GSW Immobilien AG reported a plunge in its first-quarter 2012 consolidated net income to 8.7 million euros, from 33.2 million euros in the previous year.
However, consolidated net income in 2011 was mainly influenced by the sale of BMH in the amount of 25.4 million euros. Adjusted for this one-off effect, consolidated net income recorded an improvement of 11.5 percent to 8.7 million euros during the recent quarter.
The figure relevant to the dividend, FFO I, excluding sales result, climbed 13.6 percent to 15.0 million euros or 0.37 euros per share, in line with GSW's forecasts for this period, as a result of the good operating performance and the larger portfolio as compared to the same quarter of the previous year.
Net rental income rose around 14.1 percent year-over-year to 39.7 million euros. The main factors influencing this growth in income were the acquisition of a property portfolio with over 4,800 units in the fourth quarter of 2011, rent increases, and a reduction in the vacancy rate, the company said.
In addition, the Management Board confirmed its funds from operations or FFO I forecast of 59 million euros - 63 million euros for year as a whole.
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