BERLIN (dpa-AFX) - German property company TAG Immobilien AG (TEG.F) on Tuesday turned to profit for fiscal 2024, helped by higher Funds from Operations, or FFO I. The company also provided outlook for the next year and announced the resumption of divided payment.
The company posted consolidated net profit of 122.1 million euros for full-year 2024, compared to a loss of 410.9 million euros a year ago.
FFO I for the year came in at 175.1 million euros, higher than last year's 171.7 million euros. This was above the company's guidance of between 170 million euros and 174 million euros. On a per share basis, FFO I rose to 1.00 euro from 0.98 euro in the previous year.
For the year, FFO II declined to 239.4 million euros from 255.6 million euros a year ago. On a per share basis, FFO II was 1.36 euros, down from 1.46 euros last year. FFO II for the year, however, exceeded the outlook of between 217 million euros and 223 million euros by 9 percent.
The company's rental income, excluding net actual rent, rose to 360.2 million euros from 350.8 million euros a year ago.
Total adjusted EBITDA, however, declined to 315.1 million euros from 337.0 million euros in the prior year.
Looking ahead, in fiscal 2025, the company expects FFO I in the range of 172 million euros and 176 million euros. FFO II is projected between 233 million euros and 243 million euros.
Adjusted net income from sales Poland for fiscal 2025 is expected between 61 million euros and 67 million euros.
The company's Board plans to propose a dividend payment for fiscal 2024 at the next Annual General Meeting in May. It is to be based on a pay-out ratio of 40 percent of FFO I and thus amounts to 0.40 euro per share. Shareholders can choose between a cash distribution or cash dividend and new TAG shares or scrip dividend.
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