DGAP-News: TAG Immobilien AG / Key word(s): Half Year Results 
Successful business performance in the second quarter of 2021: TAG Immobilien AG generates continuous FFO growth and 
significant NTA increase 
2021-08-11 / 06:55 
The issuer is solely responsible for the content of this announcement. 
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PRESS RELEASE 
Successful business performance in the second quarter of 2021: TAG Immobilien AG generates continuous FFO growth and 
significant NTA increase; business activity in Poland further expanded: new location established and first tenants 
moving in 
- FFO I in Q2 2021 at EUR 45.9m or EUR 0.31 per share (H1 2021: EUR 91.5m or EUR 0.62 per share), 
- Valuation of the real estate portfolio as at 30 June 2021 leads to valuation uplift of 5.2%, 
- EPRA NTA per share increases to EUR 23.69 from EUR 21.95 as at 31 December 2020 (up 7.9% and 11.9%, respectively, 
taking into account the dividend of EUR 0.88 per share paid out in Q2 2021), 
- Expansion of the contractually secured project development pipeline in Poland to around 11,900 units, of which 
approx. 8,200 units for rent; first land bank acquisition in Gdansk as TAG's fourth location in Poland, 
- First new construction projects completed in Wroclaw in June 2021 on schedule and within budget; first tenants move 
in, 
- Further improved Sustainalytics ESG risk rating for TAG with classification in the best possible category 'negligible 
risk', 
- Business activity remains almost unaffected by Covid-19 pandemic, guidance for 2021 financial year confirmed. 
Hamburg, 11 August 2021 
Key operating figures and earnings trend 
The Group's net actual rent ('net cold rent') increased by 3.9% year-on-year in the first half of 2021. Based on 
comparable portfolios (like-for-like), rental growth was 1.6% in the last twelve months to 30 June 2021. Vacancy in the 
Group's residential units declined slightly to 5.8% in Q2 2021, from 5.9% in March 2021 and 5.3% at the beginning of 
the year. 
FFO I (funds from operations excluding net income from sales), which is still calculated solely based on the rental 
business in Germany, reached EUR 45.9m in Q2 2021, compared to EUR 45.6m in Q1 2021 and EUR 44.5m in Q2 2020. Looking 
at the entire first half of 2021, FFO I amounted to EUR 91.5m, compared to EUR 86.5m in the same period of the previous 
year, which corresponds to an increase of 5.8%. 
As in previous years, TAG's real estate portfolio was completely revalued as at 30 June 2021. The total valuation gain 
of EUR 310.4m (of which EUR 305.6m relates to the portfolio in Germany and EUR 4.8m to the portfolio in Poland, which 
is still being developed) corresponds to a valuation uplift of 5.2% in the first half of 2021, following 3.3% and 2.9% 
in H1 and H2 2020, respectively. In this respect, the high demand for affordable yet attractive homes, which has now 
also been evident for many years in 'B locations' and in East Germany, is leading to a significant increase in value 
for the real estate portfolio. As a result, TAG's portfolio is now valued at around EUR 1,150 per sqm, with gross 
initial yield at 5.5%. 
EPRA NTA (net tangible assets) increased to EUR 23.69 from EUR 21.95 at 31 December 2020, even after the dividend 
payment of EUR 0.88 per share made in May 2021. The loan-to-value (LTV) ratio was 44.1% as at 30 June 2021, down once 
again compared to year-end 2020 (45.1%). 
Overall, TAG generated consolidated net profit of EUR 324.1m in the first six months of 2021, compared to EUR 212.8m in 
the same period of the previous year. In addition to the good operating performance, this was due in particular to the 
EUR 138.0m year-on-year increase in the valuation result. 
Further growth of the portfolio in Poland 
The business performance in Poland was also very positive. In the first half of 2021, net income from sales increased 
to EUR 6.7m, from EUR -0.4m in the same period of the previous year. The total result from operations in Poland, which 
currently nearly completely includes sales transactions and is included in the Group's FFO II, amounted to EUR 4.5m in 
H1 2021 after EUR -0.8m in H1 2020. 
The contractually secured pipeline for the construction of residential units comprises approximately 11,900 units as of 
the reporting date. Of this total, around 8,200 residential units are earmarked for letting, while approx. 3,700 are 
intended for sale. With the acquisition of land in Gdansk in Q2 2021, TAG established its fourth location in Poland 
after Wroclaw, Poznan and Lodz. In June 2021, business activities in Poland reached another milestone with the first 
tenants moving into three new building projects in Wroclaw. At the end of July 2021, almost 400 units were in the 
letting process. All projects were completed on schedule and within budget. 
Improved ESG rating from Sustainalytics 
At the beginning of August 2021, TAG's sustainability activities were recognised by the rating agency Sustainalytics, 
which ranked it in the best possible category ('negligible ESG risk', with a score of 9.9 after 12.6 previously). This 
places TAG among the top 3% of all real-estate companies and the top 1% of all companies worldwide. 
"Our rental business in Germany remains very stable despite the ongoing Covid-19 pandemic and is seeing continuous 
increases in FFO," says Martin Thiel, CFO of TAG. "The good valuation result of the first half of 2021 shows a rise in 
demand for residential properties yet again, including in the B locations we prefer, and in East Germany. In Poland, we 
are celebrating increased sales results as well as the move-in of the first tenants into our recently completed new 
building projects. With the 8,000 to 10,000 rental units planned in Poland by the end of 2025 and the gross initial 
yields of 7-8% achievable there, we will ensure substantial and profitable external growth for the next years." 
Please refer to the presentation published today and the interim financial report at www.tag-ag.com/investor-relations 
for further details on the first half of 2021. 
Overview of key financials and portfolio data 
Income statement key indicators in EURm            01/01-06/30/2021 01/01-06/30/2020 
Net actual rent                                               166.0            159.7 
EBITDA (adjusted)                                             114.2            113.0 
Consolidated net profit                                       324.1            212.8 
FFO I per share in EUR                                         0.62             0.59 
FFO I                                                          91.5             86.5 
AFFO per share in EUR                                          0.42             0.33 
AFFO                                                           61.9             48.6 
Balance sheet key indicators in EURm                     06/30/2021       12/31/2020 
Total assets                                                6,800.7          6,478.0 
EPRA NTA (fully diluted) per share in EUR                     23.69            21.95 
LTV in %                                                       44.1             45.1 
Portfolio data                                           06/30/2021       12/31/2020 
Units Germany                                                88,319           88,313 
Units Poland (contractually secured pipeline)                11,922            8,742 
Real estate volume (total)                                  6,365.4          5,984.5 
Vacancy in % (total)                                            6.1              5.6 
Vacancy in % (residential units)                                5.8         5.3*/4.5 
l-f-l rental growth in %                                        1.6              1.4 
l-f-l rental growth in % (incl. vacancy reduction)              1.6              1.5

*incl. acquisitions from 2020

Press enquiries TAG Immobilien AG Dominique Mann Head of Investor & Public Relations Phone +49 (0) 40 380 32 305 Fax +49 (0) 40 380 32 390 ir@tag-ag.com -----------------------------------------------------------------------------------------------------------------------

2021-08-11 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de ----------------------------------------------------------------------------------------------------------------------- 


Language:     English 
Company:      TAG Immobilien AG 
              Steckelhörn 5 
              20457 Hamburg 
              Germany 
Phone:        040 380 32 0 
Fax:          040 380 32 388 
E-mail:       ir@tag-ag.com 
Internet:     http://www.tag-ag.com 
ISIN:         DE0008303504 
WKN:          830350 
Indices:      MDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, 
              Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange 
EQS News ID:  1225392 
 
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1225392 2021-08-11

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August 11, 2021 00:55 ET (04:55 GMT)