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German TAG Immobilien reports USD19.7m profit in Q3  Join our daily free Newsletter

MENAFN - 08/11/2012

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(MENAFN) German realtor TAG Immobilien AG reported a 26 percent increase in quarterly profits on higher rental income, Bloomberg reported.

The company said it made USD19.7 million net profit during the third quarter, up from USD15.62 million a year earlier. Rental income more than doubled to USD51.5 million.

TAG benefited from rental growth in large urban areas as young Germans move to places where jobs are easier to find.

The company's portfolio increased to 57,000 homes after it bought DKB Immobilien AG, owner of homes valued at about USD1.41 billion.

The company said that its quarterly Funds from Operations (FFO), a measure of a property company's ability to generate cash, stood at USD14.34 million. TAG stuck to its full-year FFO to reach USD51.22 million.

The company plans to add more residential properties while shrinking its commercial real estate business.

 






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