Business news for the stock market
Potsdam (pta007/16.12.2021/07:44) - Deutsche Industrie REIT-AG successfully closes 2020/2021 financial year
Joint Reasoned Statement of the Management Board and the Supervisory Board on the public takeover and delisting offer of CTP N.V. published
* Net income for 2020/2021 in the amount of EUR 119.8 million
* Rental income rises from EUR 40.8 million to EUR 51.0 million
* FFO per share increases by 25% from EUR 0.84 to EUR 1.05 per share
* Balance sheet property portfolio grows to EUR 814.1 million
* EPRA NTA increases by 27% from EUR 11.22 per share to EUR 14.25 per share
* Management Board and Supervisory Board consider the share consideration to be appropriate and recommend the shareholders to accept CTP's Alternative Exchange Offer
* Management Board and Supervisory Board welcome the Bidder's intention to continue DIR's long-term growth strategy
Potsdam, 16 December 2021 - Deutsche Industrie REIT-AG (ISIN DE000A2G9LL1) ("Company" or "DIR") closes the financial year 2020/2021 with stable and profitable revenue and earnings growth.
Significant increase in rental income and FFO
Due to the continuous acquisition of further properties, rental income increased significantly by 25% from EUR 40.8 million to EUR 51.0 million in FY 2020/2021 compared to the same period of the previous year. Rental income also increased by 28% from EUR 31.3 million in the previous year to EUR 40.0 million as of FY 2020/2021.
Correspondingly, funds from operations ("FFO") also increased by 37% to EUR 33.6 million and are thus within the forecast range of EUR 32.0 million to EUR 34.0 million (FY 2019/2020: EUR 24.6 million). This corresponds to FFO per share of EUR 1.05 (FY 2019/2020: EUR 0.84).
Real estate portfolio grew to EUR 814.1 million as of the balance sheet date
DIR's real estate portfolio recognised on 30 September 2021 comprises 88 light industrial properties with a balance sheet value of around EUR 814.1 million (30 September 2020: EUR 585.8 million) and a total lettable area of around 2.1 million m².
At the end of the past financial year 2020/2021, DIR acquired 19 light industrial properties with an investment volume of around EUR 124 million and an annual rent of EUR 12.5 million. The company continues to implement its continuous portfolio growth and has acquired five more properties for which the transfer of ownership has taken place or will take place after the balance sheet date.
Excluding a sale in Berlin-Britz, DIR's pro forma total portfolio currently comprises 92 light industrial properties with an annual rent of more than EUR 60.2 million and a total lettable area of 2.2 million m².
The regular property valuation resulted in an increase in value of EUR 91.1 million. This increase in valuation resulted from favourable purchase prices of approx. 20% below market value for new acquisitions, rising market rents, shorter vacancy periods and the further increase in market prices in this asset class.
The company continues to examine specific properties for purchase and expects further acquisitions.
EPRA NTA increases to EUR 14.25 per share / Net LTV is 42.0%
Due to the increased net profit for the period and despite the dividend payment of EUR 0.24 per share, the EPRA NTA increased significantly to EUR 14.25 per share as of 30 September 2021 (30.09.2020: EUR 11.22 per share), which corresponds to an increase of 27%. The Net LTV amounts to 42.0% at the end of the financial year (30.09.2020: 37.1%) and is thus within the target corridor of up to 50%.
Positive outlook for the 2021/2022 financial year and the merger with CTP N.V.
After the merger with CTP N.V., we want to continue our sustainable and steady growth in 2021/2022. The effects of the Corona crisis offer us not only manageable risks but also additional opportunities, which we can use in a bundled way.
Analyst webcast and conference call
Deutsche Industrie REIT-AG will hold an analyst webcast and conference call on the results of the 2020/2021 financial year today at 12:00 (CET). The conference language will be English.
Publications for the 2020/2021 business year
The Annual Report 2020/2021, the presentation on the results of the past financial year 2020/2021, the dial in to the analyst webcast and conference call and further information on the Company can be found at:
Joint Reasoned Statement of the Management Board and the Supervisory Board on the Voluntary Public Takeover and Delisting Offer of CTP
The Management Board and the Supervisory Board of DIR today published their joint reasoned statement ("Reasoned Statement") on the voluntary public takeover and delisting offer (together the "Offer") of CTP. Both boards have carefully and thoroughly reviewed CTP's offer document dated December 7, 2021, and have concluded that the share consideration exchange ratio of five CTP shares in exchange for four DIR shares is reasonable and that the alternative and optional share consideration offered under the Offer ("Alternative Exchange Offer") as wells as CTP's proposed delisting of DIR ("Delisting") are in the best interests of DIR, its shareholders and its other stakeholders. Against this background, the Management Board and the Supervisory Board support and endorse both the Alternative Exchange Offer and the proposed Delisting. The Management Board and the Supervisory Board therefore recommend that the DIR shareholders accept the Alternative Exchange Offer and tender their DIR Shares into the CTP Offer in exchange for the Share Consideration. With regard to the Cash Offer of EUR 17.12 per DIR Share, the Management Board and the Supervisory Board refrain from making a recommendation to the DIR Shareholders (so-called "Neutral Statement").
The Reasoned Statement and a non-binding English translation thereof can be found at:
Copies of the Reasoned Statement as well as any supplements and/or additional statements on possible amendments to the Offer will also be made available free of charge at DIR (Deutsche Industrie REIT-AG, August-Bebel-Straße 68, 14482 Potsdam, Germany) (order also possible by telephone +49 (0) 331 740076 535 or by fax +49 (0) 331 740076 520 or by e-mail to email@example.com, in each case stating a complete postal address for mailing or an e-mail address).
The publication and information on the availability of the Reasoned Statement for free distribution was announced today by publication in the Federal Gazette (Bundesanzeiger).
About Deutsche Industrie REIT-AG
Deutsche Industrie REIT-AG invests sustainably in light industrial properties in Germany. In addition to the activities of storage and distribution of commercial goods, light industrial also includes their administration and production. The asset class mainly consists of medium to large industrial and commercial park sites. The areas are usually more complexly equipped than pure logistics properties and have a high local relevance.
The share is listed on the regulated market of the Berlin Stock Exchange and in the Prime Standard of the Frankfurt Stock Exchange. Since the beginning of 2018, the company has had the status of a REIT ("Real Estate Investment Trust") and the associated income tax exemption.
emitter: Deutsche Industrie REIT-AG
address: August-Bebel-Str. 68, 14482 Potsdam
contact person: René Bergmann
phone: +49 331 740 076 535
ISIN(s): DE000A2G9LL1 (share), DE000A2GS3T9 (bond), DE000A2YNQU1 (bond)
stock exchanges: regulated market in Frankfurt, Berlin