BERLIN (dpa-AFX) - TAG Immobilien AG (TEG.F) on Thursday reported first-quarter rental income that rose from last year, particularly helped by its German portfolio.
The company said its FFO I, which includes both its German and Polish rental businesses, went up to 44.9 million euros from 44.6 million euros a year ago. The company particularly cited like-for-like rental growth of 3.0 percent p.a in Germany for the growth.
The company's FFO I rose to 44.9 million euros or 0.26 euro per share from 44.6 million euros or 0.25 euro per share in the year-ago quarter.
The company's total rental income for the period rose to 92.0 million euros from 88.8 million euros a year ago.
The German property company posted consolidated net profit of 39.0 million euros in the first quarter, down from 52.9 million euros in the same period last year.
According to TAG Immobilien, FFO II, which includes FFO I and Polish and German sales results, fell to 50.1 million euros or 0.29 euro per share from 64.3 million euros or 0.37 euro per share in the prior-year quarter.
The company's adjusted EBITDA came in at 68.7 million euros, down from 84.2 million euros recorded in the previous-year quarter.
Looking ahead, the company reaffirmed its fiscal 2025 outlook of FFO I in the range of 172 million euros to 176 million euros or 0.99 euro per share. Adjusted net income from sales Poland is expected between 61 million euros and 67 million euros.
In the year ahead, TAG Immobilien expects FFO II between 233 million euros and 243 million euros or 1.36 euros per share.
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