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Place de cotation: Bourse de Luxembourg

Gagfah SA is a Luxembourg-based company, operating in the real estate sector. The Company is engaged in the ownership, management and acquisition of geographically diversified real estate portfolio throughout Germany. It owns a portfolio of more than 172,000 apartments, including 24,000 publicly subsized rent-restricted apartments, in over 350 towns and cities across Germany, with significant concentrations in Dresden and Berlin. In 2008, the Company sold more than 4,700 residential units. Gafgah S.A. operates through numerous subsidiaries and joint ventures, located mainly in Essen, Hanover, Dresden and Berlin. 
 

http://www.gagfah.com



GAGFAH S.A. Financial Results for Q1 2011 

 Please click here to view the pdf version of this release

Luxembourg, May 19, 2011 – GAGFAH S.A. (Frankfurt Stock Exchange: GFJ) today announced its financial results for the first quarter 2011.

William Joseph Brennan, CEO of GAGFAH S.A.’s German subsidiaries: “GAGFAH has delivered another stable quarter of earnings. For the first quarter 2011, GAGFAH produced 54.1 million Euros of FFO, equalling 24 cents per share on a portfolio of 12,600 fewer units, due to sales. The core rental business contributed 13 cents, with 11 cents coming from our sales channel. Q1 2010 produced FFO of 21 cents, of which 20 cents came from the rentals business line. 

With 155,000 units, GAGFAH is the largest listed residential property company in Germany. As reflected in our key financial and operational metrics, the business is stable and healthy. Our Q1 2011 asset values hold steady on a portfolio worth 8.5 billion in total, our margin of 50.2% is stable. Our annualized same store rent growth came in at 1.7%, vacancy was 5.4%, and our tenant turnover was 11%, with our tenants remaining on average 11 years in their apartments. All in line with both our expectations, as well as the stable, normalised historical levels for GAGFAH. 
 
 

 

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