30.03.2016
TLG IMMOBILIEN AG DE000A12B8Z4
DGAP-News: TLG IMMOBILIEN AG continues its growth path, generating significant earnings increase in 2015
DGAP-News: TLG IMMOBILIEN AG / Key word(s): Final Results/Real Estate
TLG IMMOBILIEN AG continues its growth path, generating significant earnings
increase in 2015
30.03.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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Press release
TLG IMMOBILIEN AG continues its growth path, generating significant
earnings increase in 2015
- Funds from operations (FFO) increase 22.1% in 2015 to EUR 64.0 m (2014:
EUR 52.4 m), surpassing the Company's increased forecast
- EPRA Net Asset Value (EPRA NAV) rises to EUR 17.37 per share as at 31
December 2015 (16.5% growth YOY)
- Portfolio value increases by 15.7% to EUR 1.766 bn due to acquisitions,
value-enhancing measures and market-based appreciation
- Rental income climbs to EUR 127.4 m
- EPRA Vacancy Rate in core portfolio declines again, amounting to 2.9%
as at 31 December 2015
- Proposed dividend of EUR 0.72 per share for 2015
- Positive outlook: FFO between EUR 72 m and EUR 74 m, taking into
account the acquisitions made so far
Berlin, 30 March 2016 - TLG IMMOBILIEN AG can look back on a successful
2015 financial year. Rental income increased by 11.0% to EUR 127.4 m in
financial year 2015. At the same time, funds from operations (FFO) rose by
22.1% to EUR 64.0 m (2014: EUR 52.4 m). With this rise, the company
exceeded the FFO forecast for full year 2015, which had already been
increased to EUR 63 m in summer 2015. The EPRA Vacancy Rate in the core
portfolio declined slightly, amounting to a mere 2.9% as at 31 December
2015. This was attributable in particular to several new leases in the
office portfolio. As at 31 December 2015, EPRA Net Asset Value (EPRA NAV)
totalled EUR 1.172 bn, corresponding to EUR 17.37 per share and
representing an increase of 16.5% (31/12/2014: EUR 14.91 per share).
In addition to the successful development of its operating business, TLG
IMMOBILIEN AG continued to have an extremely solid, conservative financing
structure. Net Loan to Value (Net LTV) stood at 33.6% as at the end of
2015, caused among others by the capital increase carried out in November
2015. The Company's average cost of debt was 2.91% and the equity ratio
climbed to 48.4% as at the reporting date (previous year: 43.0%).
The value of TLG IMMOBILIEN AG's real estate portfolio under IFRS increased
by 15.7% to EUR 1.766 bn in financial year 2015 (2014: EUR 1.526 bn), while
the number of real estate properties fell from 460 to 418 due to scheduled
disposals of non-strategic properties. As part of the continued expansion
of the core portfolio, purchase agreements for 14 properties with a total
volume of EUR 257 m were concluded in financial year 2015. At the same
time, proceeds totalling EUR 57.3 m was generated by the disposal of
non-strategic properties. The margin on the book value of these properties
amounted to approx. 19%.
Apart from two office properties in Dresden and Rostock, the Company
primarily focused on acquiring retail properties in 2015. As a result, the
share of the retail asset class in the value of the core portfolio rose to
51.7%. The core portfolio's share in the total value of the portfolio
climbed even higher to its current level of 95.6% (31/12/2014: 92.6%) due
to the acquisitions and disposals effected. The market value of the core
portfolio increased by 19.4% to EUR 1.688 bn. This rise was attributable to
the acquisitions and measures taken to enhance portfolio value, but also to
market-related value increases.
Given the Company's successful performance, the Management Board is
planning on having the shareholders share in the Company's success by
proposing to the Annual General Meeting that a dividend amounting to EUR
48.6 m be distributed for financial year 2015. This corresponds to a
dividend of EUR 0.72 per share (2014: EUR 0.25 per share).
"TLG IMMOBILIEN AG's performance in 2015 has demonstrated that we are
continuously in a position to achieve the targets set at the IPO in October
2014 and that we are generating a high level of growth dynamic while still
maintaining a solid financial foundation. The positive effects of
structural changes we have made at the Company over the past few years and
the ongoing optimisation of our real estate portfolio are increasingly
reflected in the development of our KPIs", says Peter Finkbeiner, a member
of TLG IMMOBILIEN AG's Management Board.
Niclas Karoff, also a member of the Management Board, added: "The financial
success TLG IMMOBILIEN AG is experiencing is a result of our tight focus
and our Company's in-house expertise, which we have continued to strengthen
over the past few years. In addition to the acquisitions, new leases and
renewals of existing rental agreements in particular have made a
significant contribution to our operating success. Our goal is to
seamlessly build on this success in the current financial year as well."
In light of the successful business performance in financial year 2015 and
the first three months of 2016, the Management Board of TLG IMMOBILIEN AG
expects that the Company will continue to perform well in full year 2016
and will increase its FFO to a value between EUR 72 m and EUR 74 m, taking
into account the acquisitions made so far. Furthermore, TLG IMMOBILIEN AG
affirms its strategic objective of expanding its portfolio by making
acquisitions in the office, retail and hotel asset classes.
Contact
Christoph Wilhelm Sven Annutsch Corporate Communications Investor Relations Phone: +49 30 2470 6355 Phone: +49 30 2470 6089 E-Mail: [email protected] E-Mail: [email protected]About TLG IMMOBILIEN AG 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 AG has been synonymous with real estate expertise in Germany's East. TLG IMMOBILIEN AG 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 AG is specialised in commercial properties for office and retail use. TLG IMMOBILIEN AG 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 AG'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 31 December 2015, the value of the properties under IFRS totalled EUR 1,766 bn. As at the same reporting date, the EPRA Net Asset Value per share amounted to EUR 17.37. --------------------------------------------------------------------------- 30.03.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: TLG IMMOBILIEN AG Hausvogteiplatz 12 10117 Berlin Germany Phone: 030 - 2470 - 50 Fax: 030 - 2470 - 7337 E-mail: [email protected] Internet: www.tlg.de ISIN: DE000A12B8Z4 WKN: A12B8Z Indices: SDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart End of News DGAP News Service --------------------------------------------------------------------------- 449227 30.03.2016
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