EANS-News: Fair Value REIT-AG / Fair Value REIT-AG ends first quarter of 2012 successfully and confirms forecast for the year as a whole

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quarterly report/3-month report

München (euro adhoc) - Fair Value REIT-AG ends first quarter of 2012
successfully and confirms forecast for the year as a whole

* IFRS consolidated net income of EUR 1.4 million (previous year: EUR
1.8 million) * Adjusted consolidated net income according to EPRA /
FFO increases by 8% to EUR 1.4 million * REIT equity ratio increases
to 51.5%

Munich, May 10, 2012 - Fair Value REIT-AG has made a successful start
to the financial year 2012 and generated consolidated net income as
per IFRS of EUR 1.4 million, or EUR 0.15 per share, in the first
quarter. The decline from the previous year's figure of EUR 1.8
million, or EUR 0.20 per share, results mainly from the fact that in
the first quarter of 2011 there was a relatively robust increase,
posted through profit and loss, in the market value of interest rate
hedges at the equity-accounted participations.

The Fair Value Group's operating result, adjusted for changes in
market values (EPRA earnings or FFO), totalled EUR 1.4 million in the
first quarter of 2012, some 8% higher than in the previous year (EUR
1.3 million). This corresponds to earnings of EUR 0.15 per share
(same quarter last year: EUR 0.14).

Total revenues in the first three months of 2012 amounted to EUR 3.3
million, thereby exceeding the previous year's total by EUR 0.1
million or 3%. This slight increase results from the balance of
higher rental income and lower income from ancillary costs
allocations. The occupancy rate of the properties held by the Group
and its participations increased slightly, proportionate to Fair
Value, from 93.8% to 94.2% in the quarter under review. The remaining
terms of the lease agreements averaged 5.8 years as of the reporting
date March 31, 2012.

Net rental income in the first quarter amounted to EUR 2.1 million,
representing an increase of some EUR 0.2 million, or 9%, compared
with the corresponding quarter last year (EUR 1.9 million). The
increase resulted from higher net sales accompanied by lower
real-estate-related expenses. The operating result of EUR 1.5 million
was EUR 0.2 million, or 25%, higher than in the first three months of
2011 (EUR 1.2 million).

Earnings from the equity-accounted associated companies, on the other
hand, was down by EUR 0.5 million or 25%. The change compared with
the previous year's figure is attributable solely to the changes in
the market values of interest rate hedges shown in the income
statement. This resulted in a liquidity-neutral positive contribution
to operating earnings totalling EUR 0.1 million in the quarter under
review (previous year: EUR 0.6 million)

Group equity totalled EUR 78.7 million as of March 31, 2012. This
means that the balance sheet net asset value per share in circulation
increased by 2% to EUR 8.44 per share in the first three months of
the year (December 31, 2011: EUR 8.31). The equity ratio as per
paragraph 15 of the German REIT Act increased further to 51.5% of the
immovable assets (December 31, 2011: 51.0%).

Frank Schaich, CEO of Fair Value REIT-AG, commented on the Group's
development of business in the first quarter as follows: "We regard
our business development and the positive results achieved in the
first quarter as confirmation of our projections and as a solid
starting point for the remainder of the year. That is why we are
reiterating our forecast of adjusted consolidated net income of EUR
4.8 million, or EUR 0.52 per share, for 2012 as a whole."

The Interim Report First Quarter 2012 is now available in the
Financial Reports section of {www.fvreit.de}[HYPERLINK: file:///Dc-
fairvalueServerPresse-MarketingPressemitteilungen2010Corporate%2
0Newswww.fvreit.de].

Selected financial indicators of Fair Value REIT-AG

1/1 - 3/31/2012 1/1 - 3/31/2011
Rental revenues EUR 2.879 million EUR 2.576 million
EBIT EUR 1.462 million EUR 1.213 million
Result from
equity-accounted
investments EUR 1.418 million EUR 1.896 million
IFRS-Consolidated
net income EUR 1.358 million EUR 1.828 million
IFRS-EPS EUR 0.15 EUR 0.20
Adjusted consolidated
income
(EPRA-Earnings)/FFO EUR E 1.441 million EUR 1.344 million
EPRA EPS EUR 0.15 EUR 0.14

March 31, 2012 December 31, 2011
Net asset value per share EUR 8.44 EUR 8.31
EPRA-NAV per share EUR 9.41 EUR 9.27
Equity ratio within

the meaning of section 15
of the REIT act 51.5% 51.0%

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, Fair Value Group manages
a portfolio of 49 commercial properties with a total leasable floor
space of around 161,000 square metres and a market value of around
EUR 129 million as of March 31, 2012. Fair Value's share of these
investments amounted to around EUR 94 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 EUR 358 million. (Fair Value's share of this
amounted to around EUR 128 million on March 31, 2012).

As of March 31, 2012, Fair Value's share of the total portfolio
amounted to around EUR 222 million. This portfolio had an occupancy
rate of 94.2% of the achievable rents at full occupancy of EUR 19.7
million per annum. As of March 31, 2012, the weighted remaining term
of the leases was 5.8 years. Around 44% of the potential rent relates
to retail floor space, 42% to office space and 14% to other
facilities.

Further inquiry note:
{Fair}[HYPERLINK: mailto:Fair] Value REIT-AG
Frank Schaich
Tel. 089-9292815-10
Fax. 089-9292815-15
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