TAG Immobilien AG : FY 2023 results broadly in line with decelerating devaluation trend
>Outlook for FY 2024 confirmed - TAG this morning reported FY 2023 figures that were broadly in line with our estimates and confirmed its flattish FFO I guidance for FY 2024e of € 170-174m, translating into FFO I p/s of € 0.98.Net rental income of € 281.3m (+1.2% y-o-y) was below our forecast of € 287.7m but with net rents of € 350.8m (+3.2% y-o-y) in line. TAG´s property valuation loss of -€ 705.2m was a bit below our forecast of -€ 802.1m, representing a devalu...TAG Immobilien is engaged in the acquisition, development and management of residential real estate as well as property sales. Co. operates within two segments: residential and commercial. Co.'s residential property portfolio is concentrated in the regions of Thuringia / Saxony, the greater metropolitan areas of Berlin and Hamburg, and the Salzgitter and North Rhine-Westphalia regions while its commercial portfolio is situated in locations such as Hamburg, Berlin and Munich. As of Dec 31 2013, Co.'s portfolio consisted of 70,587 units and comprised of 4,582,344 sq. m. of floor area.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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