Speymill Deutsche Immobilien Company plc (SDIC.L), the pan-German residential property investment company listed on AIM, is pleased to announce its interim results for the six months to December 31, 2008.
SDIC property values stable slight decrease in portfolio value of 0.7% to 1,482 million, equating to a 6.5% valuation yield on current net rents as of December 31, 2008
EPRA NAV down 3% to 1.03 per share (IFRS NAV down 28% to 0.89 per share largely due to interest rate swaps mark-down of 102 million)
Interest rate swaps mark-down has no cash impact on the Company or effect on its debt covenants
LTV ratio including cash of 74.2%, as of December 31, 2008
No refinancing in the near future average debt maturity of 5.4 years with earliest maturing debt due in late 2013. All debt is fully hedged at an average fixed interest rate of 4.72%
Total cash of 62.9 million as at December 31, 2008, 38.2 million of which is uncommitted
FFO loss of 335,000 due to higher vacancy level, a result of the continuing refurbishment program
Refurbishment program 66% complete as of December 31, 2008 and expected to be substantially completed by July 2009
On completion of the refurbishment program vacancies should reduce which will also have a positive impact on the portfolio value
Raymond Apsey, Chairman of SDIC, said: "The Manager considers German residential property to be one of the most favorably positioned sectors for 2009 and that the German residential property market should hold its value well over the coming months. Valuations should also benefit from the completion of the refurbishment program and the reduction in vacancies occasioned by this. The Board, its Manager and Investment Adviser will continue to work towards achieving the Company's investment objectives on behalf of shareholders."