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LEG Immobilien SE Financial Results 9M 2023 | Strong Growth and Forward Planning with IR

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LEG Immobilien SE 9M 2023: Key Takeaways

Introduction

Overview of LEG Immobilien’s 9M 2023 Financial Results

Frank Kopfinger, the Head of Investor Relations at LEG Immobilien SE, offers an in-depth review of the company’s financial achievements in the first nine months of 2023. This analysis provides a detailed and forward-looking perspective for investors.

 

Key Financial Highlights

AFFO Growth

LEG Immobilien reports a significant rise in Adjusted Funds From Operations (AFFO), reaching approximately €177 million, a 54.4% increase, surpassing initial forecasts and aligning with the upper range of the 2023 guidance.

 

Vacancy Rates and Rent Increase

The company sees a reduction in % like-for-like vacancy rate to 2.4%, alongside a 4.0% increase in rent per square metre, indicating robust demand and operational efficiency.

 

Operating Cash Flow

An 18.4% increase in operating cash flow, reaching €306.7 million, underscores efficient cash management and strong business operations.

 

Notarised Sales Performance

LEG has successfully noticed sales of about 1,600 units, including commercial properties, amounting to approximately €130 million.

 

Strategic Developments and Outlook

Refinancing Milestones

Frank Kopfinger highlights the completion of refinancing all maturities until mid-2025, reflecting financial stability and strategic capital management.

 

2024 Guidance

LEG Immobilien anticipates an AFFO increase for 2024, projecting between €180 and €200 million, indicating confidence in sustained growth.

 

Renovation and Decarbonisation Initiatives

Focus on RENOWATE’s success in acquiring new customers for serial renovations and LEG’s commitment to decarbonisation, supported by the Science Based Targets Initiative (SBTi).

 

Operational Excellence

Key Operational Factors

Discuss the improved like-for-like vacancy rate, effective rent growth strategies, and enhancements in operational cash flow, including investment management strategies.

 

Financial Stability

LEG’s Financial Resilience

The presentation highlights LEG’s strong equity ratio, liquidity reserve, and strategic market adjustments, especially in loan-to-value targets.

 

Sustainability and Innovation

Commitment to Eco-Friendly Practices

Emphasis on LEG’s dedication to sustainability and innovative initiatives, including terms and partnerships for energy-efficient solutions.

 

Conclusion

LEG Immobilien’s Outlook for 2023 and 2024

Frank Kopfinger concludes with a reiteration of LEG Immobilien’s strong earnings forecast for 2023 and an optimistic outlook for 2024, ensuring investors of continued operational excellence and strategic growth in the real estate market.

Chapters
  • Strong 9M performance points to upper end of guidance
  • Pro forma financial profile
  • Cash remains king
  • Guidance 2024
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frank kopfinger - LEG Immobilien SE Financial Results 9M 2023 | Strong Growth and Forward Planning with IR -%sitename%

Frank Kopfinger, CFA
Head of Investor Relations & Strategy | LEG SE

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