Fair Value REIT-AG / Quarter Results 02.06.2008 Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- - Revenues total 3.33 million - Consolidated net income after three months of 0.35 million Munich, June 2, 2008 Fair Value REIT-AG, to date Germany's only 'upstream REIT', publishes its quarterly report for the first three months of the current fiscal year today. The company recorded revenues in the first quarter of 2008 totaling 3.33 million. Of this total, 2.45 million stemmed from the fully consolidated majority participations in five closed-end real estate funds. A further 0.87 million resulted from Fair Value's portfolio of directly held properties. Net rental income totaled 2.76 million. A comparison with Q1 2007 is not meaningful, as the company only commenced its operating activities at the start of the fourth quarter of 2007. Fair Value REIT-AG also records further sustained income from its minority participations in a current total of eight closed-end real estate funds (associated companies). This income from equity-accounted participations totaled 0.42 million in the period under review and was carried under the financial result. A special feature of the first quarter was the expense from the market valuation of interest rate hedges in the amount of 0.95 million (Fair Value's proportion: 0.87 million). After taking minority interests and the net interest expense into account, the financial result in the first quarter was -1.52 million. In total, Fair Value REIT-AG thus recorded consolidated net income (IFRS) of around 0.35 million in the first quarter of 2008. Earnings per share thus totaled 0.04. Frank Schaich, Fair Value REIT-AG's CEO is very pleased with the company's results: 'Our business is growing on track. We have been able to lift our rental income substantially compared to Q4 2007. Consolidated net income in the first quarter of 2008 of 1.2 million after adjustment for the market valuation of interest rate hedges confirms that our portfolio generates sustained earnings.' The Managing Board is forecasting a further increase in earnings after the completion of an office property at Düsseldorf airport in July 2008. 'The excellent location in the direct proximity of the terminal means that rentals are progressing rapidly. This will create the basis for our further growth,' Frank Schaich went on to say. Fair Value's positive growth can also be seen on its balance sheet. Compared to December 31, 2007, the company's total assets have increased by around 3.91 million to 234.27 million as a result of the incurred acquisition costs for the office property in Düsseldorf. As of March 31, 2007, Fair Value REIT-AG had equity of around 95.0 million. Net Asset Value (NAV) per share totaled 10.10, up slightly by 0.06 compared to December 31, 2007. The full Q1 report will be published today on the Web site www.fvreit.de in the Investor Relations section. Contact Investor & Media Relations cometis AG Ulrich Wiehle Tel.: +49(0)611 205855-11 Fax: +49(0)611 205855-66 e-mail: wiehle@cometis.de Company profile Munich-based Fair Value REIT-AG focuses on the acquisition, rental, property management and sale of commercial properties in Germany. Its investment activities focus primarily on offices, logistics and retail properties in German regional centers. As a REIT-AG, Fair Value is not subject to corporation or trade tax and benefits from the exit tax privilege when purchasing properties. Fair Value's USP is that in addition to investing directly in real estate it also acquires interests in closed-end real estate funds. In its 'Participations' segment Fair Value currently owns interests in 13 closed end real estate funds with a highly diversified portfolio of 49 properties. The rental area of this portfolio totals 422,503 m² and had a market value of around EUR 558 million as of December 31, 2007 (Fair Value's interest in this portfolio currently totals around EUR 225 million). In its 'Direct Investments' segment, Fair Value acquired a portfolio of 32 commercial properties in the federal state of Schleswig-Holstein with a rental area of 43,113 m², mostly used as bank branches. These properties had a total market value of around EUR 50 million as of December 31, 2007. As of December 31, 2007, the total portfolio which has a proportionate market value of EUR 275 million for Fair Value, had an economic occupancy level of more than 96% of the possible annual rent of around EUR 22 million. Around 47% of rental income stems from offices, 40% from retail facilities, 8% is from logistics facilities and 5% from other facilities. DGAP 02.06.2008 --------------------------------------------------------------------------- Language: English Issuer: Fair Value REIT-AG Leopoldstraße 244 80807 München Deutschland Phone: +49 (0)89 9292 815-01 Fax: +49 (0)89 9292 815-15 E-mail: info@fair-value-reit.de Internet: www.fair-value-reit.de ISIN: DE000A0MW975 WKN: A0MW97 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Stuttgart, München End of News DGAP News-Service ---------------------------------------------------------------------------
DGAP-News: Fair Value REIT-AG enjoys highly successful Q1 2008
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