfurt Stock Exchange (XETRA).

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

Contact Details

Investor Relations Contact
Gunnar Janssen
Godewind Real Estate 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

Disclaimer:

This announcement is for information purposes only and does not constitute or should not be construed as an offer to sell or subscribe for, or an offer to sell or subscribe for, or an invitation to make an offer to buy or subscribe for, or an invitation to make an offer to buy or subscribe for, any common stock of Godewind Immobilien AG (the “Company” and such shares, the “Shares”) in the United States of America or any other jurisdiction.


10.05.2019 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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