DGAP-News: TLG IMMOBILIEN AG / Key word(s): Quarter Results/Real Estate
TLG IMMOBILIEN increases its FFO by around 50% and rental income by around 40%
- Significant rental income growth of 40.1% compared to the previous year, reaching EUR 55.0 m
- Funds from operations increased by 49.8% to EUR 31.6 m in the first quarter of 2018 and by 6.9% to EUR 0.31 per share compared to the first quarter of 2017
- EPRA Net Asset Value of EUR 22.09 per share as at 31 March 2018
- Acquisition/additions to the portfolio of office properties in Mannheim, Eschborn and Hamburg and a neighbourhood shopping centre in Rostock in 2018, with a total investment amount of EUR 143.3 m
Compared to end 2017, the EPRA Vacancy Rate of the portfolio as a whole increased slightly by 0.2 percentage points to just 3.8%. The weighted average lease term (WALT) of the rental agreements in the TLG IMMOBILIEN portfolio was 6.1 years as at 31 March 2018 and therefore 0.2 years lower than on 31 December 2017. The EPRA Net Asset Value (EPRA NAV) increased in the first quarter of 2018. As at 31 March 2018, it was EUR 22.09 per share (31/12/2017: EUR 21.84).
As at the reporting date, the financing structure of TLG IMMOBILIEN had a net LTV of 39.6% (31/12/2017: 39.2%). The company's average cash costs of debt were 1.83%. As at 31 March 2018, the interest-bearing liabilities had an average weighted maturity of 6.1 years.
In the first quarter of 2018, the value of the property portfolio increased by 2.2% to EUR 3,477 m, due essentially to the addition of two office properties in Mannheim and Eschborn as well as a neighbourhood shopping centre in Rostock worth EUR 80.7 m in the first quarter. Additionally, the office property "Office 3001" in the Altona district of Hamburg was acquired recently, with Reemtsma Cigarettenfabrik GmbH as the anchor tenant. The transfer of benefits and encumbrances is scheduled to take place in July 2018 (details here).
"Once again, we can report a successful start to the year: our FFO increased by EUR 21.1 m compared to the previous year and are now EUR 31.6 m, the value of the property portfolio has increased by around EUR 76.0 m due to new properties and at 39.6%, the net LTV remains solid. At the same time, we have enough resources to continue expanding our portfolio in the future", says Peter Finkbeiner, member of the Management Board of TLG IMMOBILIEN AG.
"With the addition of the three properties in Mannheim, Eschborn and Rostock to the portfolio and the recently announced acquisition of an office property in Hamburg, we will be able to continue successfully expanding our portfolio in line with our investment strategy", says Niclas Karoff, member of the Management Board of TLG IMMOBILIEN AG.
1 Total number of shares as at 31 December 2017: 102.0 m, as at 31 March 2018: 102.3 m. The weighted average number of shares was 71.9 m in the first three months of 2017 and 102.1 m in the first three months of 2018
2 Calculation: Net debt divided by property value
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 March 2018, the property value amounted to EUR 3.5 bn. As at the same reporting date, the EPRA Net Asset Value per share amounted to EUR 22.09.
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|