• Revenues increase by 5.7 percent to EUR 24.8 million in the first quarter
  • Adjusted EBT increases by 8.4 percent to EUR 15.8 million
  • Funds from operations increase by 9.8 percent to EUR 14.0 million
  • Guidance for the 2021 financial year confirmed

VIB Vermögen AG, a company specialising in the development, acquisition and portfolio management of commercial real estate, can look back on a good first quarter of the year. Between January and March 2021, revenues increased to EUR 24.8 million, up 5.7 percent on the previous year's figure of EUR 23.4 million. Adjusted EBT improved by 8.4 percent to EUR 15.8 million. The Group result in the first quarter of 2021 increased significantly from EUR 14.6 million to EUR 20.2 million compared to the same period of the previous year. This corresponds to a plus of 38.7 percent.

At the end of the reporting period, VIB Vermögen's real estate portfolio grew by two buildings to 115 properties with a total lettable area of around 1.3 million square metres. The vacancy rate was reduced from 2.5 percent to 1.4 percent compared to the end of 2020, and is thus at a very low level compared to the industry. The operating cash inflow from letting, the funds from operations (FFO), rose by 9.8 percent to EUR 14.0 million compared to the previous year.

Accordingly, FFO per share rose by 10.9 percent from EUR 0.46 to EUR 0.51.

NAV (net asset value) increased to EUR 684.4 million during the reporting period (31 December 2020: EUR 666.3 million).

'The good start to the 2021 financial year makes us very positive for the rest of the year. With the most recent significant lease extensions and the two property additions in the period under review, we have created the basis for further growth,' explained Holger Pilgenröther, CFO of VIB Vermögen AG.

Based on the results to date and subject to further macroeconomic effects of the Corona crisis, the Managing Board of VIB Vermögen AG confirms the guidance for 2021 as provided in the Annual Report 2020. This forecast provides for a further increase in revenues to between EUR 99 million and EUR 105 million. EBT before valuation effects and special items is expected to reach between EUR 61 million and EUR 65 million. FFO should increase to a level of EUR 54 to 58 million.

The full interim statement for the first quarter of 2021 is available at www.vib-ag.de.

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VIB Vermögen AG published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 05:15:02 UTC.