DGAP-News: GSW Immobilien AG / Key word(s): Quarter Results GSW Immobilien AG: GSW Immobilien AG posts significant increases after first nine months 15.11.2013 / 07:26 --------------------------------------------------------------------- GSW Immobilien AG posts significant increases after first nine months - Consolidated net income of EUR 49.3 million as of end of September (previous year: EUR 40.7 million) - FFO I rises by 25% year-on-year to EUR 62.5 million - Forecast for year reiterated: FFO I of EUR 73 to EUR 78 million forecast - Shareholders follow recommendation and accept Deutsche Wohnen AG offer Berlin, 15 November 2013 - GSW Immobilien AG successfully continued its profitable growth in the first three quarters of 2013. All relevant earnings figures improved significantly as a result of the ongoing expansion of the property portfolio, a lower vacancy rate and higher average rental income. The takeover bid announced by Deutsche Wohnen AG in August in the form of a share exchange was accepted by roughly 78% of GSW shareholders within the first acceptance period. The large majority of owners therefore followed the joint recommendation of the Management Board and the Supervisory Board of GSW. Significant improvement in relevant earnings figures once again In the first nine months of 2013, the MDAX-listed property group increased its net rental income by 12% as against the same period of the previous year to EUR 135.8 million. This was primarily attributable to the acquisition of around 7,000 apartments that took effect at the end of 2012/ beginning of 2013. In addition, the average in-place rent (residential) climbed to EUR 5.34 (previous year: EUR 5.17) per square metre as of the end of September. Furthermore, the company was able to further reduce its residential vacancies by 0.5 percentage points year-on-year to 2.7% as of the end of the quarter. After the deduction of non-recurring effects and income from property disposals, adjusted EBITDA increased to EUR 113.9 million in the reporting period (previous year: EUR 100.7 million). Consolidated net income climbed by 21% to EUR 49.3 million (previous year: EUR 40.7 million). In addition to the significant increase in net rental income, this figure also benefited from the improved net interest income and tax result. The main performance indicator for the management of the company, FFO I (funds from operations, excluding the result on disposals), also developed positively in the first nine months, rising by 25% to EUR 62.5 million (previous year: EUR 50.0 million). Compared to the start of the year, both the loan-to-value ratio and the net asset value (NAV) of the company were practically unchanged as of 30 September. According to European Public Real Estate Association (EPRA) standards, NAV amounted to EUR 1,524.7 million (31 December 2012: EUR 1,525.6 million) as of the end of the quarter. The loan-to-value ratio was 54.0% (31 December 2012: 53.8%). Appeal of Berlin residential market undiminished - forecast confirmed GSW is still confident for the remainder of the year. The factors that shape the appeal of the Berlin residential market are still in play. In addition, there is also rising demand for living space while construction activity remains at a low level. Against this backdrop, GSW expect that its rental income will rise steadily. In this context, the company is confirming its forecast for 2013 as a whole of FFO I of between EUR 73 and EUR 78 million. The full interim report for the first nine months of the 2013 financial year is available for viewing and download today at www.gsw.ag. Contact GSW Immobilien AG Charlottenstrasse 4, 10969 Berlin, Germany Investor Relations René Bergmann E-Mail: [email protected] Tel.: +49. (0) 30. 25 34-13 62 Fax: +49. (0) 30. 25 34-233 1960 Press Hans G. Nagl E-mail: [email protected] Tel.: +49 (0) 69 920 37-1 16 Fax: +49 (0) 69 920 37-1 99 About GSW With a portfolio of approximately 60,000 residential and commercial units, GSW Immobilien AG, founded in 1924, is a leading listed real estate company in Berlin. GSW's corporate strategy is targeted at the long-term management of rental properties, applying a systematic approach aimed at increasing both customer satisfaction and operating efficiency. As per 31 December 2012, the company's property portfolio was valued at around 3.3 billion Euros. End of Corporate News --------------------------------------------------------------------- 15.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: GSW Immobilien AG Charlottenstraße 4 10969 Berlin Germany Phone: 030 68 99 99 0 Fax: 030 68 99 99 999 E-mail: [email protected] Internet: www.gsw.de ISIN: DE000GSW1111 WKN: GSW111 Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard); Freiverkehr in Düsseldorf, Hamburg, Hannover, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 240083 15.11.2013