Wrap Text
DEUTSCHE KONSUM REIT-AG
(Incorporated in the Federal Republic of Germany)
(Registration number HRB 13072)
FSE Share Code: A14KRD
JSE Share Code: DKR
ISIN: DE000A14KRD3
LEI: 529900QXC6TDASMCSU89
('DKR' or 'the Company')
TRADING UPDATE FOR THE QUARTER ENDED 31 DECEMBER 2021
DKR hereby announces the trading results for the first quarter of the 2021/2022 financial
year:
' Rental income up 13% to EUR 18.3 million
' Net rental income up 20% to EUR 13.0 million
' FFO increase by 6% to EUR 10.7 million / FFO per share at EUR 0.30
' Acquisition of ten retail properties in the volume of EUR 38.0 million in the first quarter of
the financial year
' Sale of three properties notarised for EUR 27.3 million
' EPRA NTA per share at EUR 10.29
' Net LTV amounts to 52.5%
DKR recorded strong growth in the first quarter of the new financial year 2021/2022.
Improved letting margin / Solid FFO growth
In the first quarter of the 2021/2022 financial year, the Company's rental income increased by
13% from EUR 16.2 million to EUR 18.3 million compared to the same quarter of the previous
year due to the purchase of additional properties. The net rental income rose by as much as
20%, which led to a noticeable increase in the letting margin.
Funds from operations ("FFO"), however, rose slightly less by 6% from EUR 10.1 million to
EUR 10.7 million, resulting from approximately EUR 1.0 million higher net financial expenses.
Accordingly, FFO per share was EUR 0.30 and thus also increased by 6%.
aFFO (FFO after deduction of capitalised modernisation measures) were EUR 7.6 million,
53% above the previous year's level, due to less cost-intensive investments in various
revitalisation properties.
Balance sheet value of the real estate portfolio at EUR 1 billion / Rental reductions of
the disposal properties already largely replaced by purchases of new high yielding
properties
DKR's real estate portfolio as at 31 December 2021 comprises 173 retail properties with a
balance sheet value of around EUR 1.02 billion (31 December 2020: EUR 831.6 million) and
a rental area of around 1,023,000 square metres. This includes the sold properties whose
transfer of benefits and encumbrances is not expected until March and April 2022.
The average acquisition yield of the overall portfolio is currently around 10.3%.
In addition, since the beginning of the new financial year DKR has acquired a further ten retail
properties with an investment value of around EUR 38 million and an annual rent of EUR 3.2
million, which corresponds to a purchase factor of 11.9 times the annual rent. One of these
properties has already been transferred to DKR. The transfer of benefits and encumbrances
of the remaining properties is expected to take place successively until April 2022.
Besides the sale of a sub-portfolio with seven properties already notarised at the end of the
last financial year, the sales of the portfolio properties in Oer-Erkenschwick, Neumunster and
Beratzhausen with a total annual rent of EUR 1.5 million were additionally notarised for EUR
27.3 million in the first quarter of the current financial year. Overall, DKR expects gross inflows
of around EUR 75 million in the current financial year from the disposals to date, with a
simultaneous decline of around EUR 4.1 million in annual rent, which corresponds to 18.2
times the annual rent.
Taking into account all notarised acquisitions and sales, the pro forma portfolio thus comprises
a total of 173 properties with a total lettable area of approximately 1,025,000 square metres
and a balance sheet value of EUR 984 million, generating an annualised rent of EUR 72.0
million.
This means that DKR has already replaced around three quarters of the rents lost through the
disposals with the purchases made so far in the first quarter of the financial year. In addition,
DKR is in the process of further concrete purchases and expects additional acquisitions in the
near future.
EPRA NTA per share rises to EUR 10.29 / Net LTV amounts to 52.5%
EPRA NTA per share increased by 2% to EUR 10.29 as at 31 December 2021 (30 September
2021: EUR 10.10 per share) due to the positive quarterly result.
The net LTV amounts to 52.5% as of the balance sheet date and is thus only slightly above
the target figure of around 50%.
FFO forecast for the financial year confirmed
For the current financial year, the Management Board still expects an FFO of between EUR
40 million and EUR 44 million, assuming a largely constant pandemic development and taking
into account the rent reductions of the properties sold, which will be compensated by new
properties with a certain time lag.
Webcast and Conference Call
DKR will hold an analyst conference (webcast and conference call) on the results of the first
quarter of 2021/2022 financial year today, 14 February 2022, at 10:00 a.m. CET (11:00 a.m.
SAST). The corresponding results presentation as well as further information on the webcast
and the conference call can be found at https://www.deutsche-konsum.de/en/investor-
relations. The quarterly statement for the first quarter of the 2021/2022 financial year is
available for download at https://www.deutsche-konsum.de/en/investor-relations/financial-
reports.
About Deutsche Konsum
DKR, Broderstorf, is a listed real estate company focusing on German retail properties for
everyday goods in established micro-locations. The focus of the Company's activities is on the
acquisition, management and development of local retail properties with the aim of achieving
a steady increase in value and the lifting of hidden reserves.
Due to its German REIT status ('Real Estate Investment Trust'), the Company is exempt from
German corporation and trade tax. The shares of the Company are listed on the Prime
Standard of Deutsche Borse (ISIN: DE 000A14KRD3) and on the JSE (JSE Limited) (South
Africa) by way of a secondary listing.
Contact:
Deutsche Konsum REIT-AG
Stefanie Frey
Investor Relations
E-Mail: sf@deutsche-konsum.de
Phone: +49 (0) 331 74 00 76 ' 533
Potsdam, 14 February 2022
JSE Sponsor
PSG Capital
Date: 14-02-2022 08:10:00
Supplied by www.sharenet.co.za
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
