TAG Immobilien AG · XETR:TEG
TAG Immobilien — Corporate Update (October 2011)
14 slides from TAG Immobilien's corporate update, Oct 7, 2011
Slide 1: UPDATE Salzgitter 2011
UPDATE Salzgitter 2011 TAG Immobilien AG UPDATE Salzgitter 7 Oct 2011 TAG I 1
Slide 2: Contents
Contents page 1. Colonia – Integration & Synergies 3/4 2. Portfolio Combined – TAG & Colonia 5 3. Micro Location 6/7 UPDATE Salzgitter 2011 4. Cash Flow 2010 8 5. Re-letting 9 6. Higher rents 10 7. Tenant mix 11 8. Maintenance 12 9. Portfolio – Cash Flow positive 13 TAG I 2
Slide 3: Colonia - Integration in general
Colonia - Integration in general Corporate integration already done • Management, Acquisition, IR, PR, HR, IT, Cash Management, Refinancing, Legal, Controlling • Accounting UPDATE Salzgitter 2011 Operational integration • Asset management fully integrated and insourced where not the case previously
Slide 4: Integration and Synergies
Integration and Synergies Old target Already achieved Visible from New target Comment General Largely already EUR 11.2 million administrative visible; the rest per year already expenses EUR 10 million EUR 11 million from Q3 2011 EUR 11 million achieved Transfer of Property substantial UPDATE Salzgit
Slide 5: Combined entity TAG - Colonia: Portfolio
Combined entity TAG - Colonia: Portfolio Total TAG Colonia Units 27,107 8,095 19,012 Floor Area sqm 2,012,844 840,402 1,172,442 Real Estate Volume TEUR 1,709,272 892,326 816,946 Vacancy in % (H1 2011) 11.7 5.1 16.3 Net Actual Rent EUR/sqm 5.32 5.95 4.82 UPDATE Salzgitter 2011 TAG I 5
Slide 6: Micro Location, Salzgittersee - Lebenstedt
Micro Location, Salzgittersee - Lebenstedt UPDATE Salzgitter 2011 TAG I 6
Slide 7: Micro Location Salzgitter
Micro Location Salzgitter Portfolio Units Lebenstedt 6,267 Fredenberg 2,082 Hallendorf 365 UPDATE Salzgitter 2011 Fredenberg Inhabitants in these districts 41,000 (40%) TAG I 7
Slide 8: Financials – Cash Flow 2010 (Estimates)
Financials – Cash Flow 2010 (Estimates)* status quo (run rate 2010) TEUR Rental Value 30,200 Current rent in place 23,500 Service charge leakage due to vacancy -3,500 UPDATE Salzgitter 2011 Other service charge leakage -1,100 Marketing -1,200 Maintenance -3,300 External managers -3,500 NOI 10,900 In
Slide 9: Success in letting
Success in letting • Re-letting shows big success since TAG took over the asset and property management • At the same time cancellations decreased • Net absorption: annualised on track for single-digit vacancy in 2014. 35 Delta between 32 UPDATE Salzgitter 2011 new contracts and cancellation for res
Slide 10: Vacant flats are let at higher rents
Vacant flats are let at higher rents • Rents per sqm and month for new lettings since TAG took over property management 5,00 4,82 UPDATE Salzgitter 2011 4,78 4,72 4,50 4,41 4,41 average new rents in the portfolio 4,00 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 July 11 Aug 11 Sep 11 TAG I 10
Slide 11: Tenant mix is changing
Tenant mix is changing • New tenants who are financed by social security payments (Hartz IV) in % of all new lettings 75% UPDATE Salzgitter 2011 50% 50% 50% 40% 38% 34% 25% Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 July 11 Aug 11 Sep 11 TAG I 11
Slide 12: Maintenance
Maintenance Maintenance p.a. in EUR m • Maintenance costs can be optimised: 4,0 – Central management – Public tender for smaller 3,5 packages UPDATE Salzgitter 2011 3,0 3,5 • From 4 Oct 2011 onwards: 2,5 – General contractor 2,8 2,5 – At fixed price 2,0 – With direct and thus improved 1,5 service –
Slide 13: Already cash flow positive
Already cash flow positive average monthly cash flow in Ek • 2010: net cash negative by 2.7m 350 • H1 2011: net cash negative by 1.5m • Since July 2011: UPDATE Salzgitter 2011 250 – Cash flow positive … +275 – …although there we are catching up with the refurbishment backlog 150 (350 units alone in
Slide 14: Contact Details
Contact Details TAG Immobilien AG Rolf Elgeti CEO Steckelhörn 5 Telephone: +49 40 380 32-307 20457 Hamburg Telefax: +49 40 380 32-388 ir@tag-ag.com Telephone: +49 40 380 32-0 UPDATE Salzgitter 2011 Telefax: +49 40 380 32-388 Britta Lackenbauer/ Dominique Mann Investor & Public Relations www.tag-ag.c