The following is a summary of the TAG Immobilien AG (TAGOF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• TAG Immobilien reported a Q1 FFO I of €44.6 million, signifying a 5% growth YoY.

• The company recorded a like-for-like rental growth in the German portfolio, including impact due to vacancy changes, at 2.4%.

• In Poland, the sales volume was €118 million, with a 20% spike in sales prices despite fewer units sold.

• Rent growth in Poland was reported above 10% for the quarter.

• The company disposed of 780 apartments in Germany from January to May 2024 for a total sales price of over €67 million.

• The LTV was reduced by 140 basis points from 47% in 2023 to 45.6%.

• Net debt to EBITDA improved to 8.7x and the ICR stands at 6.7x.

Business Progress:

• The company disposed of 636 units in Poland, down from 709 units last quarter.

• Most apartment disposals in Germany are expected to conclude by the end of Q2.

• TAG Immobilien is anticipating an increasing EBITDA contribution from the Polish rental business in upcoming quarters.

• The low single-digit increase of growth in its German portfolio of around 16% is being forecasted for 2024.

• TAG Immobilien has resumed investment in new construction stages with a target of 10,000 units by 2028.

• The vacancy rate reduced to 4.2% and is expected to drop further, reaching a slightly below 3% structural vacancy rate.

• The company's services business anticipates a minor decline due to a change in law affecting multimedia.

• Progress to meet the target of 10,000 units in Poland is ongoing and being funded via cash-flow from Polish sales businesses and additional debt taken on in Poland.

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