BERLIN (dpa-AFX) - TAG Immobilien AG (TEG.F), a German property company, on Wednesday reported a rise in Funds from Operations II or FFO II for the nine-month period, helped by improved demand and increased rental income.
For the full year, the company has reaffirmed its guidance, while initiating outlook for 2025. Further, TAG intends to resume dividend payment from this year.
For the nine-month period to September 30, the firm recorded FFO I of 130.5 million euros or 0.74 euro per share, lower than 132.6 million euros or 0.76 euro per share, posted for the same period last year.
FFO II was 167.5 million euros or 0.95 euro per share, higher than prior year's 164.8 million euros or 0.94 euro per share.
Net profit stood at 30.477 million euros or 0.17 euro per share as against a loss of 269.509 million euros or 1.57 euros per share in 2023.
EPRA NTA per share increased to 18.61 euros from 18.31 euros in 2023.
EBT was 36.786 million euros, compared with a loss of 336.880 million euros last year.
EBIT stood at 72.424 million euros as against previous year's loss of 279.825 million euros.
Services result improved to 28.517 million euros from 24.950 million euros in the previous year.
Excluding items, EBITDA was 221.8 million euros, compared with 219.2 million euros a year ago.
Sales result surged to 45.861 million euros from previous year's 20.520 million euros.
Net rental income 216.668 million euros, higher than prior year's 214.599 million euros.
Rental income was up at 358.104 million euros from previous year's 349.366 million euros.
Claudia Hoyer, COO of TAG, said: 'The continued high rental demand for our German properties and the excellent performance of our rental and sales activities in Poland give us a positive outlook for this year's results.'
Looking ahead, for the full year, the company still expects annual FFO I of 170 million euros to 174 million euros, with FFO II of 217 million euros to 223 million euros.
After a two-years of suspension, the company now intends resume its dividend payment. For the full year, the firm plans to pay a dividend of 0.40 euro per share.
For the full-year 2025, the company expects FFO I of 172 million euros to 176 million euros, with FFO II of 233 million euros to 243 million euros.
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