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A successful start to the year for TLG IMMOBILIEN AG

DGAP-News: TLG IMMOBILIEN AG / Key word(s): Quarter Results/Real Estate

11.05.2017 / 07:00
The issuer is solely responsible for the content of this announcement.

Press release

A successful start to the year for TLG IMMOBILIEN AG

- Rental income grew significantly by 20.7% compared to the previous year, reaching EUR 39.2 m

- At EUR 21.1 m, funds from operations increased by 23.3% in the first quarter of 2017 compared to the first quarter of 2016

- The EPRA Net Asset Value was EUR 18.62 per share as at 31 March 2017

- The successful capital increase generated gross proceeds of around EUR 116.0 m

- A purchase agreement was signed for a food anchored retail warehouse, WALT >10 years, total investment of EUR 13.3 m - in-place rental yield of 6.5%

Berlin, 11 May 2017 - TLG IMMOBILIEN AG has enjoyed a successful start to the new year. The report published today on the first quarter of 2017 shows rental income of around EUR 39.2 m. Compared to the same period in the previous year, this represents growth of 20.7% (Q1/2016: EUR 32.5 m). The funds from operations (FFO), a key indicator for the Group, increased disproportionately by 23.3% to EUR 21.1 m due to the growth in the portfolio (Q1/2016: EUR 17.1 m).

Compared to late 2016, the EPRA Vacancy Rate of the portfolio as a whole decreased by 0.5 pp to just 3.3%. The weighted average lease term (WALT) of the portfolio of TLG IMMOBILIEN AG remained unchanged at 6.1 years as at 31 March 2017. At around EUR 1.4 bn, the EPRA Net Asset Value (EPRA NAV) increased by 10.7% compared to 31 December 2016 and was EUR 18.62 per share as at 31 March 2017 (31/12/2016: EUR 18.51 per share).

TLG IMMOBILIEN AG continued to adjust its financial structure with a capital increase and had a conservative Net LTV of 37.5% as at the reporting date (31/12/2016: 43.4%). The average costs of debt of the company were 2.4%. As at 31 March 2017, the existing loans had an average remaining term of 5.8 years. As part of the capital increase in January 2017, TLG IMMOBILIEN AG was able to place around 6.7 m shares and generate gross proceeds of around EUR 116.0 m.

In the first quarter of 2017, the number of properties in the portfolio of TLG IMMOBILIEN AG decreased slightly by 14 to 390 properties in total (31/12/2016: 404 properties). This decrease is due primarily to disposals from the retail asset class as part of active portfolio management aimed at preserving the high quality of the portfolio. In spite of these disposals, the value of the portfolio only changed by a marginal -0.3 pp, remaining at around EUR 2.2 bn.
After the reporting date, the company acquired a locally established, food anchored retail warehouse in Thuringia. A total of EUR 13.3 m was invested, which corresponds to a gross in-place rental yield of 6.5%. The property is fully occupied under a rental agreement with a term of more than 10 years, and the supermarket chain Kaufland is the main tenant.

'We believe that the year is going exceptionally well: since the start of the year, we have been able to report proceeds of EUR 116.0 m from our capital increase, significant new rental agreements in Berlin in particular and the acquisition of another property. We will strive to maintain this rate of successful developments over the course of the year', says Peter Finkbeiner, member of the Management Board of TLG IMMOBILIEN AG.

The latest quarterly financial report is available to download here: > Investor Relations > Financial Reports & Presentations > 2017

You can watch the webcast about the Q1/2017 figures from around 10 a.m. (CET) today here:


Results of operations Unit 01/01/2017-31/03/2017 01/01/2016-31/03/2016 Change in %
Rental income EUR k 39,229 32,513 20.7
Net operating income from letting activities (NOI) EUR k 34,394 28,892 19.0
Disposal profits EUR k 0 619 -100.0
Net income EUR k 15,709 12,888 21.9
FFO EUR k 21,126 17,135 23.3
FFO per share1 EUR 0.29 0.25 16.0
Balance sheet metrics Unit 31/03/2017 31/12/2016 Change in %
Investment property EUR k 2,189,403 2,215,228 -1.2
Cash and cash equivalents EUR k 184,300 68,415 169.4
Balance sheet total EUR k 2,452,548 2,344,763 4.6
Equity EUR k 1,141,621 1,009,503 13.1
Equity ratio % 46.5 43.1 3.4 pp
Liabilities to financial institutions EUR k 1,022,439 1,040,412 -1.7
Net debt EUR k 838,139 971,997 -13.8
Net LTV² % 37.5 43.4 -5.9 pp
EPRA NAV EUR k 1,381,463 1,248,259 10.7
EPRA NAV per share1 EUR 18.62 18.51 0.6
Portfolio key figures Unit 31/03/2017 31/12/2016 Change in %
Property value3 EUR k 2,235,236 2,241,615 -0.3
Properties number 390 404 -14 units
Annualised in-place rent4 EUR k 156,489 155,276 0.8
In-place rental yield in % 7.0 6.9 0.1 pp
EPRA Vacancy Rate in % 3.3 3.8 -0.5 pp
WALT in years 6.1 6.1 0,0 years
Average rent EUR/sqm 9.83 9.67 1.7

1 Total number of shares as at 31 March 2016: 67.4 m; as at 31 March 2017: 74.2 m. The weighted average number of shares in the first three month 2016 was 67.4 m and 71.9 m in the first three month 2017.

2 Calculation: Net debt divided by property value

3 Pursuant to the values reported in the financial statements in accordance with IAS 40, IAS 2, IAS 16, IFRS 5

4 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.


Christoph Wilhelm
Corporate Communications
Phone: +49 30 2470 6355
E-Mail: [email protected]
Sven Annutsch
Investor Relations
Phone: +49 30 2470 6089
E-Mail: [email protected]

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 income and exhibits low vacancy rates, very good building stock and profits from its local employees' excellent 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 regionally 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 only due to their excellent locations but also because of their long-term rental or lease agreements.

As at 31 March 2017, the property value amounted to EUR 2.2 bn. As at the same reporting date, the EPRA Net Asset Value per share amounted to EUR 18.62.

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.

11.05.2017 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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