DGAP-News: WCM Beteiligungs- und Grundbesitz-AG: WCM

DGAP-News: WCM Beteiligungs- und Grundbesitz-AG / Key word(s): Quarter Results/Real Estate WCM Beteiligungs- und Grundbesitz-AG: WCM reports strong Q1 2016 results 27.05.2016 / 08:45 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- WCM reports strong Q1 2016 results - Real estate portfolio increased by 4.9 percent to EUR 530.5 million (year-end 2015: EUR 505.7 million) - Funds from operations (FFO I) increased to EUR 4.4 million and FFO II to EUR 4.9 million - Net loan-to-value (LTV) stands at 52 percent - EPRA Net Asset Value (NAV) increased to EUR 293.5 million or EUR 2.41 per share (year-end 2015: EUR 290.6 million and EUR 2.38 per share) - Reaffirmed guidance for 2016 and further portfolio growth anticipated through acquisitions Frankfurt am Main, 27 May 2016 - SDAX listed WCM Beteiligungs- und Grundbesitz-AG (WCM AG, ISIN: DE000A1X3X33) publishes its Q1 results for 2016. WCM continued its profitable growth track. All key performance measures and corporate figures were further improved during the quarter. At the end of Q1 2016 the portfolio stands at a total market value of EUR 530.5 million. This compares to a real estate portfolio of EUR 505.7 million as of 31 December 2015. The company achieved a rental income of EUR 7.7 million in Q1 2016 compared to EUR 0.7 million in Q1 2015. WCM's funds from operations (FFO I) rose to EUR 4.4 million or EUR 0.04 per share in the first quarter of 2016 compared to EUR -0.2 million in Q1 2015. WCM continued with its portfolio expansion in Q1 2016 and further closed three assets. In addition to the recent transactions, WCM has continued its portfolio strategy and successfully disposed a non-strategic assets with a profit of EUR 0.5 million. The FFO II corresponded to EUR 4.9 million for Q1 2016. WCM achieved a consolidated net income of EUR 1.7 million compared to EUR 0.4 million in Q1 2015. Implementation of solid long-term financing structure As of 31 March 2016, the EPRA Net Asset Value (NAV) stood at EUR 293.5 million or EUR 2.41 per share, compared to EUR 290.6 million and EUR 2.38 per share in 2015. The loan-to-value (LTV) of the portfolio equals 52 percent as of 31 March 2016. WCM's mid-term LTV target is set below 50 percent. The current portfolio is financed with a low average interest rate of 2.1 percent and an average loan maturity of 6.4 years. The weighted average remaining lease time (WALT) of the total portfolio increased slightly to 9.5 years (9.4 years in 2015) with a continuous low EPRA vacancy rate of 4.8 percent. Management Board reaffirms guidance With the previously announced disposal of the Bremerhaven asset, as well as two smaller office assets, the overall WCM portfolio is further enhanced. The disposed three non-strategic assets were sold at a profit to or at book value. Based on the annualised rental income the WCM portfolio is comprised by 43 percent in retail assets (WALT: 12.3 years) and 57 percent in office assets (WALT: 8.7 years). With the contractually secured assets the WALT increases to 10.1 years compared to 9.4 years in 2015 and the vacancy will be reduced to 3.7 percent (5.4 percent in 2015). Supported by the successful performance during the first quarter of 2016 the guidance for the years remains unchanged. FFO is projected to be between EUR 18.0 million and EUR 21.0 million, compared to EUR 7.9 million in 2015. WCM will continue its value enhancing acquisition strategy with focus on NAV and FFO accretion in 2016 for both office and retail assets across Germany. In addition, active portfolio and asset management is furthering the bottom line growth. The quarterly report including is available for download at the Investor Relations section on the company's website www.wcm.de. WCM Key IFRS 1 January 1 January - 31 Absolute Change in Figures - 31 March March 2015 change percent in kEUR 2016 Rental income 7,674 699 6,975 >100 Net operating 7,156 622 6,534 >100 income Net income 1,730 372 1,358 >100 FFO I 4,381 -163 4,544 >100 FFO I per share 0.04 0.00 0.04 >100 (in EUR) FFO II 4,864 n/a n/a n/a FFO II per share 0.04 n/a n/a n/a (in EUR) EPRA Earnings 2,116 n/a n/a n/a Earnings per 0.01 0.01 0.00 0 share, undiluted (in EUR) Earnings per 0.01 0.01 0.00 0 share, diluted (in EUR) WCM Key Balance 31. March 31. December Absolute Change in Sheet Ratios 2016 2015 change percent in kEUR Investment 530,467 505,731 24,736 4.9 properties Total assets 597,755 550,924 46,831 8.5 Shareholder's 271,466 269,582 1,884 0.7 equity (incl. minorities) Financial 309,080 264,131 44,949 17.0 liability EPRA NAV 293,541 290,608 2,933 1.0 EPRA NAV per 2.41 2.38 0.03 1.3 share (in EUR) EPRA NNNAV per 2.24 2.22 0.02 0.9 share (in EUR) Key Portfolio Figures 31 March 2016 31 December 2015 Lettable area 308,416 m² 293,986 m² Annualised rental income in (kEUR) 33,319 31,533 EPRA net initial yield (NIY) in 5.6 5.6 percent EPRA vacancy rate in percent 4.8 4.8 Net Loan-to-Value (LTV) in percent 52.0 50.0 Weighted Average remaining lease time 9.5 9.4 (WALT) in years Average cost of debt in percent 2.1 2.1 About WCM AG WCM Beteiligungs- und Grundbesitz-AG (WCM AG), with headquarters in Frankfurt am Main, is a specialised commercial real estate company. As a real estate proprietor, the focus is on long-term rental of high-quality office and retail properties in the major office locations in Germany. Since the operational restart in 2014, WCM AG has focused on an extensive network for the acquisition of properties as well as on value-creating asset management, in order to generate attractive long-term rental income and a steady cash flow. The portfolio has a gross asset value of more than EUR 530 Mio. The company has extensive loss carry forwards in corporate and commercial tax. Shares of WCM AG are listed in the SDAX of Deutsche Boerse since 21 December 2015. Press contact: edicto GmbH Axel Mühlhaus/ Dr. Sönke Knop +49 (0) 69-905505-51 wcm@edicto.de --------------------------------------------------------------------------- 27.05.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: WCM Beteiligungsund Grundbesitz-AG Bleichstr. 64-66 60313 Frankfurt am Main Germany Phone: +49 (0)30 8870 476-10 Fax: +49 (0)30 8870 476-20 Internet: www.wcm.de ISIN: DE000A1X3X33, SDAX WKN: A1X3X33 Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Stuttgart; Regulated Unofficial Market in Munich End of News DGAP News Service --------------------------------------------------------------------------- 467007 27.05.2016