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GSW Immobilien Profit Gains on Rising Rents, Lower Vacancies

May 21 (Bloomberg) -- GSW Immobilien AG, the German real estate company formerly owned by Cerberus Capital Management LP and funds managed by Goldman Sachs Group Inc., said first-quarter profit increased on rising rents and lower vacancies.

Adjusted earnings before interest, tax, depreciation and amortization climbed to 33.3 million euros ($43 million) from 28.8 million euros a year earlier, the Berlin-based company said today in a statement. GSW said 2012 funds from operations excluding divestments will be 59 million euros to 63 million euros, confirming a previous statement.

Rental income rose to 39.7 million euros from 34.8 million, while the vacancy rate fell 11 percent to 3.3 percent, the company said. Without adjusting for the sale of cable-television provider BMH Berlin Mediahaus GmbH for 25.4 million euros last year, net income fell to 8.7 million euros, or 21 cents a share, from 33.2 million euros, or 95 cents, a year earlier.

GSW, which operates only in Berlin, owns 53,000 apartments valued at about 2.9 billion euros and manages 17,400 units for third parties, according to its latest quarterly report. The company will increase the number of homes it owns by as much as 13 percent this year to take advantage of the rising rents, Chief Executive Officer Thomas Zinnoecker said May 9.

In its initial public offering in April 2011, GSW raised about 468 million euros.

To contact the reporter on this story: Dalia Fahmy in Berlin at dfahmy1@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

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