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  • REITs: News
    The key publication dates for companies in the real estate sector SEPTEMBER 2008 01 09 Design Bau Half year report 12 09 Design Bau Annual General Meeting OCTOBER 2008 06 08 10 Expo Real Munich 20 10 IIA Annual Conference Frankfurt NOVEMBER 2008 05 11 GWB Nine month report Polis Nine month report 06 11 IVG Nine month report 11 11 Patrizia Nine month report 13 11 Bauverein zu Hamburg

    Original URL path: http://reits-in-deutschland.de/en/wissen/news/news/1860/1.html?no_cache=1 (2016-02-17)
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  • REITs: News
    Nine month report Deutsche EuroShop Nine month report Hamborner Nine month report 19 11 Alstria Nine month report 27 11 Deutsche Wohnen AG Nine month report 28 11 Fair Value Nine month report Also in November dates not yet specified AIG Nine month report Franconofurt Nine month report FranconoRheinMain Nine month report DIC Asset Nine month report Real estate companies can email details of their publication dates to the editorial

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  • REITs: Financial calendar
    Conference Frankfurt NOVEMBER 2008 05 11 GWB Nine month report Polis Nine month report 06 11 IVG Nine month report 11 11 Patrizia Nine month report 13 11 Bauverein zu Hamburg Nine month report TAG Nine month report Vivacon Nine month report 14 11 Colonia Nine month report Deutsche EuroShop Nine month report Hamborner Nine month report 19 11 Alstria Nine month report 27 11 Deutsche Wohnen AG Nine month

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  • REITs: Pre-REIT villa specialist aims to expand
    announcement by the Berlin based company whose shares are currently listed on the Open Market Freiverkehr This is why the profit is not to be fully paid out the Annual General Meeting will vote on a dividend of EUR 0 10 per share on 18 August 2009 CR Capital Real Estate cites the management of exclusive residential and commercial property in the Berlin area as its core business Accordingly its

    Original URL path: http://reits-in-deutschland.de/en/news/news/2413/1/1.html?no_cache=1&print=1 (2016-02-17)
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  • REITs: Recovery for former whipping boys
    the street when Rolf Elgeti took the helm at Hamburg based TAG Immobilien AG in mid 2009 Like many others in the sector the company had hit troubled waters in the wake of the financial crisis Write downs on its property portfolio and concerns regarding the viability of its financing structure dominated discussions about the company If one takes the performance of the share price in 2009 as an indicator Rolfinator seems actually to have made a good job of it With growth of 126 1 per cent shares in TAG Immobilien top the performance rankings of major German real estate shares shares listed in the M and S DAX as well as the two German REIT AGs The two stock exchange heavyweights IVG Immobilien and Deutsche Euroshop rank at the bottom end of the scale While the sector s former No 1 IVG is still in the midst of restructuring and refocusing its strategy operations at Deutsche Euroshop are largely stable Unlike most real estate shares shares in the shopping centre specialist did not lose quite so much in value in 2007 and 2008 In the light of the massive losses during the previous two years shares have risen

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  • REITs: News
    from the balance sheet which means that the figures carried in the balance sheet should match those in the general financial reporting or it should be possible to reconcile the two sets of figures Moreover changes in the value of investment properties compared to the previous year must be explained in the notes to the financial statements Epra requires the external valuation to take place at least once a year as of the reporting date year end However it is expressly advised that a complete external valuation should be carried out at least twice a year The assumptions on which the valuation is based should be explained For example if the valuation uses the discounted cash flow method details of the average growth rates discount interest rates and exit yields must be given It is indeed debatable whether accounting using the fair value model is fundamentally the better and more transparent method as the cost model also calls for the fair values of the property to be indicated in the notes to the financial statements and the values are therefore transparent However the fair value model has proven to be best practice in the capital market and Epra is merely

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  • REITs: News
    the recurring profit or sustainable cash flow recurring FFO However high valuation gains can fuel the desire of shareholders for higher dividends It is often very difficult to convey to shareholders that these revaluation gains only occur in the IFRS consolidated financial statements and that the financial statements of the individual European companies which are prepared in accordance with local national commercial legislation and form the legal basis for the dividend distribution generally prescribe the cost model and consequently no revaluation gains arise at all Dr Wilhelm Breuer has a degree in business administration and is a founder member of the Epra Best Practices Committee and was therefore significantly involved in drawing up the Best Practices Recommendations aimed at harmonising the reporting standards of publicly traded real estate companies in Europe Overall Dr Breuer sat on the Best Practices Committee from 2000 2007 He is also a member of the Real Estate Expert Group of the DVFA Society of Investment Professionals in Germany and author of numerous publications on the subject of investor relations REITs and capital market oriented accounting controlling He is a founder member of the Real Estate Share Initiative Initiative Immobilienaktie From 1997 to 2008 he was

    Original URL path: http://reits-in-deutschland.de/en/news/news/2136/3/1.html?no_cache=1 (2016-02-17)
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  • REITs: EPRA Best Practices Recommendations
    quantification of such variances If the values stated in the balance sheet differ materially from the values determined by the valuers the difference and the main reasons for this must also be explained In addition the value of the whole property portfolio should be directly evident from the balance sheet which means that the figures carried in the balance sheet should match those in the general financial reporting or it should be possible to reconcile the two sets of figures Moreover changes in the value of investment properties compared to the previous year must be explained in the notes to the financial statements Epra requires the external valuation to take place at least once a year as of the reporting date year end However it is expressly advised that a complete external valuation should be carried out at least twice a year The assumptions on which the valuation is based should be explained For example if the valuation uses the discounted cash flow method details of the average growth rates discount interest rates and exit yields must be given It is indeed debatable whether accounting using the fair value model is fundamentally the better and more transparent method as the cost model also calls for the fair values of the property to be indicated in the notes to the financial statements and the values are therefore transparent However the fair value model has proven to be best practice in the capital market and Epra is merely codifying market practice The application of the fair value model means that the revaluation gains and losses have to be reported in the income statement as income or expenses quarterly This not only makes the results more volatile but also means that in declining property markets such as now the non cash revaluation losses

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