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TLG IMMOBILIEN AG (FRA:DE000A12) DGAP-News: TLG IMMOBILIEN increases its FFO by around 43% and rental income by around 42% in the first three quarters of 2018

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09/11/2018 07:00

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DGAP-News: TLG IMMOBILIEN AG / Key word(s): 9-month figures/Real Estate
TLG IMMOBILIEN increases its FFO by around 43% and rental income by around 42% in the first three quarters of 2018

09.11.2018 / 07:00
The issuer is solely responsible for the content of this announcement.


TLG IMMOBILIEN increases its FFO by around 43% and rental income by around 42% in the first three quarters of 2018


- Funds from operations (FFO) increased by 43.3% to EUR 100.4 m and by 3.2% to EUR 0.98 per share in the first three quarters of 2018

- Rental income increased by 42% to EUR 166.4 m compared to the same period in the previous year

- The EPRA Net Asset Value has increased by 8.0% to EUR 23.58 as at 30 September 2018

- Change of management: Gerald Klinck has been the new CFO and Jürgen Overath the new COO since 17 September 2018

- FFO is expected to be around EUR 133 m by the end of 2018


Berlin, 9 November 2018 - TLG IMMOBILIEN (DE000A12B8Z4) maintained its positive course of business in the first three quarters of 2018. Rental income increased by 41.8% compared to the same period in the previous year and was EUR 166.4 m as at 30 September 2018. The FFO also increased to EUR 100.4 m due to higher net operating income from letting activities, which represents an increase of 43.3% compared to the first three quarters of 2017. The increase in rental income and FFO compared to the same period in the previous year is due predominantly to the higher net operating income from letting activities resulting from the acquisition of additional properties and the takeover of WCM.

Compared to the end of 2017, the EPRA Vacancy Rate remained stable at 3.6%. The WALT, or weighted average lease term for rental agreements, was 5.9 years as at 30 September 2018. Compared to the end of 2017, this represents a decrease of 0.4 years. As at the reporting date, the EPRA Net Asset Value (EPRA NAV) was around EUR 2.4 bn, having increased by 9.3% in the first three quarters. The EPRA NAV per share is EUR 23.58 (31/12/2017: EUR 21.84 per share) and as such has increased by 8.0%.

As at the reporting date, the financing structure of TLG IMMOBILIEN had a slightly lower Net LTV of 39.0% (31/12/2017: 39.2%). As at 30 September 2018, the average cash costs of debt were 1.83%. At the end of the first nine months of 2018, the interest-bearing liabilities had an average weighted maturity of 5.7 years.

The value of the property portfolio increased by 9.5% to around EUR 3.7 bn in the first three quarters of 2018 (31/12/2017: EUR 3.4 bn). Besides acquisitions and earnings from active asset management, the increase is essentially due to the positive development of the markets, especially in Berlin, and the associated property valuations.

In light of the successful property acquisitions and the progress with the integration of WCM into the processes and structures of the overall Group, the Management Board of TLG IMMOBILIEN reaffirms the FFO forecast for the 2018 financial year. The FFO is expected to increase to around EUR 133 m.

Gerald Klinck and Jürgen Overath were appointed to the Management Board of TLG IMMOBILIEN on 17 September 2018. Gerald Klinck is the new CFO and Jürgen Overath is the new COO. They have taken over from Peter Finkbeiner and NiIclas Karoff who left the company on 31 October 2018.

"As new members of the Management Board, we have inherited a company in a solid position whose business has developed in line with expectations in the first nine months of 2018", says Gerald Klinck, CFO of TLG IMMOBILIEN. "Looking forward, we will make a few adjustments to our strategic direction, making greater use of the potential in our property portfolio in particular in order to continue expanding the successful development of the company."

Jürgen Overath, COO of TLG IMMOBILIEN, adds: "We want to continue making acquisitions designed to increase value and disposing of non-strategic properties. With regard to our high-quality portfolio in what are currently the core regions of TLG IMMOBILIEN, we see the potential for new development and redevelopment in our portfolio that can also generate sustainable value for the company. Our future objective will now be to actively tap this potential."


CURRENT QUARTERLY FINANCIAL REPORT
www.tlg.eu > Investor Relations > Financial Reports & Presentations > 2018

WEBCAST ON THE QUARTERLY FIGURES FROM AROUND 11 A.M. TODAY
www.tlg.eu

PICTURES OF THE MANAGEMENT BOARD

Caption: "Gerald Klinck" resp. "Jürgen Overath", TLG IMMOBILIEN AG
Copyright: Michael Fahrig
  Download here.
 
KEY GROUP FIGURES ACCORDING TO IFRS
Results of operations Unit 01/01/2018-
30/09/2018
01/01/2017-
30/09/2017
Change
in %
Rental income EUR k 166,347 117,301 41.8
Net operating income from letting activities (NOI) EUR k 147,736 105,764 39.7
Disposal profits EUR k 0 349 -100.0
Net income for the period EUR k 200,100 128,497 55.7
Funds from Operations (FFO) EUR k 100,397 70,076 43.3
FFO per share1 EUR 0.98 0.95 3.2
         
Statement of financial position Unit 30/09/2018 31/12/2017 Change
in %
Investment property EUR k 3,712,866 3,383,259 9.7
Cash and cash equivalents EUR k 136,609 201,476 -32.2
Balance sheet total EUR k 4,076,931 3,835,748 6.3
Equity EUR k 2,047,970 1,936,560 5.8
Equity ratio % 50.2 50.5 -0.3 pp
Interest-bearing liabilities EUR k 1,587,478 1,541,692 3.0
Net debt EUR k 1,450,869 1,340,216 8.3
Net LTV² % 39.0 39.2 -0.2 pp
EPRA NAV EUR k 2,435,158 2,228,512 9.3
EPRA NAV per share1 EUR 23.58 21.84 8.0
         
KPIs of the portfolio Unit 30/09/2018 31/12/2017 Change
in %
Property value3 EUR k 3,722,121 3,400,582 9.5
Properties number 414 426 -12 units
Annualised in-place rent4 EUR k 225,540 214,057 5.4
In-place rental yield % 6.1 6.3 -0.2 pp
EPRA Vacancy Rate % 3.6 3.6 0.0 pp
WALT in years 5.9 6.3 -0.4 years
Average rent EUR/sqm 10.26 10.05 2.1
 

1 Total number of shares as at 31 December 2017 102.0 m; as at 30 September 2018 103.3 m. The weighted average number of shares was 73.4 m by 30 September 2017 and 102.7 m by 30 September 2018.

2 Calculation: Net debt divided by real estate assets

3 In line with values disclosed according to IAS 40, IAS 2, IAS 16, IFRS 5

4 The annualised in-place rent is calculated using the annualised rents agreed as at the reporting date - not factoring in rent-free periods.


CONTACT

Christoph Wilhelm
Corporate Communications

Phone: +49 30 2470 6355
E-mail: christoph.wilhelm@tlg.de
Sven Annutsch
Investor Relations

Phone: +49 30 2470 6089
E-mail: sven.annutsch@tlg.de
 

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 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, Frankfurt/Main, Dresden, Leipzig and Rostock. 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 2018, the property value amounted to EUR 3.7 bn. As at the same reporting date, the EPRA Net Asset Value per share amounted to EUR 23.58.

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.



09.11.2018 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


Language: English
Company: TLG IMMOBILIEN AG
Hausvogteiplatz 12
10117 Berlin
Germany
Phone: 030 - 2470 - 50
Fax: 030 - 2470 - 7337
E-mail: ir@tlg.de
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

743545  09.11.2018 

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