TAG Immobilien AG (TEGG) has reported its Full Year 2023 financial results, with a stable outlook for the upcoming year. Despite a 9% decrease in Funds from Operations I (FFO I) to €172 million due to higher financing costs, the company met its guidance and reported a better operational EBITDA compared to the previous year. Funds from Operations II (FFO II) exceeded expectations, reaching €255.6 million, a 3% rise from the previous year, bolstered by strong sales in Poland. TAG's CEO, Martin Thiel, expressed optimism for market conditions in 2024 and detailed the company's strategic refinancing and asset disposal plans aimed at maintaining a healthy loan-to-value (LTV) ratio and enhancing liquidity. The company expects stable FFO I in 2024 and a reduction in FFO II due to lower sales in Poland. The company completed a €250 million sales program in Germany and plans further asset sales in 2024. The loan-to-value ratio stands at 47%, near the 45% target, with stable or improving credit ratings anticipated. The dividend for 2024 is suspended, with a decision on potential dividend later in the year. The rental portfolio in Poland shows strong growth and low vacancy rates, with plans for further expansion. TAG forecasts stable FFO I and a decrease in FFO II for 2024. The company plans to continue asset sales in Germany to maintain LTV targets. Anticipated stronger rental growth in Germany due to favorable market conditions. The company's strategic moves, such as asset disposals and refinancing efforts, demonstrate a proactive approach to maintaining financial stability and growth. TAG's leadership, represented by Martin Thiel, appears confident in navigating the challenges ahead and capitalizing on market improvements in 2024. [bbbd7bb6]