DGAP-News: TLG IMMOBILIEN AG
/ Key word(s): Preliminary Results/Real Estate
TLG IMMOBILIEN WITH STRONG PRELIMINARY FINANCIAL FIGURES
Berlin, 18 March 2020 - TLG IMMOBILIEN AG (DE000A12B8Z4) is publishing its preliminary results for key figures of the Group for the 2019 financial year in light of the capital market situation these days:
The EPRA Net Asset Value (EPRA NAV) per share increased by around 24.4% from EUR 26.27 to EUR 32.69 in 2019. This was mainly due to the dynamic value increase of approx. EUR 638.4 m of the property portfolio - in particular the Berlin office portfolio - in the course of the financial year and the shareholding in Aroundtown since September 2019 with an effect of EUR 49.8 m.
Funds from operations (FFO) also increased in 2019: As a result of an increase in net operating income from letting activities and the results from the stake in Aroundtown, the FFO climbed from EUR 134 m to EUR 148 m by approx. 10.4%. On a per share base the FFO rose from EUR 1.30 to EUR 1.37 (+5.4%), which includes effects due to the capital increase in June 2019. The FFO/share are in line with our guidance for year 2019.
The company's Net LTV declined by 1.4 percentage points to 33.3% in the 2019 financial year with a cash balance of approx. EUR 500 m.
Gerald Klinck, CFO of TLG IMMOBILIEN commented: "The results are clearly positive and once again demonstrate the very good positioning of our platform. We are confident that our diversified property portfolio in strong locations and our solid business model will continue to contribute to the successful development of the new merged group of Aroundtown and TLG IMMOBILIEN. Our financial strength with the EUR 500 m cash balance and no upcoming significant debt maturities in the near future bring us to a very solid position."
The complete financial report for 2019 will be published as planned on 31 March 2020 after the approvals of the supervisory board and the auditors of the company and will include Aroundtown's final audited financial statements. Further details on the preliminary financial figures can be found here (Link).
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 30 September 2019, its portfolio contains properties worth EUR 4.6 bn. As at the same reporting date, the adjusted EPRA Net Asset Value per share amounted to EUR 30.25. 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.
This publication contains preliminary financial information for the fiscal year ended 31 December 2019. The auditor of TLG IMMOBILIEN AG, Ernst & Young Wirtschaftsprüfungsgesellschaft GmbH, Stuttgart, has not issued an audit report with respect to this financial information and the audit of such information has not been completed yet. The final financial information for the fiscal year ended 31 December 2019 will be published in the audited consolidated financial statements of the company for the fiscal year ended 31 December 2019. This publication is currently scheduled for 31 March 2020.