TAG Immobilien is canceling the dividend for this year. The Hamburg-based company justified this in a statement published on Monday with the market environment. Inflation and sharp rises in interest rates have had an impact in the form of erratic capital markets and investment markets that are difficult to assess. Instead, the capital and financing base is to be strengthened by suspending the dividend. TAG had previously announced a payout of 81 cents per share.
“In connection with the refinancing measures already implemented for 2023, the company’s capital and financing base will be placed on a sustainable and stable foundation for the coming years,” explained CFO Martin Thiel. Further equity measures are not necessary. As soon as the capital and investment markets normalize again, TAG wants to pay dividends again.
In the third quarter, operating profit rose by seven percent to EUR 49.1 million, as measured by the FFO I indicator, which is important for the real estate industry.
Message
