DGAP-News: TLG IMMOBILIEN AG / Key word(s): Quarter Results/Real Estate
- 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.
'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:
www.tlg.eu > Investor Relations > Financial Reports & Presentations > 2017
You can watch the webcast about the Q1/2017 figures from around 10 a.m. (CET) today here:
KEY GROUP FIGURES ACCORDING TO IFRS
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.
About TLG IMMOBILIEN AG
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.
|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|