DGAP-News: TLG IMMOBILIEN AG / Key word(s): Quarter Results/Real Estate
TLG IMMOBILIEN optimises its portfolio at the start of the year and improves its FFO and EPRA NAV
- At EUR 34.6 m, FFO is 8.7% higher than in the previous year
- Rental income increased by 3.7% to EUR 57.0 m
- EPRA NAV per share increased by around 1.5% to EUR 26.67
- Net LTV declined by 1.1 percentage points to 33.6%
PROPERTY PORTFOLIO STABLE DESPITE ADJUSTMENT
The EPRA Vacancy Rate of the strategic portfolio was 3.4% as at the reporting date (31/12/2018: 3.3%) and the weighted average lease term (WALT) remained at 6.0 years. At 5.3%, the in-place rental yield also remained stable compared to the end of 2018. On a like-for-like basis, the annualised in-place rent of the strategic portfolio increased by a total of 3.5% compared to the previous year, reaching EUR 222.8 m (31/12/2018: EUR 216.0 m). Of this growth, 74% was attributable to the office asset class, effecting an increase of 5.4%.
FINANCING STRUCTURE CONTINUES TO IMPROVE
SUCCESSFUL IMPLEMENTATION OF THE STRATEGY
Gerald Klinck, Chief Financial Officer of TLG IMMOBILIEN: 'The key parameters continued to develop positively in the first quarter. Given that we were able to lower our Net LTV to 33.6%, we are in the perfect position to make future investments.'
Jürgen Overath, Chief Operating Officer of TLG IMMOBILIEN: 'We strategically streamlined our property portfolio through acquisitions and disposals in the first quarter of 2019. Over the course of the year, we want to strengthen our portfolio further through investments and selective acquisitions.'
The 2019 general meeting of TLG IMMOBILIEN AG will be held in Berlin on 21 May 2019. The Management Board will propose the payment of a dividend of EUR 0.91 per share which would represent an 11% increase in the dividend (2018: EUR 0.82).
The company also announces that Stefan E. Kowski, a member of the Supervisory Board, has resigned with effect from 15 May 2019.
WEBCAST ON THE QUARTERLY FIGURES FROM AROUND 10 A.M. TODAY
PHOTO OF THE MANAGEMENT BOARD
KEY GROUP FIGURES ACCORDING TO IFRS
1 Total number of shares as at 31 December 2018: 103.4 m, as at 31 March 2019: 103.4 m. The weighted average number of shares was 102.1 m in the first quarter of 2018 and 103.4 m in the first quarter of 2019.
2 Calculation: Net debt divided by real estate assets
3 In line with values disclosed according to IAS 40, IAS 2, IAS 16 and IFRS 5
4 The annualised in-place rent is calculated using the annualised rents agreed as at the reporting date - not factoring in rent-free periods.
ABOUT TLG IMMOBILIEN AG
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. As at 31 December 2018, its portfolio contains properties worth in excess of EUR 4.1 bn. As at the same reporting date, the adjusted EPRA Net Asset Value per share amounted to EUR 26.67. The portfolio comprises office properties in cities including Berlin, Dresden, Frankfurt/Main, Leipzig and Rostock. It also contains a regionally diversified portfolio of retail properties, primarily in the neighbourhood shopping segment, in promising micro-locations as well as seven hotels in top central locations. 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.
This publication contains forward-looking statements based on current views and assumptions of TLG IMMOBILIEN AG's management and made to the best of knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause TLG IMMOBILIEN AG's revenues, profitability or the degree to which it performs or achieves its targets, to materially deviate from what is explicitly or implicitly stated or described in this publication. Therefore, persons who obtain possession of this publication should not rely on such forward-looking statements. TLG IMMOBILIEN AG accepts no guarantee or responsibility regarding such forward-looking statements and will not adjust them to future results or developments.
|Company:||TLG IMMOBILIEN AG|
|Phone:||030 - 2470 - 50|
|Fax:||030 - 2470 - 7337|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange|
|EQS News ID:||808173|
|End of News||DGAP News Service|