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 period. 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 2013. 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. Contact GSW Immobilien AG Charlottenstrasse 4, 10969 Berlin, Germany Investor Relations Sebastian Jacob E-mail: [email protected] Tel.: +49. (0) 30. 25 34-18 82 Fax: +49. (0) 30. 25 34-233 1960 End of Corporate News --------------------------------------------------------------------- 28.03.2014 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 --------------------------------------------------------------------- 260199 28.03.2014