The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Stephan Bonhage - B. Metzler seel. Sohn & Co. AG - Analyst
: Can you here me?
Question: Stephan Bonhage - B. Metzler seel. Sohn & Co. AG - Analyst
: Okay, great.
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MAY 12, 2021 / 8:00AM, DKG.DE - Q2 2021 Deutsche Konsum REIT AG Earnings Call
Question: Stephan Bonhage - B. Metzler seel. Sohn & Co. AG - Analyst
: On the acquisition volume for this year, I mean, we are now in the second half of your fiscal year. And I would assume that you already have some
visibility regarding the acquisition pipeline for the remaining year. And in the previous years, you and we're able to acquire a triple-digit million
amounts of properties. Would you say that a triple-digit million amount of properties would be also able for this year with regard to the acquisition
volume?
And my second question would be on the like-for-like rental growth in the coming quarters. The inflation rate in Germany is currently at roughly
about a 10%. So could we assume or can you give a rough indication regarding the like-for-like rental growth, CPI linked for the coming quarters,
Question: Stephan Bonhage - B. Metzler seel. Sohn & Co. AG - Analyst
: Okay, I understand. Thank you.
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MAY 12, 2021 / 8:00AM, DKG.DE - Q2 2021 Deutsche Konsum REIT AG Earnings Call
Question: Manuel Martin - DDO BHF AG - Analyst
: Yes, thank you. Hello, Rolf. Good morning. Two questions from my side, please. One question is regarding the cash management that you have
within your company.
Can you give us an update on the loans that you are giving within your cash management to come in terms of potential default risks? I mean, we
are now in an interest environment, which becomes a bit unfriendly, cost inflation, et cetera. Maybe you can tell us something about that please?
Question: Manuel Martin - DDO BHF AG - Analyst
: Okay. Thanks. The second question would be on the overall environment. What could be the potential effect on your portfolio in your company
when it comes to rising interest rates, supply chain disruptions, and cost inflation? When of course, in terms of inflation-linked rental contracts
that's favorable, that's -- are you going to see some side effects on your portfolio on your business, or refinancing situation in general?
Question: Manuel Martin - DDO BHF AG - Analyst
: Okay. Okay. That's clear. Thanks. My last question might be actually related to your responses when it comes to property valuations. But could you
give us a couple of words on how you see the transaction market right now? If are buyers a bit more reluctant, due diligence becoming longer, or
seller that's not really willing to sell, or what do you see there in the market?
Question: Manuel Martin - DDO BHF AG - Analyst
: Okay, thank you.
Question: Andre Remke - Baader Bank AG - Analyst
: Yeah, good morning, Rolf. Basically, two questions. First, starting on the CPI linked rents. How did you manage to increase the share? If I get it
correct, up within one quarter from 75% to 83% for your total contract. Was it a function of acquisition and disposals, or by renewals?
So I'm a bit surprised by such a huge step. I assume that existing tenants are not really willing to accept the change in the new contract towards
CPI linked, right?
Question: Andre Remke - Baader Bank AG - Analyst
: Excellent. And would you assume that -- or what could be your -- roughly, a ratio which you are targeting for? Probably not reaching 100% as you
acquired also a non-CPI-linked contracts, but is it at 85% and stop there or 90%? So just to give some rough indication on that.
Question: Andre Remke - Baader Bank AG - Analyst
: Okay. Then the second question on financing costs, could you provide any indication from current point of view, especially when it comes to the
maturities in this year. So I would guess for new financing, you would focus on bank financing again, or it's also other type of financing, promissory
notes, et cetera, or is this market completely close at the moment?
Question: Andre Remke - Baader Bank AG - Analyst
: And could you give us a margin of our financing costs for current contracts?
Question: Andre Remke - Baader Bank AG - Analyst
:
Question: Andre Remke - Baader Bank AG - Analyst
: (multiple speakers) Because -- I'm asking because the 10-year Eurobond is currently at 1.7%, so there's virtually no margin for the banks. So I'm a
bit surprised you are telling us.
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MAY 12, 2021 / 8:00AM, DKG.DE - Q2 2021 Deutsche Konsum REIT AG Earnings Call
Question: Andre Remke - Baader Bank AG - Analyst
: Okay. Perfect. Perfect for you. Okay. Thanks. That's from my side.
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