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Business update for financial year 2023/2024
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")
PRESS RELEASE
BUSINESS UPDATE FOR FINANCIAL YEAR 2023/2024
Deutsche Konsum REIT-AG on track in a challenging market environment
• Stable operational business with significant debt reduction of EUR 88.6 million
• Successful bond refinancing of EUR 145.9 million
• New CFO appointed in June 2024 to strengthen leadership team and enhance business
processes
Potsdam, 26 November 2024. Deutsche Konsum REIT-AG, one of the leading German property
companies investing in food-retail anchored assets, looks back to a successful financial year
2023/2024. Today, the company has given a business update. Full year results will be presented on
19 December 2024.
The company has decisively addressed its challenges with a management reshuffle and strengthened
leadership team. The management has taken several measures to ensure the successful refinancing
of maturing bonds, the repayment of outstanding debt, and systematically enhancing financial
discipline and overall business processes.
Stable operational business with resilient key performance indicators
• Rental income amounted to EUR 77.4 million, reflecting a slight decline of 2.9% year-on-
year, primarily due to portfolio sales.
• Net rental income decreased slightly by 1.8% year-on-year to EUR 47.4 million, also
driven by portfolio sales.
• Funds from Operations (FFO) for the period were in line with expectations, despite being
impacted by increased debt costs. FFO decreased to EUR 27-29 million (compared to EUR
33.1 million in FY 2022/23), equating to an FFO per share (undiluted) of EUR 0.77-0.82
and an FFO per share (fully diluted) of EUR 0.50-0.54.
• EPRA NTA (fully diluted) Improved to EUR 7.60-8.00 per share (from EUR 7.64 as of 30
September 2023).
• Leverage Ratio (LTV) reduced to 57-60% (from 61.6% as of 30 September 2023),
supported by repayments from property disposal proceeds, LTV to be reduced further in
the next quarters.
Significant debt reduction of EUR 88.6 million
Obotritia Capital KGaA repaid an EUR 11.6 million tranche on its outstanding EUR 62.5 million debt
(as of 30 September 2023) to the company in financial year 2023/2024. An additional EUR 30.6
million tranche was paid back in October 2024. Funds were used to reduce debt.
With the sale of 14 properties the company achieved a further debt reduction of EUR 77.3 million.
Successful bond refinancing of EUR 145.9 million
Bond refinancing of EUR 145.9 million was finalized in June 2024 – new debt instruments are secured
and mature on 30 September 2025.
Additional selective asset disposals to further improve financial flexibility
Deutsche Konsum REIT AG remains committed to improving its financial flexibility through
additional selective asset disposals, disciplined CAPEX management and strategic debt reduction.
The company's continued focus on operational stability ensures resilience amid challenging market
conditions.
The full business update presentation with preliminary unaudited 2023/2024 financial results is
available here: https://www.deutsche-konsum.de/en/investor-relations/presentations
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.
The shares of the Company are listed on the Prime Standard of the Deutsche Börse (ISIN:
DE000A14KRD3) and on the JSE (JSE Limited) (South Africa) by way of a secondary listing.
Contact:
Deutsche Konsum REIT-AG
Mrs. Mareike Kuliberda
Investor Relations
Marlene-Dietrich-Allee 12b
14482 Potsdam
Tel: 0331 / 74 00 76 - 533
Fax: 0331 / 74 00 76 - 599
E-Mail: mk@deutsche-konsum.de
DKR has a primary listing on the Prime Standard on the Frankfurt Stock Exchange and a
secondary listing on the JSE.
Potsdam, 26 November 2024
JSE Sponsor
PSG Capital
Date: 26-11-2024 04:15:00
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