DGAP-News: Godewind Immobilien AG / Key word(s): Quarterly / Interim Statement/Real Estate
10.05.2019 / 08:11
Godewind Immobilien AG shows successful start into the 2019 financial year
Frankfurt am Main, May 10, 2019 – Godewind Immobilien AG (ISIN: DE000A2G8XX3, trading symbol: GWD, Godewind), a company specializing in German office real estate, has successfully continued its business model of profit-enhancing expansion in the first quarter of 2019 and expects strong growth for the 2019 financial year.
Development of a profitable office portfolio
The consolidated result for the first quarter of 2019 was around EUR 0.7 million. Income from property management amounted to around EUR 5.5 million and funds from operations (FFO) amounted to around EUR 1.6 million. It should be taken into account that the income from the acquired real estate has only been included proportionally in the financial figures. Thus, the acquisitions of ‘Eight Dornach’ near Munich and ‘Pentahof’ in Hamburg were closed on January 31 and those of ‘Y2’ in Frankfurt on February 13 of this year. These properties therefore offer further significant earnings potential for the future. The complete portfolio, which will then include all nine properties acquired to date, is to be valued as of 30 June.
The EPRA Net Asset Value (EPRA NAV) at the end of the first quarter of 2019 was around EUR 393.7 million or EUR 3.67 per share. This also reflects the company’s share buyback programme, which was concluded on 20 February with the acquisition of 1.5 million shares at an average price of EUR 3.23 per share. The Net LTV amounted to 24.1 percent at the end of the first quarter of 2019.
Continued excellent growth prospects for 2019
Based on current estimates, EPRA Net Asset Value, the key performance indicator at the end of the financial year, is expected to achieve a result well above the previous year’s level. FFO should also increase significantly and are expected to be in the mid single-digit million range. Annualised net rental income (NRI) should increase significantly. The Net LTV is expected to be between 45 percent and 55 percent. This forecast does not include additions or disposals that have not yet been specified, but does include all already completed and contractually secured acquisitions.
First dividend distribution planned for the 2019 financial year
The complete Group Interim Statement for the first quarter 2019 of Godewind Immobilen AG is available in the Investor Relations section of the website: https://www.covivio-office-ag.com/en/financial-reports/.
About Godewind Immobilien AG
Based on its internal portfolio and asset management, Godewind Immobilien AG will manage commercial properties cost-effectively, enter into long-term tenancy agreements and thus increase its enterprise value. The company has tax loss carry-forwards for corporation and trade tax, as well as a tax-free capital reserve. The shares in Godewind Immobilien AG are traded in the Prime Standard segment on the Frankfurt Stock Exchange (XETRA).
For more information, please visit https://www.covivio-office-ag.com.
Investor Relations Contact
This announcement is for information purposes only and does not constitute or should not be construed as an offer to sell or subscribe for, or an offer to sell or subscribe for, or an invitation to make an offer to buy or subscribe for, or an invitation to make an offer to buy or subscribe for, any common stock of Godewind Immobilien AG (the “Company” and such shares, the “Shares”) in the United States of America or any other jurisdiction.
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|Company:||Godewind Immobilien AG|
|60329 Frankfurt am Main|
|Phone:||+49 (0) 69 2713973213|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||809401|
|End of News||DGAP News Service|