Deutsche Konsum REIT (DKG) Q3 2026 earnings summary

Executive summary

• Daniel Löhken, appointed CEO on 1 July 2026, prioritized restructuring execution, balance-sheet strengthening, improved financing and active portfolio management.

• Restructuring included a mixed cash and non-cash capital increase, raising share capital to 109.9 million shares, and a EUR 119 million debt-to-equity swap.

• Property sales since restructuring began totaled EUR 78 million, with further disposals planned.

• Portfolio revaluation resulted in a EUR 41.6 million loss, reflecting a 5.7% decrease.

Financial highlights

• 9M rental income was EUR 47.99 million, down 8.9% year-over-year, primarily due to property disposals; net rental income declined 2.1% to EUR 29.18 million.

• FFO rose 46.2% to EUR 14.46 million and aFFO more than doubled to EUR 13.03 million, driven by lower interest costs; FFO per share fell 24% to EUR 0.18 after the capital increase.

• Net loss improved to EUR 25.68 million from EUR 32.61 million; undiluted EPS improved to EUR -0.32 from EUR -0.78.

• Interest expense fell EUR 8 million to EUR 10.7 million.

Outlook and guidance

• Planned property disposals remain central to restructuring, with sales of up to EUR 220 million targeted over the next 15 months; management expects to complete required sales and remain on track with the plan.

• Full-year rental income is expected to decline to EUR 58–63 million due to disposals.

• FFO is forecast to increase moderately, subject to the timing and economics of property sales.

• Vacancy may rise slightly, while WALT is expected to remain stable.