PRESSE & MEDIEN
31 March 2017
GxP German Properties publishes annual report 2016
Berlin, 31 March 2017 – GxP German Properties (ISIN: DE000A1YCNN8, WKN: A1YCNN) has published its first annual report as a listed real estate company. The financial figures correspond to the preliminary figures published on 10 March 2017.
GxP’s owned property portfolio comprises nine office properties with a total market value of approximately €106.2 million.
The net asset value (NAV) including the acquisition of the Dresden property amounted to €77.2 million or €1.11 per share as of 31 December 2016. This figure includes a goodwill of €35.2 million. Excluding the goodwill, the NAV is €0.61 per share. The net loan-to-value (LTV) ratio, as an indicator of the company’s debt levels, stood at around 63 per cent at the end of 2016.
The current real estate portfolio is generating annualised rental income of around €7.5 million, which corresponds to a net initial rental yield of over 7.0 per cent. The company expects an annualised FFO I of approximately €3.5 million from the high-yielding portfolio. Both, net initial yield as well as the implied FFO yield of 8.5% (based on the current market capitalization) are well above the market average.
The company has further optimized its current portfolio through active asset management. Since the acquisition of the existing portfolio in December 2016 and February 2017 respectively, new leases of approximately 2,000 square meters or 2.5% of the total area of about 80,000 square meters have been signed.
The profit and loss statement according to German GAAP (HGB) of the 2016 financial year is not meaningful as a result of the transfer of the first portfolio acquisition on December 5, 2016 and the extraordinary expenses associated with the capital increase as well as the stock exchange listing. Including the valuation gains from the portfolio (Lucky-buy) the group achieved an adjusted result of more than €7 million in 2016.
The complete annual report 2016 as well as a current company presentation of GxP German Properties AG can be downloaded from the company's website at www.gxpag.com.
GxP German Properties AG
With its headquarters in Berlin, GxP German Properties focuses on the Acquisition, Ownership and Management of office and retail properties in Germany. The investment strategy focuses on attractive commercial properties in the ‘Core+’ and ‘Value add’ segments in metropolitan regions and selected medium-sized cities in Germany. The company’s strategy is to leverage significant appreciation potential through proactive portfolio management whilst safeguarding sustainable rental revenues at the same time. To this end, it draws on both its many years of experience in the property market and its extensive network.
The company’s website can be accessed at www.gxpag.com
GxP German Properties AG
Europa Center 19. OG
TEL: +49 (0)30 886 267 40
FAX: +49 (0)30 886 267 411
Kirchhoff Consult AG
TEL: +49 (0)40 609 186 65
FAX: +49 (0)40 609 186 60