DGAP-News TAG Immobilien AG starts into 2021 with significant earnings increase and new ESG initiatives
DGAP-News: TAG Immobilien AG / Key word(s): Quarterly / Interim Statement/Quarter Results
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TAG Immobilien AG starts into 2021 with significant earnings increase and new ESG initiatives
- FFO I in Q1 2021 at EUR 45.6m or EUR 0.31 per share (+8.6% year-on-year),
- Loan-to-value (LTV) debt ratio at 44.8% at the reporting date; Moody's rating agency raises outlook for TAG's Baa3 investment grade rating from 'stable' to 'positive',
- Further development of TAG's sustainability strategy: finalisation of a comprehensive decarbonisation strategy in 2021 with the long-term goal of managing a nearly climate-neutral residential portfolio;
- Low emission intensity of TAG portfolio by sector comparison with 31.9 kg CO2/m² p.a.; over 60% of the buildings already have an energy efficiency class of at least 'C'; less than 5% of the portfolio is in the lowest energy efficiency classes 'G' and 'H';
- Project developments in Poland offer extensive opportunities to plan sustainably and to incorporate climate and resource protection from the very beginning;
- Residential neighbourhoods worth living in with affordable rents as a key component of TAG's business model reconcile commercial and social interests.
Hamburg, 10 May 2021
Key operating figures and earnings trend
The Group's net actual rent increased by 4.4% year-on-year. On a like-for-like basis, rental growth in TAG's residential units was 1.4% p.a., unchanged from the 2020 financial year. Including the effects of changes in vacancy, total rental growth amounted to 1.2% after 1.5% p.a. in the 2020 financial year. In the first quarter of 2021, vacancy in the residential units increased from 5.3% at the beginning of the year to 5.9% as at 31 March 2021, in line with the trend in the same period of the previous year.