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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.
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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