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DEMIRE Deutsche Mittelstand Real Estate (DMRE) investor relations material
DEMIRE Deutsche Mittelstand Real Estate Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered robust results for the first nine months of 2025 despite a smaller portfolio and challenging real estate markets, with annualized contractual rent at €53.9 million as of 30 September 2025, down from €56.4 million at year-end 2024 due to disposals.
Rental income declined 18.2% year-over-year to €41.4 million due to asset disposals and increased vacancies, particularly in Bonn.
FFO I dropped 63.8% to €8.3 million, reflecting lower rental income and higher interest expenses.
Strategic asset disposals generated around €43 million in proceeds, enhancing financial flexibility.
All mortgage loans maturing in 2025 have been extended by at least three years; Gold Awards achieved for EPRA reporting and sustainability.
Financial highlights
Rental income for the first nine months of 2025 was €41.4 million, down 18% year-over-year due to asset disposals.
FFO I reached €8.3 million, a 63.8% decrease year-over-year, reflecting the smaller portfolio and higher interest expenses.
EBIT was €-28.1 million and net loss widened to €-60.7 million, mainly due to impairments and higher finance expenses.
Net LTV increased to 43% from 40.9% at year-end 2024.
G&A expenses reduced from €9.1 million to €7.8 million for the period.
Outlook and guidance
Full-year 2025 guidance maintained: rental income expected at €52–54 million and FFO I at €5–7 million.
Q4 FFO I expected to be negatively impacted by higher maintenance costs.
No early partial bond repayment planned for year-end; opportunities anticipated in the following year.
Executive Board expects to remain within all bond covenants.
Focus remains on debt reduction, financial optimization, and selective asset sales.
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