DGAP-News: TLG IMMOBILIEN AG / Key word(s): Final Results/Real Estate
TLG IMMOBILIEN increases FFO by 34% and portfolio value by 52%
- Funds from operations increased by 33.6% to EUR 102.7 m based on a 19.8% increase in rental income to EUR 168.3 m
- The property value of the portfolio increased by 51.7% to EUR 3.4 bn.
- The EPRA Vacancy Rate decreased to 3.6% - the WALT increased to 6.3 years
- The Net LTV decreased to 39.2%; average cash costs of debt decreased to 1.84%
- EPRA Net Asset Value increased to EUR 21.84 per share
- Proposed dividend of EUR 0.82 per share
- New corporate income tax and trade tax loss carryforwards of EUR 239.8 m on the level of TLG IMMOBILIEN have secured a lower long-term tax burden
Peter Finkbeiner, member of the Management Board of TLG IMMOBILIEN, explains: "Once again, the figures for the 2017 financial year show that we were able to maintain our high rate of growth in the previous year without compromising with our financing structure or portfolio quality. We increased our FFO significantly and were able to secure additional loss carryforwards on the level of TLG IMMOBILIEN. TLG IMMOBILIEN remains well financed and equipped for future growth following the capital increases and the successful issuance of its bond."
Niclas Karoff, member of the Management Board of TLG IMMOBILIEN, regarding the portfolio: "In the previous year, the most important event for our company was the successful takeover of WCM. The takeover combined with other property acquisitions and value growth caused the value of our portfolio to increase by more than 50% and by more than 100% compared to the IPO. This growth has had a positive effect on rental income and FFO. We will continue to work to optimise our diversified portfolio of office, retail and hotel properties in attractive locations in Germany. Additionally, we intend to examine the available potential for development in our portfolio closely over the next few years."
1 Total number of shares as at 31 December 2016: 67.4 m; as at 31 December 2017: 102.0 m. The weighted average number of shares in 2016 was 67.4 m and 79.7 m in 2017.
2 Calculation: Net debt divided by property value
3 The calculation has changed in accordance with the specifications of the EPRA. For more detailed information, see page 42 of the annual report.
4 Pursuant to the values reported in the financial statements in accordance with IAS 40, IAS 2, IAS 16, IFRS 5
5 Net rent for the year excluding utilities is calculated on the basis of the agreed annualised rent as at the reporting date and does not take into account any rent-free periods.
ABOUT TLG IMMOBILIEN AG
TLG IMMOBILIEN AG is a listed leading commercial real estate company in Germany that has been synonymous with real estate expertise for over 25 years. TLG IMMOBILIEN AG generates stable rental in-come and exhibits low vacancy rates, very good building stock and profits from its local employees' excel-lent market knowledge. As an active portfolio manager, TLG IMMOBILIEN AG is specialised in commercial properties for office and retail use: it focuses on managing a high-quality portfolio mostly comprising office properties in Berlin, Frankfurt/Main, Dresden, Leipzig and Rostock. The company also has a region-ally diversified portfolio of retail properties in highly frequented micro-locations. The portfolio also includes seven hotels in Berlin, Dresden, Leipzig and Rostock. TLG IMMOBILIEN AG's properties stand out not on-ly due to their excellent locations but also because of their long-term rental or lease agreements.
As at 31 December 2017, the property value amounted to EUR 3.4 bn. As at the same reporting date, the EPRA Net Asset Value per share amounted to EUR 21.84.
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|
|End of News||DGAP News Service|