DGAP-News: TLG IMMOBILIEN AG
/ Key word(s): Real Estate/Half Year Results
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR IN OR INTO OR TO ANY PERSON RESIDENT OR LOCATED IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO PUBLISH OR DISTRIBUTE THIS DOCUMENT. TLG IMMOBILIEN records solid operational performance and strong disposal activity leading to improved asset quality - Rental income amounted to €113 million for H1 2020, down by 2% YOY - FFO increased by 9.4% YOY to €78.3 million from €71.5 recorded for the first half of 2019. - Net profit amounted to €245 million, compared to €322 million in H1 2019. - Signed disposals amounting to €580 million, executed above book value. The disposals were primarily retail assets leading to a portfolio with a higher office-concentration. - EPRA NAV per share amounted to €3.983 million and €35.5 per share, higher by 8.7% and 8.6% respectively as compared to the end of 2019. - Net LTV decreased to 32.0% as of the end of June 2020.
TLG further improved the focus on core assets of mainly offices in top German cities following the completion of disposals amounting to €580 million during the first half of 2020, which comprised primarily of retail properties and were sold above book value. The freed-up funds and resources strengthen the Company's liquidity and capital structure. Following the reporting period, Mr. Jürgen Overath resigned from his position as Chief Operating Officer. The Company is grateful for his successful tenure and services to TLG. Mr. Ronny Schneider has replaced Mr. Overath with effect from August 2020. Mr. Schneider has worked for several years as a Consultant with broad experience in the sectors of Asset Management, Development and Business Development. Further, the Company also successfully completed the issuer substitution process of its Senior Bonds. In addition, holders of the Company's Perpetual Notes voted in favour of the issuer substitution expressing strong investor support. The pooling of capital market instruments on the level of Aroundtown as the new parent company of TLG, is paving the way for realization of potential future financial synergies as identified by the Company and Aroundtown. "I am happy to welcome Mr. Ronny Schneider who is a proven expert in active real estate management and is a strong addition to our company. We are pleased to look forward to a good cooperation. At the same time, we would like to thank Mr Jürgen Overath, who left the company end of July 2020. Mr. Overath set important accents and contributed to the company with great dedication", says Sascha Hettrich, the Chairman of the Supervisory Board of TLG. Contact About the Company 26.08.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| 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 |
| Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1123763 |
| End of News | DGAP News Service |
1123763 26.08.2020
