• Type:
  • Category:

LEG Immobilien SE Financial Results H1 2023 | Strong Growth and Forward Planning with IR



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:

Operational Strength:

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.

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.

Vacancy Rate:

Maintaining their robust approach towards asset management, LEG achieved a reduction in their vacancy rate, bringing it down further to 2.6%. This indicates almost a full occupancy, showcasing effective asset management.

AFFO Boost:

The AFFO (Adjusted Funds From Operations), 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.

Portfolio Valuation:

Despite 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.

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. 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.

Guidance for 2023:

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.

LEG’s strong H1 performance paints a promising picture for stakeholders, reaffirming the company’s commitment to delivering sustained value.


    • 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



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



This publication is for informational purposes only and should not be considered investment advice. By using this website, you agree to the terms and conditions outlined in the legal pages at www.seat11a.com/legal/

Continuing the Journey: More Presentations

Discover Additional Elevator Pitches

Reviews for LEG Immobilien SE Financial Results H1 2023 | Strong Growth and Forward Planning with IR

There are currently no reviews for LEG Immobilien SE Financial Results H1 2023 | Strong Growth and Forward Planning with IR
Scroll to top
seat11a - Video Insights for European Financial Markets