Full Year 2020 TAG Immobilien AG Earnings Call Transcript
Dear ladies and gentlemen, welcome to the conference call of TAG Immobilien AG regarding the publication of their annual report 2020. At our customers' request, this conference will be recorded. (Operator Instructions) May I now hand you over to Martin Thiel, CFO, who will lead you through this conference. Please go ahead, sir.
Yes, many thanks, and good morning, everybody. This is Martin from TAG. Welcome to our conference call for the full year 2020. Thanks for dialing in.
As always, let's start with Page #4 of the presentation, that's the highlights slide, to summarize the main developments of the financial year 2020. Looking at the operational performance and starting in Germany, you see that we had a good development in vacancy reduction in the fourth quarter 2020. Vacancy was down by 30 basis points in the fourth quarter and ended up with 4.5%. That's a reduction by 60 basis points over the course of the second half of the year.
In the total portfolio, vacancy stands
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