DGAP-News: TLG IMMOBILIEN AG
/ Key word(s): Preliminary Results/Real Estate
Selected preliminary (unaudited) financial information for FY2020 of TLG IMMOBILIEN AG, Berlin
TLG finalizes FY 2020 with positive results:
- Net rental income amounted to €217 million, down from €230 million due to disposals.
- FFO per share increased by 6% to €1.45.
- Successful disposals of over €1 billion and above book value, highlighting the strong asset quality
- LTV at 29% and high liquidity levels represents TLG's conservative capital structure.
- New EPRA KPI's implemented, with EPRA NTA of €3.64 billion or €36.3 per share as of December 2020, 13.4% higher than in 2019.
TLG achieved in 2020 a net income of €492 million, compared to €578 million last year. Starting into 2020, TLG completed a successful takeover with Aroundtown and both companies together are now the third largest publicly listed real estate company in Europe. During the year, TLG continued its value creation approach of its properties, mitigated the challenges resulting from the direct and indirect consequences of the pandemic, and conducted many steps to minimize risk exposures and to increase its shareholder return.
During 2020, TLG signed disposals for an amount of more than €1 billion, following its strategy to focus on core assets and reducing its exposure to other sectors, particularly retail. The freed-up funds provided resources for the company to further strengthen its liquidity and capital structure, evidenced by a 29% LTV ratio and a 52% equity ratio.
The FFO for 2020 amounted to €148 million, similar to 2019. Comparing to 2019, the main differences in 2020 are an increase in dividends from the investment in Aroundtown, offset by the decline in the NOI due to successful property disposals and full year coupon payments related to the perpetual notes. FFO per share has increased by 5.8% in 2020, up to €1.45, due to an increase in treasury shares (reciprocal holdings between TLG and Aroundtown).
In the fourth quarter of 2020, TLG decided to utilize the considerable discount of its share price to the underlying net asset value and the operational performance and announced in December 2020 a share buy-back of up to 4% of its shares, which was successfully fully concluded in January 2021. Following the oversubscription of the share buy-back, in February 2021 TLG launched a second share buy-back in which additional 2% of its share capital were concluded. In total, 6.4 million shares were acquired, representing 5.7% of TLG's share capital.
Full 2020 audited financial information will be published on 15 April 2020.
|Company:||TLG IMMOBILIEN AG|
|Phone:||030 - 2470 - 50|
|Fax:||030 - 2470 - 7337|
|Listed:||Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange|
|EQS News ID:||1180563|
|End of News||DGAP News Service|