Berlin-based residential property investor GSW’s consolidated first-half net income fell to €25m, compared with €28.8 in H1 2011. Furthermore, GSW’s EBIT fell to €66.3m in the first half of 2012.
However, the firm points out that the decline was due to its sale of BMH Berlin Mediahaus asset. Adjusted for this, the results and the adjusted EBITDA was up 11.6% at €66m and in line with forecasts. The adjusted EBIT was up by €10m.
The company’s FFO excluding disposals rose 12.4% to €32.6m.
“This increase is primarily due to improved net rental income as a result of higher rents, a lower vacancy rate and good results from disposals,” said Jörg Schwagenscheidt, member of the board of management of GSW Immobilien AG.
GSW Immobilien’s net rental income increased by 13.3% to €78.9m in H1 2012 compared with the same period in 2011. The company’s vacancy rate declined to 3.2% during the first six months of 2012 and in-place rents rose by 4% to €5.14m per month.
