TAG Immobilien AG logo

TEG - TAG Immobilien AG News Story

€24.78 -0.3  -1.0%

Last Trade - 24/02/20

Sector
Financials
Size
Large Cap
Market Cap £3.06bn
Enterprise Value £5.06bn
Revenue £344.2m
Position in Universe 224th / 1050

BRIEF-TAG Immobilien AG Confirms 2019 Forecast After H1

Thu 8th August, 2019 6:16am
Aug 8 (Reuters) - TAG Immobilien AG  TEGG.DE :
    * H1 NET PROFIT 233.7 MILLION EUR
    * FFO UP TO EUR 40.8M (EUR 0.28 PER SHARE) IN Q2 2019 AFTER
EUR
39.5M (EUR 0.27 PER
    * FFO FOR H1 2019 REFLECTS NEARLY 13% INCREASE OVER H1 2018
(EUR
80.3M OR EUR 0.55 PER SHARE COMPARED TO EUR 71.2M OR EUR 0.49
PER SHARE)
    * PORTFOLIO VALUATION AS AT 30 JUNE 2019 INCREASES NAV PER
SHARE
TO EUR 18.59 AFTER EUR 17.32 AT 31 DECEMBER 2018
    * STRONG VALUATION RESULT REDUCES LTV TO 46.2% AFTER 47.3%
AT 31
DECEMBER 2018
    * EUR 211.4M IN GAINS FROM PROPERTY VALUATION (AFTER EUR
230.0M IN
H1 2018 AND EUR 200.0M IN H2 2018) CORRESPONDS TO A 4.4% UPLIFT
OF PORTFOLIO IN H1 2019
    * TOTAL LIKE-FOR-LIKE RENTAL GROWTH OF 3.0% P.A. AS OF 30
JUNE
2019 AFTER 2.6% P.A. IN 2018 FINANCIAL YEAR
    * VACANCY IN TAG'S RESIDENTIAL UNITS AT 5.2% IN JUNE 2019,
AFTER
5.0% ON A LIKE-FOR-LIKE BASIS AT BEGINNING OF YEAR
    * EXCLUDING EFFECTS OF VACANCY REDUCTION, LIKE-FOR-LIKE
RENTAL
GROWTH AMOUNTED TO 2.5% P.A. AT 30 JUNE 2019 (2018 FINANCIAL
YEAR: 2.3%)
    * DUE TO LOWER OPERATING COSTS, NET RENTAL INCOME INCREASED
TO EUR
64.4M IN Q2 2019 AFTER EUR 63.5M IN Q1 2019
    * NET RENTAL INCOME AMOUNTED TO EUR 128.0M AFTER EUR 122.7M
AS AT
30 JUNE 2018
    * NET INCOME FOR FIRST HALF OF 2019 AMOUNTED TO EUR 233.7M
AFTER
EUR 218.3M AT 30 JUNE 2018
    * ADJUSTED FUNDS FROM OPERATIONS (AFFO), WHICH RESULTS FROM
FFO
AFTER DEDUCTION OF ALL CAPEX, ALSO INCREASED TO EUR 26.0M IN Q2
2019, AFTER EUR 24.3M IN PREVIOUS QUARTER
    * IN FIRST HALF OF 2019 AS A WHOLE, AFFO INCREASED TO EUR
50.2M
AFTER EUR 43.6M IN H1 2018
    * SAYS WE DO NOT EXPECT THAT THE DEBATE ABOUT TIGHTER
REGULATION,
AND ESPECIALLY ABOUT A COMPLETE RENT FREEZE, WILL SIGNIFICANTLY
AFFECT OUT LOCATIONS
    * SAYS ALTHOUGH WE CONSIDER THE PROBABILITY TO BE LOW, THERE
IS
STILL A RISK THAT TAG WILL NO LONGER BE ABLE TO INCREASE ITS
RENTS IN FUTURE OR ONLY TO A LIMITED EXTENT, IF RENTS ARE
REGULATED MORE STRICTLY THROUGHOUT GERMANY
    * SAYS ALTHOUGH THIS WOULD NOT ENDANGER THE GROUP'S
EXISTENCE, IT
COULD HAVE SIGNIFICANT DISADVANTAGES FOR THE FUTURE DEVELOPMENT
OF FFO, EBT AND NAV
    * SAYS 2019 FORECASTS REMAIN UNCHANGED

Source text for Eikon:  ID:nEQ6S04LKa 
Further company coverage:  TEGG.DE 

 (Berlin Speed Desk)
 ((frankfurt.newsroom@thomsonreuters.com;))
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.