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LEG Immobilien SE Financial Results H1 2023 | Strong Growth and Forward Planning with IR
August 10, 2023-
06:25 
Investor Relations
LEG Immobilien SE H1 2023: Key Takeaways
Operational Strength in the German Housing Market
Frank Kopfinger, the Head of Investor Relations and Strategy at LEG Immobilien SE delivers an update on the company’s H1 2023 Financial Results, spotlighting some noteworthy highlights.
The first half of 2023 has been marked by impressive operational numbers, leveraging the robust dynamics of the German housing market. Influenced by the significant supply-demand imbalance, this sector witnessed heightened demand for affordable rental apartments, where LEG is commanding.
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Rent and Earnings Performance
LEG reported an appreciable 4.3% growth in rents on a like-for-like basis and 4.6% on a reported basis. This increase is attributed to new constructions, which outweighed the impact of asset disposals.
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Vacancy Rate and Asset Management
Maintaining its robust approach towards asset management, LEG achieved a reduction in its vacancy rate, bringing it down further to 2.6%. This indicates almost full occupancy, showcasing effective asset management.
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AFFO (Adjusted Funds From Operations) Boost
The AFFO, a pivotal metric, witnessed a striking jump to €118.6 million, marking an almost 50% increase. This surge is credited to robust financial results, benefits from high energy prices in 2022, and significant reductions in company expenditures.
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Portfolio Valuation Challenges
Despite the stellar operational performance, LEG’s portfolio faced a devaluation of 7.4%, influenced by the market’s adjusting transaction multiples and higher cost assumptions. This comes after a 4% portfolio devaluation in H2 2022.
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Financing & Liquidity
Frank emphasises the company’s well-balanced financial strategy. LEG continues to gain from past low interest rates, reporting an average interest rate of 1.4% for its debt and an average debt term of 6.1 years.
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Loan to Value (LTV) Ratio
The loan-to-value (LTV) ratio has risen slightly to 46.6%, but Frank assures stakeholders of the company’s continued ability to refinance upcoming maturities.
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Guidance for 2023 and ESG Commitment
Frank reiterates the company’s guidance for the AFFO, standing at €165 to €180 million, buoyed by higher rental incomes and green energy sales. He also underlines their commitment to environmental, social, and governance (ESG) targets.
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Conclusion: LEG’s Positive Outlook
LEG’s strong H1 performance paints a promising picture for stakeholders, reaffirming the company’s commitment to delivering sustained value.
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Chapters
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- Ongoing strong performance of operations
- Portfolio Valuation H1-2023 – Breakdown of revaluation losses
- Well balanced financial profile as at 06/2023
- Guidance 2023:Focus on AFFO
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