After a very successful financial year to date, TAG Immobilien AG is raising its guidance for 2020. 2021 is expected to see a further 5% increase in FFO and dividend per share, to EUR 178-182m and EUR 0.92 respectively.
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DGAP-News: TAG Immobilien AG
/ Key word(s): Quarterly / Interim Statement/9 Month figures
PRESS RELEASE After a very successful financial year to date, TAG Immobilien AG is raising its guidance for 2020. 2021 is expected to see a further 5% increase in FFO and dividend per share, to EUR 178-182m and EUR 0.92 respectively.
Hamburg, 12 November 2020 Good operational rental growth and funds from operations (FFO) up 8% year-on-year FFO (defined as FFO I without net income from sales), which is currently still calculated solely on the basis of TAG's rental business in Germany, increased by EUR 9.6m or 8% year-on-year in the nine-month period ending 30 September 2020. This increase was due in particular to a EUR 6.8m increase in adjusted EBITDA and a EUR 2.2m decline in cash income taxes. In the third quarter of 2020 as in the previous quarter, there were hardly any rent losses as a result of the Covid-19 pandemic. As of 30 September 2020, the share of residential tenants who were unable to pay their rent due to loss of income as a result of the Covid-19 pandemic was only around 0.1%. At 4.8% in September 2020, the vacancy rate in TAG's residential units was also already significantly down again compared with June 2020 (5.1%). Due to the Covid-19 pandemic, TAG voluntarily refrained from increasing rents by adjusting them to the local comparable rent in the period from March to June 2020, and afterwards continued to ensure that tenants' interests were taken into account in the event of Covid-19 related hardship. Against this backdrop and due to a reduced number of tenant changes, during the pandemic, total like-for-like rental growth stood at 1.5% p.a. as of 30 September 2020, vs 2.4% p.a. at 31 December 2019. Adjusted for the effects of vacancy reduction, rental growth stood at 1.4% p.a., after 1.9% p.a. as of 31 December 2019. Over 4,300 apartments already acquired in Germany in the course of the 2020 financial year to date Positive development of business activities and further acquisitions in Poland TAG's business activities in Poland have been only slightly affected by the Covid-19 pandemic to date. Sales increased in the third quarter. Revenues from property sales amounted to EUR 25.3m in Q3 2020, up from EUR 4.4m in the previous quarter. In parallel, sales of 124 (Q2 2020: 61) apartments were signed in the third quarter of 2020. In line with its business model in Germany, TAG's future business activities in Poland will also focus on the long-term letting of apartments. In the medium term, i.e. the next 3 to 5 years, the company plans to construct or acquire 8,000 to 10,000 apartments. Ongoing construction activity was able to continue without any significant delays even during the Covid-19 pandemic. As of 30 September 2020, the contractually secured pipeline for the construction of residential units comprises a total of 7,644 units, of which 5,039 are in Wroclaw, 2,015 in Poznan, and 590 in Lodz. So compared to the end of Q2 2020, the pipeline has been expanded by 1,845 apartments. According to current plans, of the total of approx. 7,600 apartments as of 30 September 2020, around 3,500 apartments are earmarked for sale and around 4,100 apartments are to be rented upon completion, thereby forming the basis for the approximately 8,000 to 10,000 apartments that are to be built as a rental portfolio in Poland over a period of 3 to 5 years. Guidance for the 2020 financial year raised, first-time publication of the FFO and dividend guidance for the 2021 financial year
For the first time, we are publishing an FFO and dividend guidance for the 2021 financial year with the interim statement for Q3 2020. The guidance and the rates of increase compared with the figures expected for the 2020 financial year are as follows:
Commenting on the figures for Q3 2020 published today, Martin Thiel, CFO of TAG, said: "Even in these difficult times of the Covid-19 pandemic, our business model, which focuses on affordable housing outside major cities, has performed very well. In light of this, we are not only able to increase our FFO and dividend guidance for 2020, but can also offer our shareholders the prospect of continuous and profitable growth for 2021". Please refer to the presentation and interim statement published today at https://www.tag-ag.com/en/investor-relations/financial-statements/quarterly-reports/ for further details on the third quarter of 2020. Press enquiries:
12.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | TAG Immobilien AG |
| Steckelhörn 5 | |
| 20457 Hamburg | |
| Germany | |
| Phone: | 040 380 32 0 |
| Fax: | 040 380 32 388 |
| E-mail: | ir@tag-ag.com |
| Internet: | http://www.tag-ag.com |
| ISIN: | DE0008303504 |
| WKN: | 830350 |
| Indices: | MDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1147428 |
| End of News | DGAP News Service |
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1147428 12.11.2020
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