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TLG IMMOBILIEN continues to grow in Q3 2015 as business performs favourably (news with additional features)

DGAP-News: TLG IMMOBILIEN AG / Key word(s): 9-month figures/Real Estate

2015-11-13 / 07:01

Press release

TLG IMMOBILIEN continues to grow in Q3 2015 as business performs favourably

- At EUR 47.8m, funds from operations top previous year's figure by 18.3% in first nine months of 2015

- Rental income up 9.8% to EUR 93.8m as at end of September 2015

- Value of core portfolio grown by 18.5% since beginning of year

- EPRA NAV up 13.4% to EUR 16.90 per share since beginning of year

- Additional acquisition after the end of the quarter totalling EUR 84.6m ensures continued strategic growth

- Increased FFO forecast for full year 2015 reaffirmed at approx. EUR 63m

Berlin, 13 November 2015 - TLG IMMOBILIEN AG continued to experience favourable business performance in Q3 2015 thanks to its successful growth strategy. In the first nine months of the current financial year, the Group generated rental income totalling EUR 93.8m, representing growth of 9.8% over the prior-year period. At the same time, funds from operations (FFO) increased at an even sharper rate of 18.3% to EUR 47.8m (first nine months of 2014: EUR 40.4m).

Annualised net rent in the core portfolio rose to EUR 122.5m in the reporting period. The EPRA Vacancy Rate of the core portfolio amounted to 3.3% as at the reporting date and was 0.6 percentage points below the previous quarter's closing figure. The weighted average lease term of lease agreements (WALT) in the core portfolio was 6.7 years as at the reporting date. EPRA Net Asset Value (EPRA NAV) totalled EUR 16.90 per share as at 30 September 2015, representing an increase of 13.4% since the beginning of the year.

As at the reporting date of 30 September 2015, TLG IMMOBILIEN AG's portfolio comprised a total of 447 properties (31 December 2014: 460). The property value under IFRS of the total portfolio amounted to EUR 1.767bn as at the reporting date, representing an increase of 15.8% in the reporting period (31 December 2014: EUR 1.526bn), despite a slight decline in the number of properties held by the Group. The value of the Company's core portfolio increased by 18.5% to approx. EUR 1.676bn (31 December 2014: EUR 1.414bn) due to strategic acquisitions of additional properties and to favourable developments on real estate markets. By contrast, the value of the non-core portfolio decreased by 18.5% to EUR 91.5m (31 December 2014: EUR 112.3m) due to sales. The core portfolio's share in the total value of the portfolio rose to 94.8% (31 December 2014: 92.6%) due to the transactions made during the reporting period.

The core portfolio experienced the following changes from 30 September 2014 to 30 September 2015 on a like-for-like basis: Annual rental income rose by 1.8% to EUR 105.2m and average rent per sqm and per month increased by 1.5% to EUR 9.96; the vacancy rate of the core portfolio grew by 0.1 percentage points to 3.6%. The weighted average lease term of lease agreements declined by 0.7 years to 7.1 years. The value of the core portfolio increased by 4.5% to EUR 1.445bn.

After the reporting date in November 2015, TLG IMMOBILIEN AG concluded a purchase agreement for a portfolio consisting of seven office properties and one hotel property at various locations in Germany, including in Berlin, Dresden and Leipzig. The investment volume was EUR 84.6m. This acquisition is consistent with the Company's announced growth strategy, which it continues to pursue.

TLG IMMOBILIEN AG's financing structure remains conservative, which is reflected in particular in the Company's Net Loan to Value (Net LVT) of 41.1%, its equity ratio (45.2%) and its average cost of debt (2.92%) as at 30 September 2015. Existing loans have an average maturity of five years. The Company's costs for new long-term financing currently amount to approx. 2.0% p.a.

"The Company's favourable performance in the reporting period was attributable in particular to the inclusion of neighbourhood shopping centres acquired in Q2 into our portfolio and their successful integration into our platform. We also closed on additional lease terms in the third quarter, including two large units each comprising more than 1,000 sqm", said Peter Finkbeiner, Management Board member of TLG IMMOBILIEN AG. "In light of the Company's continued favourable performance and significant increases in our KPIs in the first nine months of the year, we hereby reaffirm our improved forecast made at the end of the first half of the year and continue to expect that TLG IMMOBILIEN AG will generate FFO amounting to approx. EUR 63m in 2015."


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 stock exchange-listed leading commercial real estate company focusing on Berlin and growth regions in Eastern Germany. For over 20 years, TLG IMMOBILIEN has been synonymous with real estate expertise in Germany's East. TLG IMMOBILIEN 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 is specialised in commercial properties for office and retail use. TLG IMMOBILIEN focuses on managing a high-quality portfolio of office properties in Berlin and other regional economic centres, as well as a regionally diversified portfolio of retail properties in highly frequented micro locations. The portfolio also includes five hotels in Berlin, Dresden and Rostock. TLG IMMOBILIEN's properties stand out not only due to their excellent locations but also because of their very long-term rental or lease agreements.
As at 30 September 2015, the value of the properties under IFRS totalled EUR 1.767bn. As at the same reporting date, the EPRA Net Asset Value per share amounted to EUR 16.90.

Additional features:

Document title: Key group figures

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