VIB Vermögen AG, a company specializing in the development, acquisition and portfolio management of commercial properties, continued its profitable growth path in the third quarter of 2021. Revenues increased by 9.9 percent year-on-year in the first nine months of 2021 from EUR 70.4 million to around EUR 77.0 million. EBT adjusted for valuation effects and special items increased by 15.7 percent to EUR 50.4 million (9 months 2020: EUR 43.5 million). Consolidated net income rose by 7.2 percent year-on-year to EUR 49.7 million.
During the reporting period, the impact of the Corona crisis was less than in the previous year: as of September 30, 2021, the rent waivers due to the economically tense situation at some tenants amounted to only EUR 258 thousand, compared to EUR 376 thousand in the same period of the previous year.
Rentable area of the profitable portfolio expanded
At the end of March, two new logistics properties in Eslarn and Interpark near Ingolstadt were added to the portfolio, followed by an office complex in Regensburg at the end of April. At the end of September, a retail park in Aalen was sold for the purpose of portfolio optimisation.
As of the reporting date of 30 September 2021, the real estate portfolio thus consisted of a total of 113 properties with a total lettable area of around 1.3 million square metres. The vacancy rate remained at a pleasingly low level of 1.2 percent.
Further increase in key operating figures achieved
The portfolio generated an operating cash inflow from letting (funds from operations) of EUR 44.1 million in the period under review – representing an increase of 15.9 percent on the previous year. Accordingly, FFO per share increased by 22 cents to EUR 1.60. The so-called NRV (Net Reinstatement Value - a key figure of the European Public Real Estate Association EPRA for portfolio-holding real estate companies) rose in the nine-month period to EUR 764.2 million (previous year: 727.9 million euros). Accordingly, the NRV per share increased from EUR 26.39 to EUR 27.58.
Sustainability reporting receives multiple awards
After VIB's sustainability reporting was awarded gold by EPRA for the second time, it was also well received by analysts using the international GRESB (Global Real Estate Sustainability Benchmark) rating benchmark for real estate companies and funds. According to this, VIB Vermögen was able to improve its D-rating from 2020 to a B-rating, thus achieving the second-highest level.
"We are very pleased that, in addition to the sustained positive economic growth, our successes in terms of sustainability are now also increasingly being noticed and honored by awards from external, internationally recognized experts," says Martin Pfandzelter, CEO of VIB Vermögen AG.
Due to the very stable positioning of the company and the business performance to date, the Executive Board confirms the guidance for the current fiscal year 2021 given in the Annual Report 2020.
The complete interim statement for the third quarter of 2021 is available at www.vib-ag.de.