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ADLER Real Estate AG: First Quarter 2018: Key Operating metrics further improved compared to same quarter of the previous year
DGAP-News: ADLER Real Estate AG / Key word(s): Quarter Results
16.05.2018 / 07:25
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First Quarter 2018: Key Operating metrics further improved compared to same quarter of the previous year
- Net rental income for the quarter increased by 6.9 percent to EUR 44.9 million
- FFO I grew by 79.7 percent to EUR 14.2 million
- EPRA NAV stable at EUR 1,184.2 million
- WACD down to 2.38 percent, outperforming revised 2018 guidance
Berlin, 16 May 2018 - During the first quarter of 2018 ADLER Real Estate AG successfully increased its net rental income by 6.9 percent and grew its FFO I by 79.7 percent, compared to the previous year. The group's ongoing commitment to improve key financial metrics, including, but not limited to the refinancing of higher yielding liabilities helped to bring down the WACD to 2.38 percent which outperforms the revised guidance of 2.4 percent.
Net rental income increased by 6.9 percent to EUR 44.9 million compared to the same period previous year
Net of expense items which comprise recoverable and non-recoverable operating costs and maintenance expenses, earnings from property lettings amounted to EUR 39.0 million in the first quarter of 2018, 33.1 percent more than in Q1 2017 (EUR 29.3 million adjusted).
FFO I grew by 79.7 percent to EUR 14.2 million
EPRA NAV stable at EUR 1,184.2 million
WACD down to 2.38 percent, outperforming revised 2018 guidance
LTV, computed as the ratio of net debt to total property assets (Gross Asset Value) stood at 60.4 percent at the end of the first quarter 2018, after 59.4 percent at the end of 2017. Adjusted for the share buyback program, LTV would have stood at 59.3 percent at the end of the first quarter 2018.
The increase is of a transitional nature as LTV will decline to the targeted level of 55 percent in the course of the year following the full consolidation of Brack Capital Properties.
Tomas de Vargas Machuca, Co-CEO of ADLER real Estate AG recapped the first quarter 2018: "Already in 2017 we had carried out transformational changes like the disposal of 94 percent of our stake in ACCENTRO AG and the buyback of our promissory notes by placing a EUR 800 million BB+ bond. During the first Quarter 2018 we successfully launched a Special Tender Offer to acquire up to 70 percent of the shares in BCP which was closed in the second quarter. We also improved our corporate rating from BB- to BB/Positive Outlook. Lastly, the refinancing measures undertaken in April - the placement of EUR 800 million bonds to refinance the acquisition of BCP Bridge loan and to buy back EUR 200 million of our 2015/2020 4.75 percent bond - have contributed to building significant interest and momentum for ADLER Real Estate and the opportunities we still have ahead of us."
Maximilian Rienecker, Co-CEO of ADLER Real Estate AG, added: "Q1 2018 was another tremendous quarter which reflects the Company's optimized structure. It is important to note that the taken measures will fully materialize and as such be visible in the next quarters only - such as the consolidation of Brack Capital Properties and its considerable FFO contribution - fueling our path to Investment Grade."
The complete financial report of ADLER Real Estate AG for the first quarter 2018 is available on the company's website (www.adler-ag.com).
Your contact for enquiries:
Dr. Rolf-Dieter Grass
Key financials Q1 2018
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|Company:||ADLER Real Estate AG|
|Joachimsthaler Straße 34|
|Phone:||+49 30 398 018 10|
|Fax:||+49 30 639 61 92 28|
|ISIN:||DE0005008007, XS1211417362, DE000A1R1A42, DE000A11QF02|
|WKN:||500800, A14J3Z, A1R1A4, A11QF0|
|Indices:||SDAX, GPR General Index|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|