EQS-News

TAG Immobilien AG: Rising rental and sales results in Q1 2024; LTV already close to target at 45.6%

EQS-News: TAG Immobilien AG / Key word(s): Quarter Results TAG Immobilien AG: Rising rental and sales results in Q1 2024; LTV already close to target at 45.6%  14.05.2024 / 06:59 CET/CEST The issuer is solely responsible for the content of this announcement. PRESS RELEASE

Rising rental and sales results in Q1 2024; LTV already close to target at 45.6% 

• Result from rental business (FFO I) increases to EUR 44.6m after EUR 42.6m in Q1 2023 (+5%)
• Sales result in Poland up by EUR 11.0m to EUR 19.8m compared to EUR 8.8m in Q1 2023
• All guidance for financial year 2024 confirmed
• C. 780 residential units sold in Germany since the beginning of the year until May 2024; sales are expected to result in net cash proceeds of c. EUR 59.0m
• LTV declines to 45.6% from 47.0% at 31 December 2023; other financing KPIs remain at excellent levels
• Homes for Generations: Further improvement in the climate efficiency of the German portfolio and awards for TAG’s social commitment

Hamburg, 14 May 2024

Earnings increase in Q1 2024 – continuation of positive operating business performance from previous year

In operational terms, the first three months of the financial year 2024 were a very successful quarter for TAG Immobilien AG (TAG). FFO I, which includes the German and Polish rental business, rose by 5% year-on-year to EUR 44.6m (EUR +2.0m).

This result was initially driven by total like-for-like rental growth in the German portfolio of 2.4% p.a. (FY 2023: 2.3%). Vacancy in the Group’s c. 84,500 residential units in Germany increased slightly from 4.0% at the beginning of the year to 4.2% in March 2024 (compared to 4.7% in March 2023) due to seasonal factors. In the Polish rental portfolio, which comprised c. 2,600 residential units as of the reporting date, like-for-like rental growth amounted to 10.1% p.a. after 10.8% in FY 2023. As newly completed residential units were again let in the first quarter of 2024, vacancy increased to 9.8% as of the reporting date from 7.2% as of 31 December 2023. By contrast, the vacancy rate for units rented for more than one year in Poland was only 2.6%.