EANS-News: Fair Value REIT-AG / Fair Value REIT-AG achieves substantial growth in earnings in 2011 according to preliminary figures and pays out dividend

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annual result/preliminary figures

München (euro adhoc) - Fair Value REIT-AG achieves substantial growth
in earnings in 2011 according to preliminary figures and pays out
dividend

* Consolidated net income up EUR 2.4 million to EUR 4.6 million
(previous year: EUR 2.2 million) * Funds from operations (FFO) total
EUR 5.6 million as anticipated (previous year: EUR 5.8 million) *
REIT equity ratio increases to 50.8% (previous year: 49.4%) *
Dividend of EUR 0.08 per share planned for 2011

Munich, February 27, 2012 - According to preliminary figures, Fair
Value REIT-AG achieved net sales of EUR 13.3 million for the
financial year 2011 in line with its planning (previous year: EUR
14.4 million). Net rental income for the Group therefore came in at
EUR 8.7 million (previous year: EUR 9.5 million).

The operating result (EBIT) rose by around EUR 3.8 million to EUR 6.7
million and was therefore substantially up on the previous year
figure of EUR 2.9 million. This rise in earnings was primarily due to
the considerably improved valuation result year-on-year as part of
the market valuation of the Group's real estate portfolio.

In contrast, income from participations at associated companies
totalled EUR 3.3 million, around EUR 0.6 million down on the previous
year figure of EUR 3.9 million. This was due to valuation losses of
the real estate at these companies following write-downs on some
buildings with soon-to-expire lease agreements.

The valuation result of the real estate on the balance sheet date
produced a net growth in value of 2.6% for direct ownership, a growth
of 1.1% at subsidiaries and a proportionate valuation loss of 1.8% at
the associated companies. Fair Value's proportionate valuation result
therefore totalled -0.2% (previous year: -2.0%).

During the reporting period, the Company was able to substantially
boost its consolidated net income by EUR 2.4 million to EUR 4.6
million (previous year: EUR 2.2 million). Earnings per share were up
EUR 0.26 to EUR 0.50 per share, compared with EUR 0.24 per share in
the previous year.

Consolidated net income adjusted for changes in market value and
other one-off effects (in accordance with EPRA), which is also funds
from operations (FFO), totalled EUR 5.6 million or EUR 0.60 per
share. This was in line with the full-year forecast revised upwards
in November 2011.

The slight fall in EPRA earnings (FFO) compared to the previous year
figure of EUR 5.8 million came on the back of the disposal of real
estate and individual renewable agreements at lower market rents as
well as the premature release from a lease agreement following the
receipt of a compensation payment.

On the balance sheet date, consolidated equity came in at EUR 76.8
million (December 31, 2010: EUR 74.6 million) according to
preliminary figures. As a result, the balance sheet net asset value
increased from EUR 8.00 to EUR 8.24 per share in circulation. Taking
into consideration the minority interests in subsidiaries, the equity
ratio pursuant to § 15 of the REIT Act rose to 50.8% of immovable
assets (December 31, 2010: 49.6%).

Retained earnings reported in the non-consolidated financial
statements of Fair Value REIT-AG under the German Commercial Code
(HGB) reached EUR 0.8 million (previous year: EUR 1.0 million). This
was due to income from participations falling short of expectations
during the financial year 2011.

Frank Schaich, CEO of Fair Value REIT-AG, on the Group's positive
business development and its effect on the HGB non-consolidated
financial statements: "The markedly improved valuation result of our
real estate compared to the previous year played a substantial role
in achieving the pleasing increase in IFRS consolidated net income
for 2011. This also had a positive effect on the Company's
non-consolidated financial statements. However, the HGB retained
earnings of EUR 0.8 million will only allow a dividend pay-out of
presumably EUR 0.08 per share for 2011."

The final results for the financial year 2011 will be published by
Fair Value REIT-AG on March 29, 2012 in the Financial Reports section
of {www.fvreit.de}[HYPERLINK: file:///Dc-fairvalueServerPresse-Ma
rketingPressemitteilungen2010Corporate%20Newswww.fvreit.de].

Selected financial indicators of Fair Value REIT-AG

2011 2010
IFRS

Consolidated net income EUR 4.6 million EUR 2.2 million
IFRS EPS EUR 0.50 EUR 0.24

Adjusted consolidated
net income (in accordance
with EPRA) - FFO EUR 5.6 million EUR 5.8 million
EPRA EPS EUR 0.60 EUR 0.62

12/31/2011 12/31/2010
Balance sheet NAV
per share EUR 8.24 EUR 8.00
Equity ratio pursuant
to § 15 of the REIT Act 50.8% 49.6%

Corporate profile

Fair Value REIT-AG, based in Munich, focuses on the acquisition,
leasing, property management and sale of commercial properties in
Germany. At the core of its investment activities are office and
retail properties in German regional centres. Because of its REIT
status, Fair Value is exempt from corporation and trade tax. In
addition to investing in real estate directly, Fair Value also
acquires participations in real estate partnerships.

Through direct investments and subsidiaries, the Fair Value Group
manages a portfolio of 50 commercial properties with a total leasable
floor space of around 163,000 square metres and a market value of
around E 130 million as of December 31, 2011. Fair Value's share of
these investments amounted to around E 95 million on the same date.

In addition, Fair Value REIT-AG holds minority interests in six
closed-end real estate partnerships with holdings in 23 commercial
properties with a total leasable floor space of around 269,000 square
metres. As of December 31, 2011, the total market value of these
properties was around E 358 million. (Fair Value's share of this
amounted to around E 128 million on the same date).

As of December 31, 2011, Fair Value's share of the total portfolio
amounted to around E 222 million. This represented an occupancy rate
of 93.8% of the achievable rents at full occupancy of E 19.7 million
per annum. As of December 31, 2011, the weighted remaining term of
the leases was 6.0 years. Around 44% of the potential rent relates to
retail floor space, 42% to office space and 14% to other facilities.

Further inquiry note:
Contact

{Fair}[HYPERLINK: mailto:Fair] Value REIT-AG
Frank Schaich
Tel. +49 (0)89-9292815-10
Fax +49 (0)89-9292815-15
E-mail: schaich@fvreit.de

end of announcement euro adhoc
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company: Fair Value REIT-AG
Leopoldstraße 244
D-80807 München
phone: +49 (0) 89 9292815 01
FAX: +49 (0) 89 9292815 15
mail: info@fvreit.de
WWW: http://www.fvreit.de
sector: Real Estate
ISIN: DE000A0MW975
indexes: CDAX, Classic All Share, Prime All Share, RX REIT All Share Index,
RX REIT Index
stockmarkets: free trade: Berlin, München, Düsseldorf, Stuttgart, regulated
dealing/prime standard: Frankfurt
language: English