PRESS & MEDIA
2 May 2018
GxP German Properties off to a Successful Start into the 2018 Financial Year
- Net asset value (NAV) per share ascends to EUR 6.14
- Total value of the real estate portfolio (GAV) rises to EUR 166.1 million
- New leases for a combined total of 638 square metres signed
Berlin, 14 May 2018 – GxP German Properties AG (ISIN: DE000A1YCNN8, WKN: A1YCNN) started successfully into the 2018 financial year, ending the first quarter with several asset management achievements.
Overall, new lease agreements whose terms have already begun or will begin during the second quarter were signed with three tenants for a total floor area of 638 square metres during the reporting period. With all previously signed leases taken into account, the portfolio generated annualised rent revenues of EUR 10.8 million in 2018 to date, implying a vacancy rate of 11.34 percent in the portfolio properties (31/12/2017: 13.15 percent). The weighted average unexpired lease term (WAULT) across the portfolio was 3.48 years as of 31/03/2018.
The company’s portfolio includes twelve commercial properties with a combined floor area of 106,594 square metres that are located in eleven different cities across Germany. Their total value (GAV) comes to EUR 166.1 million (31/12/2017: EUR 165.3 million) while the NAV was EUR 64.9 million as of the balance sheet date (31/12/2017: EUR 64.8 million). The NAV per share equalled EUR 6.14 as of 31/03/2018 (31/12/2017: EUR 6.12).
When annualised, the contractual annual net rent of more than EUR 10.8 million translates into a gross return (gross initial yield) of 6.48 percent relative to the total real estate value of EUR 166.1 million (31/12/2017: 6.32 percent).
The revenues during the first quarter of 2018 added up to a total amount of EUR 3.3 million, the overwhelming bulk of it representing the rental income collected. The operating income came to EUR 1.3 million. When factoring in the financial results of EUR -0.743 million and income taxes in the amount of EUR 0.2 million, the first quarter of this years returned a consolidated income of EUR 0.4 million after taxes.
The company’s financial situation remains stable. Its gearing ratio (loan to value or LTV) stood at 59.3 percent by the end of the first quarter (31/12/2017: 59.0 percent). The equity ratio increased slightly to 35.8 percent (up from 35.5 percent as of 31/12/2017).
The cash flow from current operations added up to EUR 1.2 million by the end of the reporting period.
Boris Tramm, the CEO of GxP German Properties AG, said: “With the stable development of our operative business during the first quarter, we created a sound foundation for our performance throughout 2018 which we will keep connecting to in the months to come.”
TEL: +49 (0)30 28 44 987 62
GxP German Properties AG
Europa Center 9th floor
TEL.: +49 (0)30 886 267 40
FAX: +49 (0)30 886 267 411
About GxP German Properties AG
Based in Berlin, GxP German Properties AG concentrates on the acquisition, portfolio management and asset management of office and retail real estate in Germany. The company’s investment focus includes attractive commercial real estate in the segments “core+” and “value-add” in the country’s metro regions as well as in selected midsize German cities. The strategy pursued by the company is to raise appreciation potential through active portfolio management, and to secure sustainable rent revenues at the same time. To this end, it relies on its long-term experience on the real estate market and its comprehensive network.
For more details, go to the company’s homepage at www.gxpag.com