TAG Immobilien AG generated pre-tax earnings (EBT) of EUR 139.8 million in the first nine months of 2012
TAG Immobilien AG / Key word(s): Quarter Results
TAG Immobilien AG generated pre-tax earnings (EBT) of EUR 139.8 million in the first nine months of 2012 and achieved third-quarter FFO in the amount of EUR 11.2 million with a strong operating result
- Integration of DKBI in the TAG Group largely completed
- Rental income nearly doubled to EUR 108 million
- Earnings before taxes (EBT) rose from EUR 53.4 million in the comparison period of 2011 to EUR 139.8 million
- Net Asset Value (NAV) per share up again since end of Q2 2012, to EUR 9.46
- Group structure further optimised -Bau-Verein squeeze-out completed, POLARES sold
- Vacancy declines again in Q3, especially in Salzgitter and eastern Germany
- TAG share moves up onto the MDax
Hamburg (8 November 2012) - TAG Immobilien AG ('TAG' in the following) generated a strong operating result in the third quarter of 2012. In particular, TAG achieved further success in reducing vacancy, which after the acquisition of TAG Potsdam Immobilien AG, formerly DKBI, was reduced from 11.4 percent to 11.1 percent across the Group's residential portfolio last quarter. Vacancy in Salzgitter decreased by 0.8 percentage points to 21.7 percent in Q3 2012. TAG's NAV (Net Asset Value) increased to EUR 9.46. The Group structure was further optimised through a successful 'squeeze out' at Bau-Verein zu Hamburg Aktien-Gesellschaft, and the management buyout of POLARES Real Estate Asset Management GmbH. The TAG share moved up onto the MDAX at the end of September.
Total revenues rose from EUR 108.3 million in the first nine months of 2011 to EUR 179.4 million in 2012. Rental revenues increased from EUR 83.0 million at the end of September 2011 to EUR 139.8 million as of 30 Sep 2012 - a nearly 68-percent increase. This growth at the operational level is due to the consolidation of TAG Potsdam Immobilien AG since April 2012, and also demonstrates the success of the TAG Group's active rental and asset management.
For further details, please refer to the quarterly report for the period ended 30 Sep 2012, published today: http://www.tag-ag.com/en/investor-relations/financial-reports/interim-reports
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|Company:||TAG Immobilien AG|
|Phone:||040 380 32 0|
|Fax:||040 380 32 390|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, Stuttgart|
|End of News||DGAP News-Service|