POLIS again achieves improved annual result
POLIS has successfully expanded its business in 2019. The annual result reached EUR 63.3 million (before taxes) – the highest figure in the company’s history. The Funds From Operations (FFO) increased by approximately 16% year-on-year to EUR 9.54 million. Increased rental income and acquisitions contributed to this in particular.
In the year 2019, POLIS was particularly successful in its letting activities – the most important prerequisite for stable earnings in the current financial year. With a total portfolio of 192,300 sqm, more than 7,000 sqm were newly let and lease extensions were concluded for approximately 22,000 sqm. The average lease term (WALT) increased to 4.3 years – with an occupancy rate of more than 96 percent.
Dr Michael Piontek, CFO, comments: “In the past financial year, we were again able to achieve a very good overall result. Even in the current crisis caused by the corona virus, we see only minor risks for POLIS at best. The accumulated rent arrears as a result of the corona situation amount to less than 0.8% of the annualized annual rent. This is primarily due to the good credit ratings of our tenants, our solid capitalization, the consolidated shareholder structure with long-term investors and our longstanding high occupancy rate”.
The company’s COO Mathias Gross says: “The basis of our profitability is our portfolio, which has grown over the years and which we are adapting to the changing needs of office tenants through our active property management and targeted investments in new technical standards. We intend to grow this year and next year by making further acquisitions, particularly in eastern Germany”.
You can find out more in the Annual Report 2019, which you can download here: