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Publication Of Annual Report 2021/2022 And Annual Results For The Period Ended 30 September 2022
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”)
PUBLICATION OF ANNUAL REPORT 2021/2022 AND ANNUAL RESULTS FOR THE
PERIOD ENDED 30 SEPTEMBER 2022
Shareholders are referred to the DKR Annual Report 2021/2022, which contains the
Company’s annual results for the year ended 30 September 2022, published on 20 December
2022. A copy of the Annual Report 2021/2022 is available on DKR’s website:
https://www.deutsche-konsum.de/en/investor-relations/financial-reports and will also be
available on the JSE’s website at:
https://senspdf.jse.co.za/documents/2022/jse/isse/dkre/dkre.pdf
Deutsche Konsum REIT-AG closes financial year 2021/2022 with stable development
• Net income of EUR 60.4 million (previous year EUR 91.4 million)
• Rental income increased by 7% to EUR 74.4 million
• FFO stable at EUR 41.1 million / FFO per share at EUR 1.17
• Property portfolio with a balance sheet value of EUR 1.1 billion
• EPRA NTA per share grows by 9% to EUR 10.98 (previous year EUR 10.10 per share)
• Net LTV decreases to 49.7% (previous year 53.2 %)
• Proposed dividend of EUR 0.48 per share, 20 % above previous year's dividend (previous
year EUR 0.40 per share)
Solid increase in rental income / FFO stable
The Company's rental income increased by 7% in the 2021/2022 financial year compared to
the previous year, from EUR 69.7 million to EUR 74.4 million. This is due on the one hand to
further acquisitions, but also to index-linked rent increases in the past financial year due to
the value protection clauses. The increase in rents was counteracted by the rent disposals of
the properties sold in the financial year.
Funds from operations ("FFO") were stable at EUR 41.1 million (previous year EUR 41.2
million) due to property disposals as well as higher maintenance expenses and slightly higher
value adjustments, which is within the previous year's forecast (EUR 40.0 million to EUR 44.0
million). Accordingly, FFO per share was also stable at EUR 1.17. The adjusted FFO (FFO
after deduction of capitalised modernisation measures) was also stable at EUR 22.5 million
(previous year EUR 22.6 million) or EUR 0.64 per share (previous year EUR 0.64 per share)
due to extensive investments in further revitalisation properties.
Balance sheet value of the real estate portfolio at EUR 1.1 billion.
In the past financial year, DKR acquired 25 retail properties with an investment volume of
around EUR 100 million and an annual rent of EUR 8.0 million (average initial yield of 8.2%),
of which the transfer of risks and rewards of ownership of 14 properties with annual rents of
EUR 3.9 million took place before the balance sheet date. This contrasts with the disposal of
twelve sold properties with annual rents of EUR 3.4 million and sales proceeds of EUR 63.7
million (average yield 5.3%).
Furthermore, as part of the annual property valuation by an external and independent
valuation company, the property portfolio was revalued by approximately EUR 28 million as of
the balance sheet date (after capex investments of EUR 18.6 million), which means that the
property portfolio is currently valued at approximately 14.3 times the annual rent.
As a result, the property portfolio recognised as of 30 September 2022 comprises 175 retail
properties with a balance sheet value of EUR 1.051 billion (30 September 2021: EUR 1.014
billion) and generates an annualised annual rent of approximately EUR 73.2 million
(30 September 2021: EUR 72.9 million).
Another food-anchored property in Suhl (Thuringia) was acquired by notarial deed in October
2022. The investment volume for this property is around EUR 0.5 million. The annualised rent
amounts to approximately TEUR 54. The change of use and encumbrance of the property is
expected to take place at the beginning of 2023.
Including the other properties purchased and sold, for which the change of use and
encumbrance did take place after 30 September 2022, the DKR portfolio currently comprises
185 retail properties on a pro forma basis with an annual rent of EUR 76.9 million and a
balance sheet value of EUR 1.083 billion.
The average yield on acquisition of the entire portfolio is currently around 10.0%.
EPRA NTA per share increases to EUR 10.98 / Net LTV amounts to 49.7%
The EPRA NTA per share (fully diluted) increased by 9% to EUR 10.98 as of 30 September
2022 (30 September 2021: EUR 10.10 per share). This is primarily the result of the profit for
the period, which is significantly influenced by the property valuation in addition to the
management result.
The net LTV at the end of the financial year was 49.7% (previous year 53.2%) and is thus
slightly below the target value of around 50 %.
Dividend proposal for the 2021/2022 business year of EUR 0.48 per share
The Management Board is proposing a dividend of EUR 0.48 per share for the past financial
year, which is 20% higher than the previous year's dividend.
FFO forecast for the 2022/2023 financial year again between EUR 40 million and EUR 44
million.
For the new financial year, the Management Board currently expects FFO between EUR 40
million and EUR 44 million, taking into account the higher interest rates for new financing due
to the ECB's interest rate steps.
Rolf Elgeti, CEO of Deutsche Konsum REIT-AG:
"Despite the difficult overall environment, DKR's defensive business model again proved to
be very robust in the past financial year 2021/2022. Above all, the value protection clauses
have proven to be effective instruments in the current inflationary environment, with which
even the interest rate increases can be compensated to a large extent. Furthermore, with
selective property sales at attractive conditions, we have extensive liquid funds available for
attractive purchases in the current situation."
Conference Call
Deutsche Konsum REIT-AG will hold an analysts' conference (webcast and conference call)
on the annual results of the 2021/2022 financial year today, 20 December 2022, at 10:00
a.m. CET/11:00 SAST. The corresponding results presentation and further information on
the webcast and the conference call can be found at https://www.deutsche-
konsum.de/en/investor-relations. The Annual Report 2021/2022 is available for download
under https://www.deutsche-konsum.de/en/investor-relations/financial-reports.
About Deutsche Konsum
Deutsche Konsum REIT-AG, Broderstorf, is a listed real estate company with a focus on
German retail properties for everyday goods at established micro-locations. The focus of the
company's activities is on the acquisition, management and development of local supply
properties with the aim of continuous performance and the leveraging 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 primary listed on
the Prime Standard of the Deutsche Börse (Frankfurt Stock Exchange) (ISIN: DE
000A14KRD3) and on the JSE (South Africa) by way of a secondary listing.
Contact:
Deutsche Konsum REIT-AG
Stefanie Frey
Investor Relations
sf@deutsche-konsum.de
+49 (0) 331 74 00 76 – 533
Potsdam, 20 December 2022
JSE Sponsor
PSG Capital
Date: 20-12-2022 08:10:00
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