TAG Immobilien Sees FFO Decline in 2023 on Higher Interest Expenses, Taxes

TAG Immobilien AG

21/11/2022 18:41

Nov 21 (Reuters) - TAG Immobilien Outlook FY FFO I EUR 188-192 million
(unchanged).
* Outlook FY FFO II EUR 247-253 million (unchanged)
* 9-month FFO EUR 145.3 million
* 9-month adjusted EBITDA EUR 177.8 million
* 9-month net income EUR 334.9 million
* 9-month FFO per share EUR 0.95
* For the 2023 financial year, the following FFO I and FFO II guidance is
given: FFO I: EUR 170-174m (EUR 0.98 per share) and FFO II: EUR 240-246m (EUR
1.39-1.40 per share)
* Says decline in FFO I in 2023 by c. EUR 18m (-9%) is mainly the result of a
planned c. EUR 10m increase in interest expenses, c. EUR 4m higher income
taxes, expected cost increases for maintenance expenses of c. EUR 4m, and
increased risk provisions for bad debt allowances and for non-allocable
ancillary costs due to higher energy prices of c. EUR 4m