Listed German residential landlord Ado Properties has increased its earnings forecast for the full year after booking ‘substantial growth’ across key financial metrics in the first six months of 2015.
Listed German residential landlord Ado Properties has increased its earnings forecast for the full year after booking ‘substantial growth’ across key financial metrics in the first six months of 2015.
The Berlin-based company, which issued a quarterly report for the first time since listing on the Frankfurt Stock Exchange on 23 July, said it expects funds from operations (FFO) to reach around €30 mln in 2015. FFO (excluding profit from dlisposals) increased 119% in Q2 compared with the year-earlier period.
Together with its IPO, Ado carried out a capital increase which generated gross proceeds of around €200 mln for further acquisitions and investments. Net proceeds amounted to around €194 mln.
Rental income increased by 80% to €28.6 mln in the first half of the year from €15.9 mln a year earlier. The growth was driven mainly by the integration of the Carlos portfolio with 5,750 residential units from 1 April 2015.
Ado also launched a privatisation programme at end-2014 and has since sold 20 apartments, in line with its goal of selling 50 units by the end of the year. The company expects to sell around 100 to 150 units per annum from 2016 onwards.
Ado Properties’ portfolio was valued at €1.2 bn at end-June and comprises 13,700 residential units.
