Phoenix Spree Deutschland reports a strong 2017 – Phoenix Spree Deutschland (PSDL), the UK listed investment company specialising in Berlin residential real estate, has reported EPRA NAV per share grew by 50.5% to €4.11 (£3.65) at 31 December 2017 (31 December 2016: €2.73 (£2.33)).
Highlights of the company’s full year results for the year ended 31 December 2017
- EPRA NAV per share grew by 50.5% to €4.11 (£3.65) at 31 December 2017 (31 December 2016: €2.73 (£2.33)).
- EPRA total return per share of 53.0% for the year (2016: 22.5%).
- IFRS NAV per share grew by 56.5% to €3.96 (£3.52) at 31 December 2017 (31 December 2016: €2.53 (£2.16)).
- Gross rental income up 13.5% year-on-year to €18.1 million (2016: €15.9m).
- Profit before tax up 183.3% to €138.5 million (2016: €48.9 million).
- Net loan to value of 32.0% at 31 December 2017 (31 December 2016: 39.4%). All of the Group’s debt has been refinanced within previous 18 months.
- New debt of €57.8 million signed during 2017. Average debt maturity now exceeds eight years. Average interest rate 2.1%.
- Final dividend per share of €5.0 cents (GBP: 4.4p), giving a total dividend per share of €7.3 cents (GBP: 6.4p) for 2017 (2016: €6.3 cents (GBP: 5.3p)).