DGAP-News: TAG Immobilien AG / Key word(s): Annual Results/Annual Report 
TAG Immobilien AG concludes 2020 financial year successfully despite the difficult circumstances 
2021-03-17 / 06:59 
The issuer is solely responsible for the content of this announcement. 
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PRESS RELEASE 
TAG Immobilien AG concludes 2020 financial year successfully despite the difficult circumstances 
- FFO grows by more than 7% year-on-year (EUR 172.6m vs. EUR 160.6m); dividend per share also increases 7% to EUR 0.88 
vs. EUR 0.82 
- Business operations remain nearly unaffected by the Covid-19 pandemic; tenants offered secure homes and good service 
even in difficult times 
- Successful acquisitions in 2020: close to 4,600 units acquired in Germany, residential project pipeline in Poland 
expanded by c. 4,900 units 
- TAG is among leading real estate companies in the field of sustainability based on available ESG ratings 
Hamburg, 17 March 2021 
TAG Immobilien AG (TAG) today published its 2020 Annual Report, reporting on another successful financial year. TAG COO 
Claudia Hoyer comments: "For all of us, 2020 was marked by the special challenge of the Covid-19 pandemic. As a 
residential company, we bear a very special responsibility during this time and lend a helping hand to our tenants. 
This was reflected not only in our decision to voluntarily refrain rent increases over a period of several months, but 
also in the further intensification of our debt advising activities and support. Social involvement, which we have been 
practicing for years in many of our residential neighbourhoods, is more important to us than ever. TAG's business model 
as a portfolio owner for affordable housing has proven to be extremely robust during this period and our company is 
well positioned. We would particularly like to thank our employees, who have worked hard over the past year to make 
this positive performance and TAG's continued growth possible under the most difficult conditions." 
Successful business operations 
FFO (defined as FFO I excluding net income from sales) increased by EUR 12.0m or more than 7% to EUR 172.6m (EUR 1.18 
per share) compared to the previous year, reaching the upper end of the guidance range of EUR 170-173m, which had 
already been raised in November 2020. In addition to the good operating performance, this increase was also due in 
particular to the successful acquisitions in 2019 and 2020. 
At EUR 21.95, net asset value in the form of EPRA net tangible assets (NTA per share) was approximately 9% above the 
level of EUR 20.22 reported at 31 December 2019. The result from portfolio valuation contributed significantly to this 
development. The total year-on-year portfolio value growth was 7.5% (of which 6.2% from valuation gains and 1.3% from 
investments). As of the reporting date, TAG's residential portfolio is valued at an average of around EUR 1,100 per sqm 
or a 5.7% gross yield. 
At 45.1%, the loan-to-value (LTV) ratio as at 31 December 2020 is almost unchanged from the previous year (44.8%). The 
average interest rate on financial debt decreased from 1.7% to 1.5% in 2020, with an average remaining maturity of 6.8 
(previous year: 7.4) years. 
TAG's annual like-for-like rental growth of 1.4% and 1.5% (including the effects of vacancy reduction) was below the 
previous year's figures of 1.9% and 2.4% respectively. The main reasons for this were the voluntary refrain of ongoing 
rent increases in the months of March to June 2020, as well as lower tenant turnover (and thus lower rent increases in 
re-letting) as a result of the Covid-19 pandemic. 
At the end of 2020, vacancy in the Group's residential units reduced to 4.5%, down from 4.8% at the end of the previous 
quarter and 5.1% at 30 June 2020. At the beginning of the year, vacancy had been at 4.6%. Across the entire portfolio, 
i.e. including the portfolios newly acquired in 2020 and the commercial units, the vacancy rate is 5.6% after 4.9% at 
the beginning of the year. 
Since the beginning of the 2020 financial year, TAG has also been active in the Polish residential market and is 
planning to build a high-yielding new-construction portfolio of around 8,000 to 10,000 rental apartments within the 
next 3 to 5 years. In 2020, the focus of business activities was still on sales. Even though the sales revenues of EUR 
73.4m were below the planned EUR 80-85m due to a postponement of the handover of around 140 apartments to January and 
February 2021, the result of operations in Poland as a contribution to FFO II reached the guidance range of EUR 9-11m 
at EUR 9.1m thanks to the positive development in prices. 
The guidance for the 2021 financial year, as published in November 2020, remains unchanged as follows: 
- FFO I: EUR 178-182m or EUR 1.23 per share (+4%) 
- Dividend per share: EUR 0.92 (+4%) 
Successful acquisitions in Germany and Poland 
In 2020, TAG acquired 4,578 apartments in Germany for a total purchase price of EUR 174.7m. All locations in these 
portfolios are in TAG's core regions in East Germany. On average, the acquisition multiple was 14.7 times the current 
annual net rent, or an annual gross yield of 6.8%. The average vacancy of 21.1% at the time of acquisition offers good 
development opportunities for TAG's active asset management. 
In Poland, the contractually secured pipeline for the construction of apartments comprises a total of approx. 8,700 
units as of 31 December 2020. Of these, around 3,000 apartments are earmarked for sale, while approx. 5,700 units are 
available for the letting business upon completion. Rental income is first expected upon completion of the first rental 
projects at the end of FY 2021. Until then, the business activity in Poland will continue to consist mainly of sales. 
Sustainable business development as the basis for future success 
In 2020, TAG systematically continued the sustainability activities it has been following for years. A holistic 
understanding of sustainability forms the basis of all business decisions, so as to balance economic, ecological, and 
social interests. Besides ecological goals and professional corporate governance, social targets are a particular 
priority. Developing liveable residential quarters at affordable rents in "B and C locations" not only increases tenant 
satisfaction, but has also been the basis of TAG's successful business performance for years. 
Not least with this in mind, in June 2020, Sustainalytics as a leading ESG rating company, rated TAG among the top 5% 
of companies in the real estate sector worldwide. TAG also improved its ranking with other renowned ESG rating 
agencies. Detailed reporting on the topic of sustainability will be presented in a separate annual sustainability 
report, to be published on 22 April 2021. 
"Our German business model, under which we actively manage and develop high-yield yet affordable real estate outside 
the major metropolises, has proven stable and reliable even in the Covid-19 pandemic. In addition, we can offer our 
shareholders the prospect of promising results from our long-term investments in Poland," says TAG CFO Martin Thiel, 
commenting on TAG's outlook. "We are strategically well positioned to offer our tenants affordable housing and our 
shareholders attractive dividends in the years ahead." 
Key figures for the 2020 financial year and as at 31 December 2020 
Income statement key figures in EURm                   2020     2019     2018 
Rental income (net rent)                              322.5    315.0    302.2 
EBITDA (adjusted)                                     222.3    214.7    206.4 
Consolidated net profit                               402.6    456.4    488.2 
FFO I per share in EUR                                 1.18     1.10     1.00 
FFO I                                                 172.6    160.6    146.5 
AFFO per share in EUR                                  0.69     0.64     0.60 
AFFO                                                  100.9     93.9     88.4 
 
Balance sheet key figures in EURm as at 12/31/         2020     2019     2018 
Total assets                                        6,478.0  5,647.0  5,033.3 
EPRA NTA (fully diluted) per share in EUR             21.95    20.22    17.35 
LTV in %                                               45.1     44.8     47.3 
 
Portfolio data as at 12/31/                            2020     2019     2018 
Units Germany                                        88,313   84,510   84,426 
Units Poland (contractually secured pipeline)         8,742        -        - 
Real estate volume (in EURm)                        5,834.3  5,302.4  4,815.5 
Vacancy in % (total)                                    5.6      4.9      5.3 
Vacancy in % (residential units)                        4.5      4.5      4.7 
l-f-l rental growth in %                                1.4      1.9      2.3 
l-f-l rental growth in % (incl. vacancy reduction)      1.5      2.4      2.6 
 
Employees                                              2020     2019     2018 
Number of employees                                   1,354    1,160      993 Please refer to the presentation published today and TAG's Annual Report 2020 at https://www.tag-ag.com/en/ investor-relations/financial-statements/annual-reports for further details on the past financial year. 

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 -----------------------------------------------------------------------------------------------------------------------

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