Le mie ricette per la real estate communitySignificant increase in key earnings figures in 2022: FFO I at €482.0 million (+13.9%), AFFO reaches €108.8 million (+18.0%)
· Best operating performance in the company’s history – vacancy rate (l-f-l) at only 2.4%; in long-established LEG markets, just 1.9%
· Increase in expected AFFO from 110 – €125 million to 125 – €140 million due to high spending discipline on investment projects
· LEG is enabling the housing industry to achieve climate neutrality by developing intelligent affordable technologies
· Change in CFO department: Susanne Schröter-Crossan to be followed by Dr Kathrin Köhling
LEG Immobilien SE’s positive business performance continued in 2022. The main drivers of the significant earnings growth were the increase in net cold rent and LEG’s excellent rental result. The company has been taking account of the changed interest rate environment since fall 2022 with a liquidity-focused strategy adjustment. At the same time, LEG is intensifying the capital-friendly development of climate protection products and solutions for the entire rental housing industry.
“Successful in core business, conservative in finance, agile in innovation and confident in the outlook for 2023,” is how LEG Immobilien SE’s CEO Lars von Lackum summarises the results for fiscal year 2022. He goes on to explain, “LEG once again posted a record result in 2022. We achieved or slightly exceeded all of our operating targets. At the same time, stable, solid finances are a trademark of LEG – and we intend to keep it that way. In order to further strengthen LEG’s capital base, we therefore decided in consultation with the Supervisory Board of LEG Immobilien SE to propose to the Annual General Meeting on 17 May 2023 not to pay out a dividend for financial year 2022. With new specific, affordable product innovations for a climate-neutral housing industry, we are also laying the foundation for further growth beyond managing our assets.”
Suspension of dividend . Despite the good results for FY 2022, the market environment continues to be uncertain. Therefore, the Management Board and the Supervisory Board of LEG Immobilien SE intend to propose to the Annual General Meeting on 17 May 2023 not to pay out a dividend for financial year 2022. In light of increased financing costs and low transaction volumes the financial resources are intended to be used to strengthen LEG’s capital base.
With around 167,000 rental apartments accommodating some 500,000 residents, LEG SE is a leading listed housing company in Germany. The company maintains eight branches and is also represented at select locations with personal local contacts. From its core business of renting and leasing, LEG SE generated revenue of around €1.15 billion in fiscal year 2022, with an average rent of 6.32€/sqm. With a share of around one-fifth social housing and its ongoing commitment towards efficient climate protection – including serial refurbishment with the RENOWATE subsidiary founded at the beginning of 2022 – LEG underscores its dedication to sustainability in various areas.
Source : Company