26.04.2018
TAG Immobilien AG DE0008303504
DGAP-News: TAG Immobilien AG starts 2018 financial year with improved FFO of EUR 35.1 million
DGAP-News: TAG Immobilien AG / Key word(s): Quarterly / Interim Statement
TAG Immobilien AG starts 2018 financial year with improved FFO of EUR 35.1
million
26.04.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
TAG Immobilien AG starts 2018 financial year with improved FFO of EUR 35.1
million
- FFO increases to EUR 35.1 million (EUR 0.24 per share) in Q1 2018, after
EUR 34.1 million (EUR 0.23 per share) in Q4 2017
- Vacancies in the residential units of the portfolio at 5.6% in March 2018
and 5.4% in April 2018, after 5.3% on a comparable basis at the beginning of
the year
- Total like-for-like rental growth of 2.6% p.a. as of March 31, 2018 after
3.1% p.a. as of December 31, 2017
- NAV per share increased to EUR 14.01 (31 December 2017: EUR 13.80)
- LTV reduced to 51.4% from 52.3% at year-end 2017 thanks to closing of
sales and ongoing loan repayments
- Dividend payment of EUR 0.65 per share planned for May 2018, dividend for
2018 to increase to EUR 0.70 per share
Hamburg (26 April 2018) - TAG Immobilien AG (TAG) achieved FFO (FFO I
without results from sales) of EUR 35.1 million or EUR 0.24 per share in the
first quarter of 2018, after FFO of EUR 34.1 million (EUR 0.23 per share) in
Q4 2017 and EUR 28.5 million (EUR 0.20 per share) in Q1 2017. This positive
development (year-on-year increase in FFO by 23% in absolute terms or 20%
per share) was based on the acquisitions made in 2017 and the refinancing
already implemented, as well as on continued attractive rental growth in the
portfolio, which currently comprises around 83,000 apartments. Due to last
year's refinancing, the capital structure is stable and attractive over the
long term - LTV at the end of the first quarter of 2018 was only 51.4% after
52.3% at the end of 2017. NAV increased to EUR 14.01 as of March 31, 2018
(December 31, 2017: EUR 13.80), even without revaluation of the portfolio.
In the first quarter of 2018, TAG's net rents increased to EUR 75.6m from
EUR 75.0m in the fourth quarter of 2017, while net rental income rose from
EUR 59.1m to EUR 59.8m compared to the preceding quarter. The main basis for
this positive operating development was like-for-like rental growth of 2.6%
p.a. as of March 31, 2018 (December 31, 2017: 3.1% p.a.) or, excluding
effects from vacancy reduction and on par with the 2017 financial year, 2.0%
p.a. The portfolios of around 800 units transferred as of December 31, 2017
also contributed to the continued rental growth.
No further portfolios were acquired in the first three months of the 2018
financial year. On the sales side, 108 units were signed during this period
for a total purchase price of EUR 6.9 million. Group-wide vacancy in the
portfolio was 5.9% after 5.8% at the beginning of the year. In April 2018,
the vacancy rate in the total portfolio dropped to 5.8% again. In the
residential units, the vacancy rate rose temporarily from 5.3% at the
beginning of 2018 to 5.6% in March 2018 due to the integration of last
year's acquisitions, but by April 2018 had already been reduced to 5.4%
again.
At the end of Q1 2018, consolidated net income amounted to EUR 26.7 million
after EUR 220.0 million in the preceding quarter (increased valuation gains
from the property valuation carried out as at 31 December 2017) and EUR 22.1
million in Q1 2017. Adjusted Funds From Operations (AFFO), which result from
the FFO less all modernisation expenses (capex), also increased in Q1 2018
and were EUR 22.1m after EUR 20.9m in Q4 2017 and EUR 20.6m in Q1 2017.
At EUR 4.7 billion on March 31, 2018, the balance sheet total remained
almost constant compared to the end of 2017 (EUR 4.6 billion). At 51.4%, the
loan-to-value (LTV) debt ratio was again lower than on December 31, 2017
(52.3%). Net asset value (NAV) per share rose from EUR 13.80 at year-end
2017 to EUR 14.01 at the end of the first quarter 2018.
"Parallel to our good operating results, we have further optimised our
capital structure in recent months and thereby laid the foundation for
further increases in cash flows," explains Martin Thiel, CFO of TAG. "We
have already proposed a dividend of EUR 0.65 per share, an increase on the
previous year, to the ordinary Annual General Meeting taking place on May
23, 2018. The dividend for the 2018 financial year is expected to rise to
EUR 0.70 per share, so that our shareholders will continue to participate
directly in the positive performance of the real-estate regions we manage."
Further details on the first quarter of 2018 can be found in the interim
statement published today at
https://www.tag-ag.com/en/investor-relations/financial-statements/quarterly-reports/.
Press enquiries:
TAG Immobilien AG
Dominique Mann
Head of Investor & Public Relations
Phone +49 (0) 40 380 32 0
Fax +49 (0) 40 380 32 390
[email protected]
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26.04.2018 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.
Archive at www.dgap.de
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Language: English
Company: TAG Immobilien AG
Steckelhörn 5
20457 Hamburg
Germany
Phone: 040 380 32 0
Fax: 040 380 32 388
E-mail: [email protected]
Internet: http://www.tag-ag.com
ISIN: DE0008303504, XS0954227210, DE000A12T101
WKN: 830350, A1TNFU, A12T10
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover, Stuttgart, Tradegate Exchange
End of News DGAP News Service
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