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LEG Immobilien SE Financial Results 9M 2023 | Strong Growth and Forward Planning with IR
November 17, 2023-
11:28 
Investor Relations
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.
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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.
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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.
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Operating Cash Flow
An 18.4% increase in operating cash flow, reaching €306.7 million, underscores efficient cash management and strong business operations.
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Notarised Sales Performance
LEG has successfully noticed sales of about 1,600 units, including commercial properties, amounting to approximately €130 million.
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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.
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2024 Guidance
LEG Immobilien anticipates an AFFO increase for 2024, projecting between €180 and €200 million, indicating confidence in sustained growth.
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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).
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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.
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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.
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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.
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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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