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KWG increases EPS by 210% to EUR 1.30 for 9-months 2012

11-07-2012 01:00 PM CET | Industry, Real Estate & Construction

Press release from: KWG Kommunale Wohnen AG

- Net Rental Income increased by 31% to EUR 14.3 mn.

- Group Result rises by 360% to EUR 20.7 mn.

- FFO approx + 80% above previous year at EUR 2.0 mn.

- Sustainable dividend payment planned for FY 2013.

Hamburg, 7 November 2012 - KWG Kommunale Wohnen AG, the long-term oriented property holding company of German residential real estate, records earnings per share of EUR 1.30 for the first nine months of 2012, accounting for revaluation effects on its real estate portfolio as per 30 June 2012. Thus, it more than tripled its results of EUR 0.42 for the same period last year. All other key metrics also increased materially, reflecting a positive operational development during the first nine months as well as the successful takeover of Barmer Wohnungsbau AG (BWAG).

Significant increase of turnover and results

Net rental income for the accounting period rose by 31% from EUR 10.9 mn to EUR 14.3 mn. During the same period total revenue increased from EUR 15.8 mn to EUR 19.9 mn. The group result was raised significantly from EUR 4.5 mn to EUR 20.7 mn. This translates into earnings per share of EUR 1.30 (last year: EUR 0.42). With positive operating cash flows as per 30. September 2012 KWG reports Funds-From-Operations (FFO) of about EUR 2.0 mn. This reflects growth by approximately 80%.

Expansion and optimisation of the portfolio

The strong performance is based on operational improvements on one hand, while on hte other the acquisition of BWAG proves to be highly profitable. While the portfolio size was increased by 26% vs. last year to 6.811 units, vacancies were lowered considerably at increasing average rental prices per square meter. Net rent in new lettings was increased from EUR 5.30 per sqm last year to EUR 5.42 per sqm in 2012.

Successful integration of BWAG

Apart from the successful operational development of KWG's legacy portfolio KWG managed to increase its profitability substantially. Maintenance and modernisation expenses at BWAG were reduced by around 15% vs. last year through BWAG's integration into KWG's efficient group controlling standards. In addition already in Q3 2012 BWAG initiated rent increases that will result in a higher net rental income by EUR 0.4 mn in FY 2013e. Thus, BWAG's integration into the KWG group continues to be executed according to plan.

Forecast for 2012 coinfirmed, exponential growth expected, sustainable dividend

Due to the satisfying development KWG's management board expects net rental income for FY 2012e to increase to EUR 19.5 mn and FFO to EUR 2.4 mn (last year EUR 1.1 mn). KWG's management also expects further revenue and result increases for 2013. In addition the company's growth is to be fuelled by profitable acquisitions. Due to its positive operational development KWG has taken a further step towards paying a dividend for FY 2013.

About KWG AG

KWG Kommunale Wohnen AG is a long-term oriented owner and operator of German residential real estate units. The company acquires residential real estate portfolios at attractive conditions in promising micro-locations of metropolitan regions and German regional centres and sustainably increases their value through an active real estate asset management. By refurbishments to high energy efficiency standards incidental costs for tenants are being lowered. KWG AG covers the complete value chain from acquisitions to construction management and its own internal property management. As a result vacancies are being reduced and income from net cold rent is being increased. This leads to value enhancements of the properties, above average Returns on Equity and profitability. KWG's portfolio comprises more than 6,800 units including units from BWAG's portfolio. KWG's shares are listed in the Entry Standard of the Frankfurt Stock Exchange.

KWG Kommunale Wohnen AG
Jan Hutterer, Head of Investor Relations
Alstertor 9
20095 Hamburg
Tel.: +49-40- 2263088-100

KWG Kommunale Wohnen AG
Jan Hutterer
Alstertor 9
20095 Hamburg
F. +49 (0)40 2263088-100

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