Deutsche Industrie REIT-AG
Annual Report 2020/ 2021
1 October 2020 to 30 September 2021
Key figures
01/10/2020- | 01/10/2019- | % | ||
30/09/2021 | 30/09/2020 | Difference | ||
Income statement (TEUR) | ||||
Gross Rental income | 50,965 | 40,781 | 10,184 | 25.0 % |
Net rental income | 40,010 | 31,286 | 8,725 | 27.9 % |
Result from the revaluation of investment | 91,110 | 36,982 | 54,129 | >100 |
properties | ||||
EBIT | 123,087 | 62,289 | 60,798 | 97.6 % |
Finance result | −3,270 | −11,468 | 8,198 | −71.5 % |
Net income | 119,817 | 50,821 | 68,996 | >100 |
FFO | 33,602 | 24,646 | 8,956 | 36.3 % |
FFO per share (€) | 1.05 | 0.84 | 0.21 | 24.5 % |
Recurring costs ratio | 6.2 % | 6.9 % | −0.7 % | −9.5 % |
30/09/2021 | 30/09/2020 | Difference | % | |
Balance sheet (TEUR) | ||||
Investment properties | 814,097 | 585,820 | 228,277 | 39.0 % |
Total assets | 927,453 | 715,849 | 211,605 | 29.6 % |
Equity | 489,009 | 377,200 | 111,809 | 29.6 % |
Total debt | 287,634 | 309,638 | -22,004 | -7.1 % |
(net) Loan-to-Value (LTV) | 42.0 % | 37.1 % | 4.9 % | 13.2 % |
Ø Cost of debt | 2.45 % | 2.60 % | -0.2% | -5.8 % |
Ø Loan Duration (years) | 6.7 % | 6.7 % | 0.0 % | 0.0 % |
EPRA NTA | 489,655 | 385,441 | 104,214 | 27.0 % |
EPRA NTA per share diluted (€) | 14.25 | 11.22 | 3.03 | 27.0 % |
EPRA NAV | 488,826 | 376,709 | 112,117 | 29.8 % |
EPRA NAV per share undiluted (€) | 15.24 | 11.74 | 3.50 | 29.8 % |
REIT metrics | ||||
REIT equity ratio | 59.5 % | 64.4% | −4.9 % | −7.6 % |
Share information | ||||
Shares issued | 32,079,505 | 32,079,505 | 0 | 0.0 % |
Average number of shares 01/10 - 30/09 | 32,079,505 | 29,297,634 | 2,781,871 | 9.5 % |
Market cap in € million | 561.4 | 574.2 | 22.5 | 4.2 % |
Share price XETRA (€) | 17.50 | 17.90 | 0.70 | 4.2 % |
Real estate portfolio | ||||
# Properties | 88 | 69 | 19 | 27.5 % |
Commercial rental space in m² | 1,577,343 | 1,229,072 | 348,271 | 28.3 % |
Annualised In place rent in € million | 58.5 | 44.5 | 14.0 | 31.4 % |
Occupancy commercial | 87.3 % | 85.1 % | 2.2 % | 2.6 % |
WALT in years | 5.0 | 5.0 | 0.1 | 1.6 % |
IPR commercial in €/m² | 3.46 | 3.47 | −0.01 | −0.3 % |
Market value in € million | 795.9 | 565.0 | 230.9 | 40.9 % |
Rental yield | 7.3 % | 7.9 % | 0.0 | −6.7 % |
Content
Letter to our shareholders | 2 |
The share | 4 |
Declaration on corporate governance | 8 |
Report of the Supervisory Board | 19 |
Composition of the Management Board | |
and Supervisory Board | 23 |
Deutsche Industrie as REIT | 24 |
The Acquisition Pipeline | 26 |
The Real Estate Portfolio | 32 |
Key figures according to EPRA | 50 |
Management Report | 54 |
Financial Statement | 86 |
Balance sheet | 88 |
Statement of comprehensive income | 89 |
Cash flow statement | 90 |
Statement of changes in equity | 93 |
Notes | 94 |
Audit Opinion of the independent | |
individual financial statements | 150 |
Statement by the Management Board regarding | |
compliance with the requirements of the REITG | 156 |
PICTURE:
Rosenheim, Schlierseestraße
2
Deutsche Industrie REIT-AG Annual report 2020/2021
Letter to our shareholders
Dear Shareholders, Dear Ladies and Gentlemen,
Once again, an eventful year is coming to an end, which was also marked by corona-related circum- stances. The economic consequences of this crisis continue and there is currently no end in sight.
Regardless of the far-reaching effects, restrictions and challenges, however, our business model has proven to be stable and resistant. The management board looks back on a successful 2020/2021 financial year. We were able to continue to grow this year and increase our turnover and result.
including cooperative banks, savings banks, private banks, and an insurance company. The nominal total financing volume amounted to € 106.0 million.
Positive period result
Net rental income increased by 28% from just under
- 31.3 million in the previous year to € 40.0 million in the 2020/2021 financial year. FFO (Funds From Operations) increased by 37% from € 24.6 million to € 33.6 million. Similarly, FFO per share increased by 25% from € 0.84 to € 1.05.
Real estate portfolio expands and increases significantly in value
Due to our planned business development, we were able to achieve our goals. Our main growth factor was the acquisitions we made. Since the beginning of the financial year, 19 properties have been added to our portfolio with a purchase price volume of € 123.8 million and annualised rent of approx. € 12.5 million. In total, the portfolio consists of 88 properties as of 30 September 2021 and is balanced at just under € 814.1 million. In addition, there are five other properties with an investment volume of € 17.8 million, for which the transfer of ownership will not take place until after the balance sheet date. One property in Berlin was sold at lucrative conditions. Taking into account all properties purchased, the pro forma portfolio consists of 92 properties with an annualised total rent of around € 60.2 million and
a portfolio value of approximately € 807.0 million.
Financing to strengthen liquidity
In the past financial year 2020/2021, Deutsche Industrie concluded a total of 21 contracts at attractive financing conditions with various institutions,
EPRA NTA per share increased by 27 % from € 11.22 to € 14.25. The REIT equity ratio amounts to 60 % and is thus significantly above the relevant value of 45 %.
Outlook 2021/2022
After we paid a dividend of 0.09 € per share for the first time last year, this year shareholders were pleased to receive a dividend payment of 0.16 € per share.
We intend to continue this positive development and plan to propose the distribution of a dividend of EUR 0.24 for the 2019/2020 financial year at the next Annual General Meeting.
The chapter of DIR's independent growth story is slowly coming to an end. We have initiated all the necessary steps for the merger with CTP.
The completion of CTP's offer will create a leading pan-European listed real estate group for logistics and corporate real estate with a combined portfolio of over € 7.2 billion and extensive project development activity for its own portfolio. For CTP, the transaction
3
Deutsche Industrie REIT-AG Letter to our shareholders
offers the opportunity to enter the German market, where CTP has not been present so far.
We intend to continue the development of the past years, with steady and sustainable growth, together with CTP in 2021/2022. In addition to manageable risks, the effects of the Corona crisis also offer additional opportunities that we can use and develop together.
On behalf of the entire DIR team, we would like to take this opportunity to thank you for the trust you have placed in us and for the good cooperation with our tenants, service providers and business partners.
With best regards
Rolf Elgeti | René Bergmann |
Chief Executive Officer | Chief Financial Officer |
Sonja Petersen | Potsdam in December 2021 |
Chief Investment Officer |
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Deutsche Industrie REIT AG published this content on 16 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 December 2021 05:48:07 UTC.