15.05.2018
TLG IMMOBILIEN AG DE000A12B8Z4
DGAP-News: TLG IMMOBILIEN increases its FFO by around 50% and rental income by around 40%
DGAP-News: TLG IMMOBILIEN AG / Key word(s): Quarter Results/Real Estate
TLG IMMOBILIEN increases its FFO by around 50% and rental income by around
40%
15.05.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
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TLG IMMOBILIEN increases its FFO by around 50% and rental income by around
40%
- Significant rental income growth of 40.1% compared to the previous year,
reaching EUR 55.0 m
- Funds from operations increased by 49.8% to EUR 31.6 m in the first
quarter of 2018 and by 6.9% to EUR 0.31 per share compared to the first
quarter of 2017
- EPRA Net Asset Value of EUR 22.09 per share as at 31 March 2018
- Acquisition/additions to the portfolio of office properties in Mannheim,
Eschborn and Hamburg and a neighbourhood shopping centre in Rostock in 2018,
with a total investment amount of EUR 143.3 m
Berlin, 15 May 2018 - TLG IMMOBILIEN has made a successful start to the new
year. The report on the first quarter of 2018 published today announces
rental income of around EUR 55.0 m. Compared to the same period in the
previous year, this represents growth of 40.1% (Q1 2017: EUR 39.2 m). The
funds from operations (FFO), a key indicator for the Group, increased
disproportionately by 49.8% to EUR 31.6 m (Q1 2017: EUR 21.1 m), due
primarily to the higher net operating income from letting activities
resulting from the acquisition of properties and the takeover of WCM. The
FFO per share was EUR 0.31 as at the reporting date (Q1 2017: EUR 0.29) and
therefore higher than in the same period in 2017 despite the increased
number of shares resulting from the cash capital increases in 2017 as well
as the capital increase as part of the takeover of WCM.
Compared to end 2017, the EPRA Vacancy Rate of the portfolio as a whole
increased slightly by 0.2 percentage points to just 3.8%. The weighted
average lease term (WALT) of the rental agreements in the TLG IMMOBILIEN
portfolio was 6.1 years as at 31 March 2018 and therefore 0.2 years lower
than on 31 December 2017. The EPRA Net Asset Value (EPRA NAV) increased in
the first quarter of 2018. As at 31 March 2018, it was EUR 22.09 per share
(31/12/2017: EUR 21.84).
As at the reporting date, the financing structure of TLG IMMOBILIEN had a
net LTV of 39.6% (31/12/2017: 39.2%). The company's average cash costs of
debt were 1.83%. As at 31 March 2018, the interest-bearing liabilities had
an average weighted maturity of 6.1 years.
In the first quarter of 2018, the value of the property portfolio increased
by 2.2% to EUR 3,477 m, due essentially to the addition of two office
properties in Mannheim and Eschborn as well as a neighbourhood shopping
centre in Rostock worth EUR 80.7 m in the first quarter. Additionally, the
office property "Office 3001" in the Altona district of Hamburg was acquired
recently, with Reemtsma Cigarettenfabrik GmbH as the anchor tenant. The
transfer of benefits and encumbrances is scheduled to take place in July
2018 ( details here).
"Once again, we can report a successful start to the year: our FFO increased
by EUR 21.1 m compared to the previous year and are now EUR 31.6 m, the
value of the property portfolio has increased by around EUR 76.0 m due to
new properties and at 39.6%, the net LTV remains solid. At the same time, we
have enough resources to continue expanding our portfolio in the future",
says Peter Finkbeiner, member of the Management Board of TLG IMMOBILIEN AG.
"With the addition of the three properties in Mannheim, Eschborn and Rostock
to the portfolio and the recently announced acquisition of an office
property in Hamburg, we will be able to continue successfully expanding our
portfolio in line with our investment strategy", says Niclas Karoff, member
of the Management Board of TLG IMMOBILIEN AG.
CURRENT QUARTERLY FINANCIAL REPORT
www.tlg.eu > Investor Relations > Financial Reports & Presentations
WEBCAST ON THE QUARTERLY FIGURES FROM AROUND 10 A.M. TODAY
www.tlg.eu
KEY GROUP FIGURES ACCORDING
TO IFRS
Results of operations Unit 01/01/2018- 01/01/2017- Change
31/03/2018 31/03/2017 in %
Rental income EUR 54,967 39,229 40.1
k
Net operating income from EUR 47,591 34,394 38.4
letting activities (NOI) k
Net income for the period EUR 19,717 15,709 25.5
k
Funds from Operations (FFO) EUR 31,648 21,126 49.8
k
FFO per share1 EUR 0.31 0.29 6.9
Statement of financial Unit 31/03/2018 31/03/2017 Change
position in %
Investment property EUR 3,465,835 3,383,259 2.4
k
Cash and cash equivalents EUR 164,384 201,476 -18.4
k
Balance sheet total EUR 3,860,856 3,835,748 0.7
k
Equity EUR 1,955,969 1,936,560 1.0
k
Equity ratio % 50,7 50.5 0.2 pp
Interest-bearing liabilities EUR 1,539,889 1,541,692 -0.1
k
Net debt EUR 1,375,505 1,340,216 2.6
k
Net LTV² % 39,6 39.2 0.4 pp
EPRA NAV EUR 2,260,973 2,228,512 1.5
k
EPRA NAV per share1 EUR 22,09 21.84 1.1
KPIs of the portfolio Unit 31/03/2018 31/03/2017 Change
in %
Property value3 EUR 3,476,592 3,400,582 2.2
k
Properties numb- 425 426 -1
er
Annualised in-place rent4 EUR 219,864 214,057 2.7
k
In-place rental yield in % 6.3 6.3 0,0 pp
EPRA Vacancy Rate in % 3.8 3.6 0,2 pp
WALT in 6.1 6.3 -0.2
year- years
s
Average rent EUR/- 10.12 10.0 0.7
sqm
1 Total number of shares as at 31 December 2017: 102.0 m, as at 31 March
2018: 102.3 m. The weighted average number of shares was 71.9 m in the first
three months of 2017 and 102.1 m in the first three months of 2018
2 Calculation: Net debt divided by property value
4 Pursuant to the values reported in the financial statements in accordance
with IAS 40, IAS 2, IAS 16, IFRS 5
5 Net rent for the year excluding utilities is calculated on the basis of
the agreed annualised rent as at the reporting date and does not take into
account any rent-free periods.
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 listed leading commercial real estate company in
Germany that has been synonymous with real estate expertise for over 25
years. TLG IMMOBILIEN AG generates stable rental in-come and exhibits low
vacancy rates, very good building stock and profits from its local
employees' excel-lent market knowledge. As an active portfolio manager, TLG
IMMOBILIEN AG is specialised in commercial properties for office and retail
use: it focuses on managing a high-quality portfolio mostly comprising
office properties in Berlin, Frankfurt/Main, Dresden, Leipzig and Rostock.
The company also has a region-ally diversified portfolio of retail
properties in highly frequented micro-locations. The portfolio also includes
seven hotels in Berlin, Dresden, Leipzig and Rostock. TLG IMMOBILIEN AG's
properties stand out not on-ly due to their excellent locations but also
because of their long-term rental or lease agreements.
As at 31 March 2018, the property value amounted to EUR 3.5 bn. As at the
same reporting date, the EPRA Net Asset Value per share amounted to EUR
22.09.
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.
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15.05.2018 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: 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, Tradegate Exchange
End of News DGAP News Service
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