Deutsche Konsum REIT-AG has published its results for the 2023/2024 financial year (October 2023 to September 2024), having significantly reduced its debt by €88.6 million through the targeted disposal of 17 assets.
The Company recorded rental income of€77.4 million, a 2.9% decline year-on-year primarily due to the asset disposals. Net rental income experienced a marginal decline of 0.5% to €48 million.
Funds from operations (FFO) totalled €28 million, down from €33.1 million in the prior year largely due to increased interest expenses following rising financing costs and the effects of its portfolio disposals. Its FFO per share (fully diluted) was €0.52.
DKR refinanced €145.9 million in maturing bonds in June 2024 and after partial repayment of €50 million in FY2023/FY2024 and an additional repayment of €10 million in Q1 2024/2025, its current remaining notional is €85.9 million to mature in September 2025. As a result, DKR’s loan-to-value (LTV) ratio reduced to 57.2% compared to 61.6% in the previous year.
Post the financial year, in addition to the notarization of the asset sales, the Company received a substantial portion of the outstanding loan from Obotritia Capital KGaA of €38 million.
DKR appointed Kyrill Turchaninov as CFO in early June 2024.
