Fair Value REIT-AG

EANS-News: Fair Value REIT-AG
Fair Value REIT-AG ends first quarter of 2012 successfully and confirms forecast for the year as a whole

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quarterly report/3-month report

München (euro adhoc) - Fair Value REIT-AG ends first quarter of 2012
successfully and confirms forecast for the year as a whole 

* IFRS consolidated net income of EUR 1.4 million (previous year: EUR 1.8
* Adjusted consolidated net income according to EPRA / FFO increases by 8% to
EUR 1.4 million
* REIT equity ratio increases to 51.5%

Munich, May 10, 2012 - Fair Value REIT-AG has made a successful start to the
financial year 2012 and generated consolidated net income as per IFRS of EUR 1.4
million, or EUR 0.15 per share, in the first quarter. The decline from the
previous year's figure of EUR 1.8 million, or EUR 0.20 per share, results mainly
from the fact that in the first quarter of 2011 there was a relatively robust
increase, posted through profit and loss, in the market value of interest rate
hedges at the equity-accounted participations.

The Fair Value Group's operating result, adjusted for changes in market values
(EPRA earnings or FFO), totalled EUR 1.4 million in the first quarter of 2012,
some 8% higher than in the previous year (EUR 1.3 million). This corresponds to
earnings of EUR 0.15 per share (same quarter last year: EUR 0.14).

Total revenues in the first three months of 2012 amounted to EUR 3.3 million,
thereby exceeding the previous year's total by EUR 0.1 million or 3%. This
slight increase results from the balance of higher rental income and lower
income from ancillary costs allocations. The occupancy rate of the properties
held by the Group and its participations increased slightly, proportionate to
Fair Value, from 93.8% to 94.2% in the quarter under review. The remaining terms
of the lease agreements averaged 5.8 years as of the reporting date March 31,

Net rental income in the first quarter amounted to EUR 2.1 million, representing
an increase of some EUR 0.2 million, or 9%, compared with the corresponding
quarter last year (EUR 1.9 million). The increase resulted from higher net sales
accompanied by lower real-estate-related expenses. The operating result of EUR
1.5 million was EUR 0.2 million, or 25%, higher than in the first three months
of 2011 (EUR 1.2 million).

Earnings from the equity-accounted associated companies, on the other hand, was
down by EUR 0.5 million or 25%. The change compared with the previous year's
figure is attributable solely to the changes in the market values of interest
rate hedges shown in the income statement. This resulted in a liquidity-neutral
positive contribution to operating earnings totalling EUR 0.1 million in the
quarter under review (previous year: EUR 0.6 million)

Group equity totalled EUR 78.7 million as of March 31, 2012. This means that the
balance sheet net asset value per share in circulation increased by 2% to EUR
8.44 per share in the first three months of the year (December 31, 2011: EUR
8.31). The equity ratio as per paragraph 15 of the German REIT Act increased
further to 51.5% of the immovable assets (December 31, 2011: 51.0%).

Frank Schaich, CEO of Fair Value REIT-AG, commented on the Group's development
of business in the first quarter as follows: "We regard our business development
and the positive results achieved in the first quarter as confirmation of our
projections and as a solid starting point for the remainder of the year. That is
why we are reiterating our forecast of adjusted consolidated net income of EUR
4.8 million, or EUR 0.52 per share, for 2012 as a whole."

The Interim Report First Quarter 2012 is now available in the Financial Reports
section of {www.fvreit.de}[HYPERLINK:

Selected financial indicators of Fair Value REIT-AG 

                            1/1 - 3/31/2012             1/1 - 3/31/2011
Rental revenues            EUR 2.879 million           EUR 2.576 million
EBIT                       EUR 1.462 million           EUR 1.213 million
Result from
investments                EUR 1.418 million           EUR 1.896 million
net income                 EUR 1.358 million           EUR 1.828 million
IFRS-EPS                   EUR 0.15                    EUR 0.20 
Adjusted consolidated
(EPRA-Earnings)/FFO        EUR E 1.441 million         EUR 1.344 million
EPRA EPS                   EUR 0.15                    EUR 0.14 

                            March 31, 2012             December 31, 2011
Net asset value per share  EUR 8.44                    EUR 8.31 
EPRA-NAV per share         EUR 9.41                    EUR 9.27 
Equity ratio within 

the meaning of section 15 
of the REIT act               51.5%                       51.0%

Corporate profile

Fair Value REIT-AG, based in Munich, focuses on the acquisition, leasing,
property management and sale of commercial properties in Germany. At the core of
its investment activities are office and retail properties in German regional
centres. Because of its REIT status, Fair Value is exempt from corporation and
trade tax. In addition to investing in real estate directly, Fair Value also
acquires participations in real estate partnerships. 

Through direct investments and subsidiaries, Fair Value Group manages a
portfolio of 49 commercial properties with a total leasable floor space of
around 161,000 square metres and a market value of around EUR 129 million as of
March 31, 2012. Fair Value's share of these investments amounted to around EUR
94 million on the same date.

In addition, Fair Value REIT-AG holds minority interests in six closed-end real
estate partnerships with holdings in 23 commercial properties with a total
leasable floor space of around 269,000 square metres. As of December 31, 2011,
the total market value of these properties was around EUR 358 million. (Fair
Value's share of this amounted to around EUR 128 million on March 31, 2012). 

As of March 31, 2012, Fair Value's share of the total portfolio amounted to
around EUR 222 million. This portfolio had an occupancy rate of 94.2% of the
achievable rents at full occupancy of EUR 19.7 million per annum. As of March
31, 2012, the weighted remaining term of the leases was 5.8 years. Around 44% of
the potential rent relates to retail floor space, 42% to office space and 14% to
other facilities.

Further inquiry note:
{Fair}[HYPERLINK: mailto:Fair] Value REIT-AG
Frank Schaich
Tel.  089-9292815-10
Fax. 089-9292815-15
e-mail: schaich@fvreit.de

end of announcement                               euro adhoc 

company:     Fair Value REIT-AG
             Leopoldstraße 244
             D-80807 München
phone:       +49 (0) 89 9292815 01
FAX:         +49 (0) 89 9292815 15
mail:     info@fvreit.de
WWW:      http://www.fvreit.de
sector:      Real Estate
ISIN:        DE000A0MW975
indexes:     CDAX, Classic All Share, Prime All Share, RX REIT All Share Index,
             RX REIT Index
stockmarkets: free trade: Berlin, München, Düsseldorf, Stuttgart, regulated
             dealing/prime standard: Frankfurt 
language:   English

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