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GSW Reports Profit on Higher Rental Income, Property Sales

GSW Immobilien AG, Germany’s third-largest residential landlord by market value, reported a second-quarter profit after rental income increased and it sold properties.

Net income was 16.3 million euros ($20 million), or 34 cents a share, compared with a restated loss of 4.4 million euros, or 11 cents, a year earlier, the company said in a statement today. GSW, based in Berlin, said it will post 2012 funds from operations excluding divestments of 61 million euros to 64 million euros, compared with an earlier forecast of 59 million euros to 63 million euros.

The company only operates in Berlin and is benefiting from rising demand for homes in Germany’s capital. Apartment rents have gained about 8 percent in the past year and 26 percent in five years, according to Berlin-based online broker ImmobilienScout24.

Net rental income rose to 39.2 million euros in the second quarter from 34.8 million euros a year earlier. Income from property sales increased to 2.7 million euros from 1.3 million euros a year earlier.

Funds from operations excluding divestments, a measure of a company’s ability to generate cash, climbed 12 percent to 32.6 million euros in the first half.

Cerberus Capital

GSW, which has 53,000 apartments valued at about 2.9 billion euros, was owned by Cerberus Capital Management LP and funds managed by Goldman Sachs Group Inc. until an initial public offering in April 2011.

The company said in May it plans to increase the number of homes it owns by as many as 7,000, or 13 percent. Joerg Schwagenscheidt, GSW’s chief operating officer, said on a conference call today that he’s “optimistic” talks will lead to an acquisition.

GSW fell 1.1 percent to 30.39 euros at 2:18 p.m. in Frankfurt trading. The shares have gained about 39 percent this year, while the FTSE EPRA/NAREIT’s index of German real estate companies has advanced 27 percent.

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