EQS-News

Deutsche Konsum REIT-AG looks back on a solid business performance in the first half of the 2023/2024 financial year

EQS-News: Deutsche Konsum REIT-AG / Key word(s): Half Year Results Deutsche Konsum REIT-AG looks back on a solid business performance in the first half of the 2023/2024 financial year 15.05.2024 / 07:10 CET/CEST The issuer is solely responsible for the content of this announcement. Press Release

Deutsche Konsum REIT-AG looks back on a solid business performance in the first half of the 2023/2024 financial year

• Rental income up 2.9% to EUR 39.8 million
• Net rental income down by 6.5% to EUR 24.8 million
• FFO down 17% to EUR 16.5 million / FFO per share at EUR 0.47
• Real estate portfolio comprises 183 properties and is valued at around EUR 1.0 billion / annual rent of EUR 78.1 million
• EPRA NTA per share at EUR 7.91
• Short-term prolongation of maturing bonds expected
• Net LTV at 61.4% as at the reporting date

Potsdam, 15 May 2024 - Deutsche Konsum REIT-AG (ISIN DE000A14KRD3) looks back on a solid first half of the 2023/2024 financial year.

Rental income up / Decrease in Net rental income

In the first half of the 2023/2024 financial year, the Company's rental income increased slightly by around 3% year-on-year from EUR 38.7 million to EUR 39.8 million. This was mainly due to a slightly larger property portfolio compared to the previous year and index-based rent increases.

In contrast, net rental income fell from EUR 26.5 million to EUR 24.8 million, which is primarily due to higher rental expenses.

Funds from operations (“FFO”) decreased by 17.2% compared to the same period of the previous year and amounted to EUR 16.5 million or EUR 0.47 per share (H1 2022/2023: EUR 19.9 million or EUR 0.57 per share). This is mainly due to increased interest expenses for variable-rate and newer financing. The aFFO (FFO after deduction of capitalised modernisation measures) increased by 25% to EUR 10.7 million, as fewer CAPEX measures were carried out compared to the previous year. Further revitalisation measures are planned in the coming quarters, which will contribute to significant economic improvements in the key portfolio figures.