TAG Immobilien AG (TAGOF) Q1 2024 Earnings Call Transcript


TAG Immobilien AG (OTCPK:TAGOF) Q1 2024 Earnings Conference Call May 14, 2024 4:00 AM ET

Company Participants

Martin Thiel – Co-Chief Executive Officer and Chief Financial Officer

Conference Call Participants

John Vuong – Van Lanschot Kempen
Marios Pastou – Bernstein
Andres Toome – Greene Street
Stephanie Dossmann – Jefferies
Céline Soo-Huynh – Barclays
Kai Klose – Berenberg
Thomas Neuhold – Kepler Cheuvreux
Manuel Martin – Oddo BHF
Simon Stippig – Warburg Research

Martin Thiel

Gentlemen thanks and good morning all. Many thanks for adding into our Conference Call for the Q1 2024 Results. As always, I will try to give you a brief overview about our results and latest development and after that we, of course, have a lot of time for Q&A. So let’s start on Page number 4, which is the summary slides, where we want to show you the highlights from our point of view most important developments in the first quarter. Firstly, FFO I increased year-on-year by 5%, so we came out at an FFO I of €44.6 million in comparison to the previous year, that’s around €2 million more or 5% increase year-on-year. We think a good development that we can grow our rent results even in this quite elevated interest rate environment.

German portfolio showed quite solid performance like-for-like rental growth, including the impact from vacancy changes was 2.4%, so a little bit more than in full year 2023. Vacancy rate slightly up by 20 basis points, but we know this now for many years, that the first quarter in terms of vacancy reduction is always a little bit weaker, so 20 basis points up, but if you compare that with one year ago, so March 2023, where vacancy rate was 4.7, you clearly see the positive trend. Looking to Poland, quite strong sales result in Poland. So we handed over more than 800 units in the



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