10. März 2010 
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Gagfah S.A. delivers another year of solid results
Gagfah S.A. today announced its financial results for 2009. William Joseph Brennan, CEO of Gagfah S.A.'s German subsidiaries: "Gagfah has delivered another year of solid results, on target with our expectations. Full year 2009, Gagfah's core Funds from Operations (FFO) per share, derived from our rental business and excluding sales, were €0.73, versus €0.67 for 2008. Including our sales contribution, we produced a total of €0.84 FFO. Operationally, profit from leasing was up 2.8% versus 2008, on a base of 5,400 fewer units. Having sold over €500 million in assets, we also achieved our sales goal for the year. Despite challenging external economic conditions, our business held steady in 2009. We are seeing increased activity in the German residential market and look forward to a productive 2010."
Highlights
- Profit from the leasing of investment property up 2.8% to €486.3 million in 2009 from €473.0 million in 2008 on a weighted average of approximately 5,400 fewer units. On an average-per-unit-basis, the profit from the leasing of investment property increased by 6.1%.
- NAV: Our asset value declined by 2% year-on-year, giving us an NAV of €12.60 per share and gross asset value of €847 per square meter as of December 31, 2009.
- FFO in line with target at €190.0 million or €0.84 per share in 2009, from €200.2 million or €0.89 per share in 2008.
- Quarterly dividend for Q4 2009 of €0.20 per share will be paid on April 13, 2010.
Rents
Our rental growth rate was 1.3% for 2009, in line with our target.
Property sales
- In total we sold or contracted to sell 11,306 units for a total value of €519.9 million, in line with our target of €500 million total sales.
- Robust results in condo sales2): 2,394 units sold at a margin of 27% for a total value of €137.0 million in 2009 and 1,143 units sold in Q4 2009.
- Successful results for large multi-family home sales program: sale of 2,935 units closed in 2009 for a total volume of €125.5 million and another 5,977 contracted to sell for €257.4 million.
Vacancy
- Overall vacancy of 4.9% at year end 2009, in line with our target.
- Excluding units held for condo sales, our vacancy rate was 4.8%.
Cost
We reduced our average management cost per unit by 3.9% to €391.
Highlights
- Profit from the leasing of investment property up 2.8% to €486.3 million in 2009 from €473.0 million in 2008 on a weighted average of approximately 5,400 fewer units. On an average-per-unit-basis, the profit from the leasing of investment property increased by 6.1%.
- NAV: Our asset value declined by 2% year-on-year, giving us an NAV of €12.60 per share and gross asset value of €847 per square meter as of December 31, 2009.
- FFO in line with target at €190.0 million or €0.84 per share in 2009, from €200.2 million or €0.89 per share in 2008.
- Quarterly dividend for Q4 2009 of €0.20 per share will be paid on April 13, 2010.
Rents
Our rental growth rate was 1.3% for 2009, in line with our target.
Property sales
- In total we sold or contracted to sell 11,306 units for a total value of €519.9 million, in line with our target of €500 million total sales.
- Robust results in condo sales2): 2,394 units sold at a margin of 27% for a total value of €137.0 million in 2009 and 1,143 units sold in Q4 2009.
- Successful results for large multi-family home sales program: sale of 2,935 units closed in 2009 for a total volume of €125.5 million and another 5,977 contracted to sell for €257.4 million.
Vacancy
- Overall vacancy of 4.9% at year end 2009, in line with our target.
- Excluding units held for condo sales, our vacancy rate was 4.8%.
Cost
We reduced our average management cost per unit by 3.9% to €391.
