GxP German Properties AG
GxP German Properties records earnings after taxes of EUR 15.5 million in 2017 according to provisional figures
GxP German Properties AG / Key word(s): Preliminary Results Insider information according to Article 17 of the MAR GxP German Properties records earnings after taxes of EUR 15.5 million in 2017 according to provisional figures Information and Explanation of the Issuer to this News: The provisional figures reflect a successful year of business for GxP German Properties AG. As announced, the 2017 consolidated financial statements were prepared using International Financial Reporting Standards (IFRS) for the first time. According to IFRS accounting, the company recorded provisional earnings after taxes of EUR 15.5 million, compared to EUR 7.3 million in 2016. Active asset management and the expansion of the company’s real estate portfolio from eight to twelve properties as of 31 December 2017 caused the market value of the portfolio to increase from around EUR 88 million in 2016 to around EUR 165 million. The total area for rent increased to 106,700 m² (previous year: 65,100 m²), and the weighted average unexpired lease term (WAULT) increased to 3.7 years compared to 2.9 years at the end of 2016. Annualised rental income increased to EUR 10.7 million as a result of rental agreements that were concluded, with a vacancy rate of 12.1%. The net loan to value (LTV) was reduced substantially to 59 % from 63.3% at the end of 2016. EPRA Net Asset Value (NAV) increased to around EUR 64.8 million as of 31 December 2017, or around EUR 6.12 per share, which is even slightly higher than the forecast NAV per share of at least EUR 6.05. At the end of 2016 the company recorded a comparable figure of EUR 4.88 per share. This corresponds to growth in the Net Asset Value per share of 25% throughout 2017. Despite a very successful operating year, earnings are still impacted to a great extent by one-off factors. It was not possible to reach the target for 2017 of reaching an FFO of EUR 3.5 million. In 2017 the company was impacted, in particular, by the catch up of the maintenance backlog in the portfolio, by transitioning its accounting to IFRS, broken deal costs as well as restructuring charges. IR Contact Axel Mühlhaus / Patrick Wang
15-March-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | GxP German Properties AG |
Tauentzienstraße 9 | |
10789 Hamburg | |
Germany | |
Phone: | +49 (0)30 88 62 67 40 |
Fax: | +49 (0)30 88 62 67 411 |
E-mail: | info@gxpag.com |
Internet: | http://gxpag.com/ |
ISIN: | DE000A2E4L00 |
WKN: | A2E4L0 |
Listed: | Regulated Unofficial Market in Frankfurt (Basic Board), Hamburg, Munich, Stuttgart |
End of Announcement | DGAP News Service |