Fair Value REIT-AG

EANS-News: Fair Value REIT-AG
Fair Value REIT-AG increases operating result and proposes dividend of EUR 0.10 per share

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.

annual report/annual result

München (euro adhoc) - Fair Value REIT-AG increases operating result and
proposes dividend of EUR 0.10 per share
* Funds from operations (FFO) up 8% on forecast to EUR 5.6 million (previous
year: EUR 5.5 million)
* Consolidated net income of EUR 1.2 million (previous year: EUR 4.6 million) 
* Proposed dividend of EUR 0.10 per share (previous year: EUR 0.08 per share)
* REIT equity ratio increases to 52.6% (previous year: 50.7%)

Munich, March 27, 2013 - Fair Value REIT-AG achieved net sales of EUR 13.6
million for the financial year 2012 (previous year: EUR 13.4 million), while net
rental income for the Group came in at EUR 8.4 million (previous year: EUR 8.8
million). The operating result (EBIT) was recorded at around EUR 5.9 million
after EUR 6.7 million in the previous year. Income from participations totalled
EUR 1.2 million (previous year: EUR 3.2 million). This fall is primarily
attributable to the reduced market values of two properties.

Consolidated net income adjusted for changes in market value and other one-off
effects (in accordance with EPRA), which is also funds from operations (FFO),
totalled EUR 5.6 million or EUR 0.60 per share. This was around 2% up on the
previous year figure of EUR 5.5 million. The forecast of EUR 5.2 million, most
recently revised upwards in August 2012, was therefore exceeded by 8%.

In the year under review, however, consolidated net income fell to EUR 1.2
million after EUR 4.6 million in the previous year. The reduction by around EUR
3.4 million was attributable to the valuation loss at individual properties, to
increased letting costs and to changes of the market values of interest rate
derivatives recognised in profit or loss. 

On the balance sheet date, consolidated equity came in at EUR 77.4 million
(December 31, 2011: EUR 76.9 million). The balance sheet net asset value
increased from EUR 8.25 to EUR 8.30 per share in circulation. Taking into
consideration the minority interests in subsidiaries, the equity ratio pursuant
to § 15 of the REIT Act rose to 52.6% of immovable assets (December 31, 2011:

Retained earnings reported in the non-consolidated financial statements of Fair
Value REIT-AG under the German Commercial Code (HGB) reached EUR 1.0 million
(previous year: EUR 0.8 million). The Management Board and Supervisory Board
will propose a dividend payment of EUR 0.10 per share for the financial year
2012 at the Annual General Meeting on May 16, 2013. This represents a pay-out
ratio of 93.6% of retained earnings.

Frank Schaich, CEO of Fair Value REIT-AG, commented on the Group's business
development: "In 2012, Fair Value REIT-AG was again able to sustain the stable
development of its operating business. High occupancy rates averaging around 95%
have shaped the results of all business years since our listing on the stock
exchange in 2007."

FFO of EUR 5.3 million or EUR 0.57 per share is anticipated for 2013, with
forecasts suggesting an adjusted consolidated net income figure of EUR 5.6
million or EUR 0.60 per share for Fair Value in 2013.

"In the financial years 2013 and 2014, our total revenues will fall as planned,
as we are aiming to make the most of the high demand for real estate already
seen in 2012 for further property sales. In addition, our forecast plans for
renewal agreements at partially lower market rents. These falls are however
largely offset due to the continued highly favourable interest rate level, so
that we can also anticipate FFO results on a par with previous years in the
coming couple of years," explains Schaich, referring to the Company's guidance.

With respect to the non-consolidated financial statements of Fair Value REIT-AG
under the German Commercial Code, the Management Board is anticipating net
income which enables a rising dividend payment of EUR 0.12 per share in 2013 and

The Annual Report with the complete consolidated financial statements of Fair
Value REIT-AG for the financial year 2012 is now available in the Financial
Reports section of www.fvreit.de. 

Selected financial indicators of Fair Value REIT-AG 

                                      2012                2011*
IFRS-Consolidated net income          EUR 1.2 million     EUR 4.6 million
IFRS-EPS / result per share           EUR 0.13            EUR 0.49
Adjusted consolidated net income
(in accordance with EPRA)/FFO         EUR 5.6 million     EUR 5.5 million
EPRA EPS /FFO per share               EUR 0.60            EUR 0.59

                                      12/31/2012          12/31/2011
Net asset value per share             EUR 8.30            EUR 8.25
Equity ratio within the meaning
of section 15 of the REIT act         52.6%               50.7%

*Year adjusted after voluntary change to the accounting method in line with IAS
8 (see Note 2b in the notes section  of the Annual report 2012)

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

As of December 31, 2012, Fair Value's share of the total portfolio amounted to
around EUR 213 million. This portfolio had an occupancy rate of 94.4% of the
achievable rents at full occupancy of EUR 18.9 million per annum. As of December
31, 2012, the weighted remaining term of the leases was 5.7 years. Around 43% of
the potential rent relates to retail floor space, 42% to office space and 15% to
other types of use.

Further inquiry note:
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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