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LEG Immobilien SE: Investor Relations & Financial Insights | seat11a

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LEG Immobilien SE

Flughafenstraße 99

40474 Düsseldorf, Germany

phone +49 211 4568 0

Established as a Pure Play entity, LEG Immobilen SE stands out as one of Germany’s most significant residential companies with 167,000 apartments. LEG’s strategy is tailored to concentrate solely on the residential segment in Germany.

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LEG Immobilien SE

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LEG Immobilien SE

At a Glance

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Profile and Strategy of LEG Immobilen SE

Established as a Pure Play entity, LEG Immobilen SE stands out as one of Germany’s most significant residential companies, with 167,000 apartments. LEG’s strategy is tailored to concentrate solely on the residential segment in Germany. 80% of its assets are located in North Rhine-Westphalia, Germany’s largest federal state. LEG zooms in on the ‘affordable living’ asset class within the residential domain, reflecting its commitment to social responsibility. This dedication is evident in their affordable rent rates at 6 Euro 50 per square metre/month on average or 420 Euros per apartment/month. 19% of LEG’s units adhere to rent restrictions, underlining its positioning as a socially responsible landlord.

 

Financial Adaptations and Strategies

The financial landscape’s shifting contours, particularly the rise in interest rates, have witnessed LEG pioneering adaptive measures. As acknowledged by a prominent bank, LEG emerged as the front-runner in responding to these macroeconomic changes. One of the standout strategies includes pivoting their steering towards AFFO (Adjusted Funds From Operations). This metric mirrors real-world cash generation post-capital expenditure. LEG’s strategic measures to keep cash in the company include a halt to acquisitions, a sales program with 5,000 residential units, and the reduction of new construction activities to the completion of projects already started. Investments per square metre (not including, amongst others, remaining construction activities on own land) were reduced to c.35 Euro per square metre for the fiscal year 2023.

 

Financing and Financial Results

On financing, LEG has a well-balanced maturity profile. With the release of its H1-2023 results, LEG stated that it had already covered its 2023 maturities as well as half of the 2024 maturities.

 

Operational Performance

Operationally, LEG continues to benefit from the strong dynamics in the German housing market, especially the lack of new supply. For fiscal year 2023, the company expects further like-for-like rental growth per square metre in a range of 3.8% to 4.0%. All in all, LEG stays very confident in the mid-to-long-term outlook for its asset class of affordable living in Germany.

 

Environmental, Social, and Governance (ESG) Targets

As a responsible landlord, LEG set itself ESG targets that are also incorporated into the compensation of the Management Board and second-level management. The environmental targets include both long-term and short-term goals to reduce CO2 emissions. LEG is pursuing several innovative approaches, mostly with joint venture partners, to drive CO2 reductions in its portfolio while trying to keep the financial burden on tenants at an affordable level.

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