POLIS Immobilien AG
POLIS Immobilien publishes figures for Q1 2014
POLIS Immobilien AG / Key word(s): Quarter Results/Quarter Results Corporate News POLIS Immobilien publishes figures for Q1 2014 – Rental income up 9 percent on previous year to EUR 4.6 million – Funds from operations up 16 percent on prior year quarter to EUR 1.65 million – Letting performance reaches approx. 8,210 square metres Berlin, 8 May 2014 – The operating figures of POLIS Immobilien AG [ISIN: DE0006913304] continued to improve as expected in the first three months of 2014. This was today reported by the Berlin-based company, which has specialised in the modernisation and management of office properties in established locations in Germany’s leading office cities since 1998. POLIS boosted its rental income by 9 percent on the prior year quarter to EUR 4.6 million. Accordingly, the result from property management increased by 10 percent to EUR 3.8 million. “The increase in rental income is mainly attributable to the good letting result of the previous year. We expect to be able to boost our rental income even further as the year progresses,” said Dr. Alan Cadmus, CEO of POLIS. Good capitalisation to facilitate financing of new acquisitions An equity ratio of 47 percent means that POLIS remains solidly finance, giving the company sufficient scope for new acquisitions. Operating cash flow is stable and sustainably positive. “Due to this financial strength, we believe we are able to continue our organic growth,” said Michael Piontek, Chief Financial Officer of POLIS. He is confident that the company will report attractive new acquisitions in the near future. Business outlook Thanks to the high occupancy rate, the key performance indicators will continue to improve in the 2014 financial year. The occupancy rate is expected to increase to 95 percent of the total lettable space by the end of 2014. POLIS plans to further augment the result from property management in 2014 and aims for growth through the acquisition of additional investment properties. From today’s point of view, the funds from operations will rise moderately in 2014 due to the higher result from property management and in spite of the burdens resulting from the conversion of the property at Gutleutstraße 26 in Frankfurt. Assuming an otherwise unchanged situation, earnings before tax (EBT) will be about EUR 2 million lower than in 2013 as no similarly positive result from financial derivatives as last year is expected in 2014. The report on the first quarter is available for downloading on the company’s website at www.polisag.de/IR/zwischenberichte.php. POLIS Immobilien AG, which was founded in Berlin in 1998, is a listed real estate company that buys, refurbishes/revitalises, and manages office properties for its own portfolio. The company focuses on one market segment: office properties in inner-city locations at the most important German office centres. The company acquires properties that are either already renovated and are completely let, thereby generating stable cash flow, or properties that are vacant or require modernisation, and which offer specific value appreciation potential. This potential may be realised by corresponding modernisation measures or full revitalisation. As of 31 March 2014, POLIS Immobilien’s real estate portfolio comprised a total of 25 properties with a market value of around EUR 315 million. POLIS Immobilien shares are listed on the regulated market (Prime Standard, ISIN: DE0006913304) of the Frankfurt Securities Exchange. Further information can be found at www.polis.de. Investor Relations: Press contact:
End of Corporate News 08.05.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | POLIS Immobilien AG | |
Rankestraße 5/6 | ||
10789 Berlin | ||
Germany | ||
Phone: | +49 30 225 00-261 | |
Fax: | +49 30 225 00-299 | |
E-mail: | info@polis.de | |
Internet: | www.polis.de | |
ISIN: | DE0006913304 | |
WKN: | 691330 | |
Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, München | |
End of News | DGAP News-Service |
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