EANS-News: GSW Immobilien AG continues on successful track in Q1 2012

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3-month report

Berlin (euro adhoc) – GSW continues on successful track in Q1 2012
– Net rental income increases to EUR 39.7 million
– Vacancy rate decreases to 3.3 percent
– Average rent increases to EUR 5.12 / sqm
– Consolidated net income totals EUR 8.7 million
– Adjusted EBITDA up at EUR 33.3 million
– FFO I amounts to EUR 15 million (EUR 0.37 per share)

Berlin, 21 May 2012 – GSW Immobilien AG saw a strong start to the
first quarter of 2012. Successful acquisitions, a long-term optimised
financing structure, a sustainable and stable business model and a
positive trend in operational business contributed to good
development in the first quarter. The full interim report for the
first three months of the 2012 financial year can be viewed and
downloaded at www.gsw.de.

Net rental income rose by around 14.1 percent year-on-year to EUR
39.7 million. The main factors influencing this rise in income were
the acquisition of a property portfolio with more than 4,800 units in
the fourth quarter of 2011, rent increases, and a reduction in the
vacancy rate. „Over the past months we have worked hard to integrate
the new portfolio into the existing housing stock. This process has
now been successfully completed. The above-average rents and
relatively low vacancy rate in this portfolio will therefore increase
the company’s profitability this year“, said Jörg Schwagenscheidt,
member of the Management Board of GSW Immobilien AG. Overall, the
vacancy rate as at 31 March 2012 fell by around 11 percent to 3.3
percent (31 March 2011: 3.7 percent). In-place rent also increased by
4.1 percent in the same period to EUR 5.12 per square metre per month
(31 March 2011: EUR 4.92 / sqm).

EBIT and EBITDA up after adjustment for one-off effects

In contrast, net operating profit (EBIT) declined from EUR 48.3
million in the first quarter of 2011 to EUR 31.7 million in the first
quarter of 2012. However, adjusted for the one-off effect in relation
to the sale of the Berlin Mediahaus GmbH („BMH“) cable network of EUR
25.4 million in January 2011, there was a significant increase in
EBIT of EUR 8.8 million. This increase is primarily attributable to
higher rental and sales results and a decline in administrative

EBITDA developed in step with EBIT during the reporting period.
Adjusted for one-off effects, there was a EUR 4.5 million increase in
adjusted EBITDA to EUR 33.3 million. Overall, GSW closed the first
three months of 2012 with a consolidated net income of EUR 8.7
million, representing a EUR 24.5 million decrease as against the same
period of the previous year (EUR 33.2 million). However, consolidated
net income in 2011 was mainly influenced by the sale of BMH in the
amount of EUR 25.4 million. Adjusted for this one-off effect,
consolidated net income recorded a rise of EUR 0.9 million or 11.5
percent to EUR 8.7 million in the first quarter of 2012.

Management Board confirms FFO I forecast of EUR 59 – 63 million for
year as a whole

The figure relevant to the dividend, FFO I (excl. sales result),
increased by 13.6 percent to EUR 15.0 million (EUR 0.37 per share),
in line with GSW’s forecasts for this period, as a result of the good
operating performance and the larger portfolio as compared to the
same quarter of the previous year. „The booming Berlin housing market
and our strong rental income underpin our forecast of generating FFO
I of between EUR 59 to 63 million in 2012 as a whole, not including
any acquisitions made“, said Andreas Segal, CFO of GSW Immobilien AG.

Stable development of net asset value and loan-to-value

The company’s net asset value (EPRA NAV), the economic equity of the
Group, also increased by roughly 1 percent to around EUR 1,230
million by the end of the first quarter. This corresponds to a value
of EUR 29.96 per share as at 31 March 2012. The loan-to-value ratio
accordingly decreased to 57.4 percent. The property portfolio of GSW,
which is regularly assessed as at 31 December of each year, is still
valued at around EUR 2.9 billion.

Successful capital increase allows for sustainable growth

With a portfolio of around 53,000 residential units and roughly
17,400 residential units managed for third parties, GSW Immobilien AG
is the leading listed residential real estate company operating in
Berlin. GSW intends to expand this position further. In late
April/early May 2012, the company successfully implemented a capital
increase with net issue proceeds of approximately EUR 190.3 million
to finance further growth, for future purchases and to optimise
strategic and financial flexibility. „The successful placement and
the high level of acceptance among our shareholders showed us that
the capital market is rewarding the stability and continuity of GSW’s
business model, which combines sustainable growth with an attractive
dividend policy. The additional equity will enable us to continue
pushing ahead with this strategy and allow our shareholders to
participate in the company’s success“, said GSW’s CEO Thomas

GSW Immobilien AG
Charlottenstraße 4
10969 Berlin, Germany

Press Investor Relations
Thomas Rücker Sebastian Jacob
E-Mail: thomas.ruecker@gsw.de E-Mail: sebastian.jacob@gsw.de
Tel.: +49. (0) 30. 25 34-13 32 Tel.: +49. (0) 30. 25 34-18 82
Fax: +49. (0) 30. 25 34-19 34 Fax: +49. (0) 30. 25 34- 233 1960

About GSW GSW Immobilien AG is a leading privately-owned residential
real estate company operating in Berlin, with a portfolio of
approximately 53,000 apartments. In addition, a subsidiary of GSW
manages approximately 17,400 residential units for third parties.
GSW’s strategy focuses on the long-term rental management of
residential property via a systematic approach, which aims to
increase customer satisfaction and operational efficiency. As of
December 31, 2011, the Company’s property portfolio was valued at
approximately EUR 2.9 billion.

Further inquiry note:
René Bergmann
Tel.: +49 30 2534 1362
Fax: +49 30 2534 233 1960
E-Mail: rene.bergmann@gsw.de

end of announcement euro adhoc

company: GSW Immobilien AG
Charlottenstr. 4
D-10969 Berlin
phone: +49 30 68 99 99 0
FAX: +49 30 68 99 99 999
mail: kundenservice@gsw.de
WWW: http://www.gsw.de
sector: Real Estate
ISIN: DE000GSW1111
indexes: MDAX
stockmarkets: regulated dealing: Berlin, regulated dealing/prime standard:
language: English

Quelle: http://www.presseportal.de/pm/78650/2255973/eans-news-gsw-immobilien-ag-continues-on-successful-track-in-q1-2012/api