11.11.2016
TLG IMMOBILIEN AG DE000A12B8Z4
DGAP-News: TLG IMMOBILIEN AG continues to grow - successful financial nine months results
DGAP-News: TLG IMMOBILIEN AG / Key word(s): 9-month figures/Real Estate
TLG IMMOBILIEN AG continues to grow - successful financial nine months
results
11.11.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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Press release
TLG IMMOBILIEN AG continues to grow - successful financial nine months
results
- Rental income increased by 10.2% to EUR 103.4 m from previous year
period
- Funds from operations increased by 22.7% to EUR 58.6 m
- EPRA Net Asset Value amounts to EUR 17.67 per share as at 30 September
2016
- Strategic entry into western German markets after the reporting date
with the acquisition of two office properties in Frankfurt am Main -
total purchase price of around EUR 160 m
- FFO forecast for 2016 confirmed between EUR 74 m and EUR 76 m
Berlin, 11 November 2016 - The financial figures published today
demonstrate that the business operations of TLG IMMOBILIEN AG remained
successful in the first nine months of 2016. Rental income of around EUR
103.4 m was generated in the reporting period, which represents an increase
of 10.2% over the same period in 2015 (EUR 93.8 m). TLG IMMOBILIEN AG
increased another key performance indicator, its funds from operations
(FFO), by a significant 22.7% to EUR 58.6 m (9M 2015: EUR 47.8 m).
Compared to 31 December 2015, the EPRA Vacancy Rate of its portfolio
decreased by 0.6 pp to 3.1%. The weighted average lease term (WALT) of the
portfolio of TLG IMMOBILIEN AG was 6.2 years as at 30 September 2016
(31/12/2015: 6.5 years). As at the reporting date, the EPRA Net Asset Value
(EPRA NAV) was EUR 1,191 m which equates to EUR 17.67 per share
(31/12/2015: EUR 17.37 per share).
Due to the company's conservative finance structure, the Net LTV of TLG
IMMOBILIEN AG was 40.4% as at the reporting date (31/12/2015: 33.6%). The
average cash costs of debt of the company were 2.65%. As at 30 September
2016, its existing loans had an average remaining term of 4.7 years. The
company can currently obtain new long-term finance at rates far below 2%.
As at 30 September 2016, the portfolio of TLG IMMOBILIEN AG comprised a
total of 407 properties (31/12/2015: 418). The value according to IFRS is
around EUR 1.987 bn which represents an increase of 12.5% in the first nine
months of 2016 (31/12/2015: EUR 1.766 bn). In the third quarter TLG
IMMOBILIEN AG acquired an office property in Berlin with considerable rent
potential for a total investment of around EUR 32.1 m. It was added to the
portfolio at the start of the fourth quarter of 2016. Furthermore, the
acquisition of two adjoining neighbourhood shopping centres in Dresden was
announced at the end of the third quarter of 2016. The combined purchase
price was around EUR 22.8 m and the incidental acquisition costs were
around EUR 1.5 m; the properties are due to be added to the portfolio of
TLG IMMOBILIEN AG in the fourth quarter of 2016. Additionally, after the
reporting date the company continued to pave the way for its strategic
entry into the markets in western Germany with the acquisition of two high-
quality office properties in Frankfurt am Main. The purchase price was
around EUR 160 m in total.
'We are very pleased with our financial figures and portfolio indicators
and will continue to work to drive these developments with the same level
of dynamic in the future. In strategic terms, we intend to work from our
new obtained location in Frankfurt to add strategic, value enhancing
properties to our portfolio in the promising Rhine-Main region as well as
in other locations in Germany. In doing so we will stick to our tried-and-
tested business model', says Peter Finkbeiner, member of the Management
Board of TLG IMMOBILIEN AG.
In light of the consistently successful course of business, the Management
Board of TLG IMMOBILIEN AG can confirm the FFO forecast for 2016, which was
revised upwards to between EUR 74 m and EUR 76 m halfway through the year.
The latest quarterly financial report is available to download here:
www.tlg.eu > Investor Relations > Financial Reports & Presentations > 2016
KEY GROUP FIGURES ACCORDING TO IFRS
Results of Unit 01/01/2016-30/09/2016 01/01/2015-30/09/2015 Change operations in % Rental EUR k 103,380 93,812 10.2 income Net EUR k 92,612 83,908 10.4 operating income from letting activities (NOI) Disposal EUR k 617 5,093 -87.9 profits Net income EUR k 53,022 100,391 -47.2 FFO EUR k 58,612 47,781 22.7 FFO per EUR 0.87 0.78 11.5 share1 Balance Unit 30/09/2016 31/12/2015 Change sheet in % metrics Investment EUR k 1,974,067 1,739,474 13.5 property Cash and EUR k 43,059 183,736 -76.6 cash equivalents Balance EUR k 2,090,843 1,999,461 4.6 sheet total Equity EUR k 969,912 967,874 0.2 Equity ratio % 46.4 48.4 -2.0 pp Liabilities EUR k 859,220 782,688 9.8 to financial institutions Net debt EUR k 816,161 598,952 36.3 Net LTV² % 40.4 33.6 6.8 pp EPRA NAV EUR k 1,191,322 1,171,594 1.7 EPRA NAV per EUR 17.67 17.37 1.7 share1 Portfolio Unit 30/09/2016 31/12/2015 Change key figures in % IFRS EUR k 1,987,349 1,765,834 12.5 portfolio value3 Properties number 407 418 -11 units Annualised EUR k 143,462 131,379 9.2 in-place rent4 In-place in % 7.2 7.4 -0.2 rental yield pp EPRA Vacancy in % 3.1 3.7 -0.6 Rate pp WALT in 6.2 6.5 -0.3 years years Average rent EUR/sqm 9.45 9.23 2.4 1 Total number of shares as at 30 September 2015: 61.3 m; as at 30 September 2016: 67.4 m. The weighted average number of shares in the first nine month 2015 was 61.3 m and 67.4 m in the first nine month 2016. 2 Calculation: Net debt divided by property value 3 Pursuant to the values reported in the financial statements in accordance with IAS 40, IAS 2, IAS 16, IFRS 5 4 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 25 years. 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: it focuses on managing a high-quality portfolio mostly comprising office properties in Berlin, Dresden, Leipzig and Rostock, as well as in Frankfurt from 2017. The company also has a regionally 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 only due to their excellent locations but also because of their long-term rental or lease agreements. As at 30 September 2016, the value of the properties under IFRS totalled EUR 1,987 bn. As at the same reporting date, the EPRA Net Asset Value per share amounted to EUR 17.67. --------------------------------------------------------------------------- 11.11.2016 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. Archive at 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, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 519443 11.11.2016
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