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TLG IMMOBILIEN records solid operational performance and strong disposal activity leading to improved asset quality

DGAP-News: TLG IMMOBILIEN AG / Key word(s): Real Estate/Half Year Results
26.08.2020 / 18:34
The issuer is solely responsible for the content of this announcement.

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TLG IMMOBILIEN records solid operational performance and strong disposal activity leading to improved asset quality

- Rental income amounted to €113 million for H1 2020, down by 2% YOY

- FFO increased by 9.4% YOY to €78.3 million from €71.5 recorded for the first half of 2019.

- Net profit amounted to €245 million, compared to €322 million in H1 2019.

- Signed disposals amounting to €580 million, executed above book value. The disposals were primarily retail assets leading to a portfolio with a higher office-concentration.

- EPRA NAV per share amounted to €3.983 million and €35.5 per share, higher by 8.7% and 8.6% respectively as compared to the end of 2019.

- Net LTV decreased to 32.0% as of the end of June 2020.


Berlin, 26 August 2020 - TLG IMMOBILIEN AG (ISIN: DE000A12B8Z4, the "Company" or "TLG") completed the first half of 2020 with a strong operational performance driven by active management of the portfolio along with part of the operational synergies being realised with Aroundtown SA ("Aroundtown"). The funds from operations (FFO) increased by 9.4% to €78.3 million and by 1.4% to €0.70 per share. Furthermore, the Company recorded negative revaluation gains in the hotel portfolio which were more than offset by positive revaluations across other parts of the portfolio, resulting in positive revaluation gains of €183 million on the entire portfolio.

TLG further improved the focus on core assets of mainly offices in top German cities following the completion of disposals amounting to €580 million during the first half of 2020, which comprised primarily of retail properties and were sold above book value. The freed-up funds and resources strengthen the Company's liquidity and capital structure.

Following the reporting period, Mr. Jürgen Overath resigned from his position as Chief Operating Officer. The Company is grateful for his successful tenure and services to TLG. Mr. Ronny Schneider has replaced Mr. Overath with effect from August 2020. Mr. Schneider has worked for several years as a Consultant with broad experience in the sectors of Asset Management, Development and Business Development.

Further, the Company also successfully completed the issuer substitution process of its Senior Bonds. In addition, holders of the Company's Perpetual Notes voted in favour of the issuer substitution expressing strong investor support. The pooling of capital market instruments on the level of Aroundtown as the new parent company of TLG, is paving the way for realization of potential future financial synergies as identified by the Company and Aroundtown.

"I am happy to welcome Mr. Ronny Schneider who is a proven expert in active real estate management and is a strong addition to our company. We are pleased to look forward to a good cooperation. At the same time, we would like to thank Mr Jürgen Overath, who left the company end of July 2020. Mr. Overath set important accents and contributed to the company with great dedication", says Sascha Hettrich, the Chairman of the Supervisory Board of TLG.

Contact
TLG IMMOBILIEN AG
E-Mail: IR@TLG.DE

About the Company
For over 25 years, the listed company TLG IMMOBILIEN AG has owned and rented out commercial properties in selected promising locations in Germany. The company continuously develops its portfolio and actively generates value through strategic investments and selected property acquisitions. The portfolio comprises mainly office properties in cities including Berlin, Dresden, Frankfurt/Main, Leipzig and Rostock. The properties of TLG IMMOBILIEN AG stand out not only due to their excellent locations but also because of their long-term rental or lease agreements. Its highly qualified employees guarantee extensive local market expertise at its individual locations.



26.08.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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