DGAP-News: GSW Immobilien AG: GSW Immobilien AG looks back on a successful 2013 financial year

DGAP-News: GSW Immobilien AG: GSW Immobilien AG looks back on a successful 2013 
financial year 

DGAP-News: GSW Immobilien AG / Key word(s): Final Results
GSW Immobilien AG: GSW Immobilien AG looks back on a successful 2013
financial year

28.03.2014 / 08:00


GSW Immobilien AG looks back on a successful 2013 financial year 

  - Net rental income increased by 12.2% to EUR 179.5 million

  - FFO I rises by around 17.0% to EUR 75.1 million

Berlin, 28 March 2014 - GSW Immobilien AG successfully concluded the 2013
financial year.

In the 2013 financial year, rental income rose by around EUR 27.5 million
to EUR 229.7 million - a significant 13.7% increase. This improvement in
earnings was mainly due to the apartments acquired at the end of 2012 as
well as the higher average rents and lower vacancy year on year. Overall,
net rental income rose by 12.2% on 2012 to EUR 179.5 million. The monthly
in-place rent increased by 4.2% to EUR 5.44 per square metre in the same

GSW invested around EUR 54.8 million in the maintenance and modernisation
of its property portfolio (2012: EUR 46.4 million) in the financial year

Adjusted EBITDA and FFO I increased again

In the last financial year, the key figure adjusted EBITDA increased by EUR
16.4 million to EUR 147.6 million adjusted for non-recurring effects and
project expenses. The increase is primarily the result of the higher net
rental income. By contrast, consolidated net income for the year fell to
EUR 60.0 million (2012: EUR 143.3 million). Main reason is a lower net
valuation result compared to the last year.

The key figure funds from operations (FFO I) climbed by around 17.0% and
was much higher than in the previous year at EUR 75.1 million.

Value of property assets rises to approximately EUR 3.5 billion

By the end of the financial year, GSW's EPRA net asset value (EPRA NAV) had
increased by 11.5% to EUR 1,701.2 million. This equates to a value of EUR
30.02 per share as at 31 December 2013. The equity ratio improved to 45.5%
(31 December 2012: 40.3%). Over the course of the year, the loan-to-value
ratio decreased year on year to 50.7% (31 December 2012: 53.8%). Overall,
the GSW property portfolio had a market value as at the end of the
reporting period of approximately EUR 3.5 billion (EUR 942/m²).

In the past financial year, GSW enlarged its portfolio again by acquiring
approximately 3,100 residential and commercial units to a total of
approximately 61,000 units.

The Management Board expects an increase in net rental income to a range
between EUR 187 million and EUR 192 million and an FFO I of at least EUR 80
million in the 2014 financial year.

As of today, the full 2013 annual report of GSW Immobilien AG can be viewed
and downloaded at www.gsw.de.


GSW Immobilien AG
Charlottenstrasse 4, 10969 Berlin, Germany

Investor Relations
Sebastian Jacob
E-mail:  ir@gsw.de
Tel.: +49. (0) 30. 25 34-18 82
Fax: +49. (0) 30. 25 34-233 1960

End of Corporate News


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Language:    English                                                   
Company:     GSW Immobilien AG                                         
             Charlottenstraße 4                                        
             10969 Berlin                                              
Phone:       030 68 99 99 0                                            
Fax:         030 68 99 99 999                                          
E-mail:      kundenservice@gsw.de                                      
Internet:    www.gsw.de                                                
ISIN:        DE000GSW1111                                              
WKN:         GSW111                                                    
Listed:      Regulierter Markt in Berlin, Frankfurt (Prime Standard);  
             Freiverkehr in Düsseldorf, Hamburg, Hannover, München,    
End of News    DGAP News-Service  
260199 28.03.2014                                                      
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