DGAP-News: TLG IMMOBILIEN AG / Key word(s): Annual Results/Real Estate
TLG IMMOBILIEN doubles its total shareholder return year-over-year to around 31%
- FFO increased by around 31% to EUR 134.0 m, rental income increased by 33% to EUR 223.9 m
- Proposed dividend of EUR 0.91 per share
- The value of the properties in the portfolio increased by around 21% to EUR 4.1 bn, of which 90% is classified as strategic portfolio
- Potential for value-generating development identified in the portfolio for the next decade
- Adjusted EPRA NAV per share increased by around 27% to EUR 26.27
- Net LTV decreased to under 35% and provides a solid financial basis for future acquisitions
- FFO forecast 2019 - Increased by around 5% to between EUR 1.35 and EUR 1.38 per share (not including future acquisitions or disposals)
CONTINUED ORGANIC GROWTH IN THE PROPERTY PORTFOLIO
As at the reporting date, the EPRA Vacancy Rate for the entire portfolio was 3.3% (31/12/2017: 3.6%), the weighted average lease term (WALT) declined only slightly to 6.1 years (31/12/2017: 6.3 years) and the in-place rental yield was 5.5% (31/12/2017: 6.3%). The adjusted EPRA NAV was EUR 26.27 per share as at 31 December (31/12/2017: EUR 20.71), which represents growth of 26.8%.
A SOLID FINANCING STRUCTURE
STRATEGIC ADJUSTMENTS IN THE PORTFOLIO
Gerald Klinck, Chief Financial Officer of TLG IMMOBILIEN, comments on the successful 2018 financial year: 'Once again we have demonstrated the high quality of our portfolio and our asset management. Based on the adjusted EPRA NAV growth and the dividend paid in 2018, the total shareholder return was 30.8%. We have lowered our Net LTV to 34.7%, not least due to the remeasurement of our property portfolio, which means that TLG IMMOBILIEN has firepower in excess of EUR 1.0 bn and is very well positioned for future growth.'
Jürgen Overath, Chief Operating Officer of TLG IMMOBILIEN, speaks about the portfolio: 'In 2018, we further reinforced the property portfolio of TLG IMMOBILIEN with strategic acquisitions of office properties. From 2019 onwards, we will spur on our growth with even more determination by investing in our portfolio; we see the potential for around EUR 820 m of value creation over the next decade. Office developments on space that is already in our portfolio, such as on Alexanderplatz in Berlin and Postplatz in Dresden, will make a significant contribution. We are also ready to launch two other projects in Berlin and Dresden. At the same time, we plan to acquire attractive properties when the opportunities present themselves. Having started in 2018, we will continue to optimise our portfolio by disposing of non-strategic properties in 2019.'
PROPOSED DIVIDEND OF EUR 0.91 PER SHARE
KEY GROUP FIGURES ACCORDING TO IFRS
1 Total number of shares as at 31 December 2017: 102.0 m, as at 31 December 2018: 103.4 m. The weighted average number of shares was 79.7 m in 2017 and 102.8 m in 2018.
2 Calculation: Net debt divided by real estate assets
3 In line with values disclosed according to IAS 40, IAS 2, IAS 16 and IFRS 5
4 The annualised in-place rent is calculated using the annualised rents agreed as at the reporting date - not factoring in rent-free periods.
ABOUT TLG IMMOBILIEN AG
For over 25 years, the listed company TLG IMMOBILIEN AG has owned and rented out commercial properties in selected promising locations in Germany. The company continuously develops its portfolio and actively generates value through strategic investments and selected property acquisitions. As at 31 December 2018, its portfolio contains properties worth in excess of EUR 4.1 bn. As at the same reporting date, the adjusted EPRA Net Asset Value per share amounted to EUR 26.27. The portfolio comprises office properties in cities including Berlin, Dresden, Frankfurt/Main, Leipzig and Rostock. It also contains a regionally diversified portfolio of retail properties, primarily in the neighbourhood shopping segment, in promising micro-locations as well as seven hotels in top central locations. The properties of TLG IMMOBILIEN AG stand out not only due to their excellent locations but also because of their long-term rental or lease agreements. Its highly qualified employees guarantee extensive local market expertise at its individual locations.
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|