14/03/2008 | Ad-hoc Disclosure

Fair Value REIT-AG publishes preliminary figures for 2007

Munich, March 14, 2008 – Fair Value REIT-AG published its preliminary figures for fiscal
year 2007 today. The Fair Value Group recorded rental income of EUR 4.3 million. The
Sparkasse portfolio acquired as a direct investment in the fourth quarter of 2007 only
resulted in minor revenues as the risks and rewards were only transferred as of
December 21, 2007. Net rental income after property-related expenses totaled EUR 2.5
million. This income thus primarily stems from majority interests in closed-end real estate
funds that were fully consolidated for the first time on September 30, 2007.

Earnings from associated companies were carried in the financial result after inclusion of
impairment to take ongoing fund-specific costs into account. Other key items of the financial
result are net interest expenses, minority interests and one-off costs of EUR 1.8 million for
last year's stock exchange listing. The financial result thus totaled EUR 3.5 million in fiscal
year 2007.

After deducting general administrative expenses and one-off expenses for establishing the
REIT as well as other consulting costs, the Fair Value Group recorded net income for the
year of EUR 1.6 million (IFRS). This corresponds to weighted earnings per share (IFRS) of
EUR 0.68.

As of December 31, 2007, the Fair Value Group's equity amounted to EUR 94.5 million. This
also corresponds to the company's net asset value. The NAV per share on the balance sheet
date thus totaled EUR 10.05 based on the 9,406,882 shares in circulation. The increased
market values of the real estate proportionately due to Fair Value have had a positive impact
on NAV. Compared to December 31, 2006 (reference date for the fund investments)
respectively the initial carrying amounts (Sparkasse portfolio) these were up 2.4% from
EUR 269 million to EUR 275 million.

The final figures are expected to be published together with the 2007 annual report on April 15, 2008 on the Web site www.fair-value-reit.de.
 

Download PDF

2008