DGAP-News: Godewind Immobilien AG / Key word(s): Half Year Results/Real Estate
13.08.2019 / 08:00
Half-year financial report of Godewind Immobilien AG confirms successful continuation of operating business in 2019
Frankfurt am Main, 13 August, 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, continued to successfully implement its business model in the first half of 2019, which is designed to increase earnings through expansion.
Expansion of office property portfolio accelerated in the first half of the year
The targeted purchase of office properties with extensive vacant space created the conditions for further profitable growth in the coming years. As a result, consolidated results for the first half of 2019 was already EUR 73.4 million, compared with EUR 10.1 million at the end of the 2018 financial year. The Funds from operations (FFO) now amount to around EUR 2.8 million, compared with EUR minus 3.8 million as of 31 December 2018. It has to be taken into account that, on the one hand, some new rental agreements have not yet been recognised in income and, on the other hand, the income from the five properties acquired in the first half of 2019 has only been included in the current business figures on a pro rata basis. The closing for the City Gate in Frankfurt, the latest contractually secured property on 22 May, is expected to take place at the end of the third quarter.
The newly acquired properties already showed a clearly positive performance, despite some late closings in the reporting period. On the one hand, this development underlines the quality of the office properties acquired. On the other hand, it illustrates the progress made in reducing the strategic vacancy rate. Including the City Gate property which ist not yet closed, the vacancy rate has already been reduced from originally 28.0 percent to pro forma around 22.5 percent. Due to this positive performance, the result from the valuation of investment properties amounted to EUR 82.9 million. The result from letting and leasing increased to EUR 8.9 million.
The EPRA Net Asset Value (EPRA NAV) amounted to EUR 487.7 million or EUR 4.54 per share at the end of the first half of 2019 after EUR 396.4 million or EUR 3.65 per share at the end of the 2018 financial year. Net LTV amounted to 46.0 percent at the end of the first six months of 2019.
Continued good growth prospects for 2019 – Forecast raised
The FFO is now expected in a range of EUR 8.5 million to EUR 9.5 million, also taking into account the City Gate office tower and the properties acquired in the first half of the year, but subject to any further acquisitions. So far, FFOs have been forecasted in the single-digit mid-million range based on the contractually secured property portfolio at the time of the forecast. Rental income will continue to rise significantly in the second half of the year and the EPRA Net Asset Value (EPRA NAV) should also increase further compared to the half-year result.
Basis laid for first dividend distributions
The half-year financial report 2019 of Godewind Immobilen AG will be available in the Investor Relations section of the website during the course of the day: https://www.godewind-ag.com/en/financial-reports/.
Group key figures according to IFRS at a glance as of 30 June 2019
About Godewind Immobilien AG
Based on internal portfolio and asset management, Godewind Immobilien AG will manage commercial real estate cost-efficiently, conclude long-term leases and thus increase the value of the company. The company has loss carryforwards for corporation and trade tax as well as a tax deposit account. Godewind Immobilien AG shares are traded in the Prime Standard segment of the Frankfurt Stock Exchange (FWB). For further information please visit https://www.godewind-ag.com.
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|Company:||Godewind Immobilien AG|
|60329 Frankfurt am Main|
|Phone:||+49 (0) 69 2713973213|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||856169|
|End of News||DGAP News Service|