DGAP-News: TLG IMMOBILIEN AG / Key word(s): 9-month figures/Real Estate
TLG IMMOBILIEN AG continues to grow - successful financial nine months results
- Rental income increased by 10.2% to EUR 103.4 m from previous year period
- Funds from operations increased by 22.7% to EUR 58.6 m
- EPRA Net Asset Value amounts to EUR 17.67 per share as at 30 September 2016
- Strategic entry into western German markets after the reporting date with the acquisition of two office properties in Frankfurt am Main - total purchase price of around EUR 160 m
- FFO forecast for 2016 confirmed between EUR 74 m and EUR 76 m
Compared to 31 December 2015, the EPRA Vacancy Rate of its portfolio decreased by 0.6 pp to 3.1%. The weighted average lease term (WALT) of the portfolio of TLG IMMOBILIEN AG was 6.2 years as at 30 September 2016 (31/12/2015: 6.5 years). As at the reporting date, the EPRA Net Asset Value (EPRA NAV) was EUR 1,191 m which equates to EUR 17.67 per share (31/12/2015: EUR 17.37 per share).
Due to the company's conservative finance structure, the Net LTV of TLG IMMOBILIEN AG was 40.4% as at the reporting date (31/12/2015: 33.6%). The average cash costs of debt of the company were 2.65%. As at 30 September 2016, its existing loans had an average remaining term of 4.7 years. The company can currently obtain new long-term finance at rates far below 2%.
As at 30 September 2016, the portfolio of TLG IMMOBILIEN AG comprised a total of 407 properties (31/12/2015: 418). The value according to IFRS is around EUR 1.987 bn which represents an increase of 12.5% in the first nine months of 2016 (31/12/2015: EUR 1.766 bn). In the third quarter TLG IMMOBILIEN AG acquired an office property in Berlin with considerable rent potential for a total investment of around EUR 32.1 m. It was added to the portfolio at the start of the fourth quarter of 2016. Furthermore, the acquisition of two adjoining neighbourhood shopping centres in Dresden was announced at the end of the third quarter of 2016. The combined purchase price was around EUR 22.8 m and the incidental acquisition costs were around EUR 1.5 m; the properties are due to be added to the portfolio of TLG IMMOBILIEN AG in the fourth quarter of 2016. Additionally, after the reporting date the company continued to pave the way for its strategic entry into the markets in western Germany with the acquisition of two high-quality office properties in Frankfurt am Main. The purchase price was around EUR 160 m in total.
'We are very pleased with our financial figures and portfolio indicators and will continue to work to drive these developments with the same level of dynamic in the future. In strategic terms, we intend to work from our new obtained location in Frankfurt to add strategic, value enhancing properties to our portfolio in the promising Rhine-Main region as well as in other locations in Germany. In doing so we will stick to our tried-and-tested business model', says Peter Finkbeiner, member of the Management Board of TLG IMMOBILIEN AG.
In light of the consistently successful course of business, the Management Board of TLG IMMOBILIEN AG can confirm the FFO forecast for 2016, which was revised upwards to between EUR 74 m and EUR 76 m halfway through the year.
The latest quarterly financial report is available to download here:
About TLG IMMOBILIEN AG
As at 30 September 2016, the value of the properties under IFRS totalled EUR 1,987 bn. As at the same reporting date, the EPRA Net Asset Value per share amounted to EUR 17.67.
|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|