VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial properties, increased its revenues by 7.0 percent from EUR 24.8 million in the opening quarter of 2021 to EUR 26.5 million in the first quarter of 2022. Adjusted EBT increased by 8.4 percent from EUR 15.8 million to EUR 17.1 million. Consolidated net profit was EUR 11.3 million in the first quarter of 2022, compared with EUR 17.0 million in the same period of the previous year. This was due to one-off special effects as part of the acquisition of a majority stake in VIB Vermögen by the DIC Group.
At the end of the first quarter of 2022, VIB Vermögen's real estate portfolio consisted of 109 properties with a total leasable area of around 1.3 million square meters. The vacancy rate remained at a low level of 1.9 percent. The operating cash inflow from letting, the funds from operations (FFO), increased by 12.1 percent compared to the same period of the previous year to EUR 15.7 million. Accordingly, FFO per share increased from EUR 0.51 to EUR 0.57.
The net asset value (NAV) was EUR 831.9 million as of March 31, 2022 (December 31, 2021: EUR 820.3 million). The so-called net reinvestment value, or NRV, which is decisive for the value of the long-term portfolio, was EUR 899.0 million as of March 31, 2022 (December 31, 2021: EUR 887.3 million ).
Due to the new majority shareholding at VIB Vermögen, the company will transfer its share in the joint venture to WDP NV/SA, Wolvertem. As a result of DIC Asset's majority shareholding, VIB Vermögen can now access DIC Asset's extensive network of regional partners, which has grown over many years. This results in synergy effects and the opportunity to exploit the growth potential of the local logistics market in an even more targeted manner.
"From the excellent business figures for the first quarter of 2022, it is once again clear what distinguishes VIB Vermögen - a profitable real estate portfolio combined with a stable business model and a very committed team. I am looking forward to my new task, to working with my colleagues and to the profitable further development of VIB Vermögen," said Dirk Oehme, CFO of VIB Vermögen AG.
The full interim statement for the first quarter of 2022 is available at www.vib-ag.de