By Nina Kienle
LEG Immobilien backed its full-year guidance as a strong start to the year lifted profit and earnings figures.
The German property company on Tuesday said that for the first three months of the year, net profit rose to 243.2 million euros ($269.6 million) from 57.8 million euros, as demand for affordable housing in Germany continues to rise steadily.
This was reflected in the net cold rent--the base rent excluding utilities--which rose 7% to 229.5 million euros with recurring net operating income rising almost 9% to 186.0 million euros.
Adjusted earnings before interest, taxes, depreciation and amortization rose 10% to 173.4 million euros.
Adjusted funds from operations--AFFO--rose to 62.3 million euros from 48.6 million euros, with AFFO per share rising 27% to 0.84 euros.
For 2025, the company backed its guidance, targeting AFFO between 205 million euros and 225 million euros. Despite this, effects from possible future portfolio acquisitions and disposals aren't taken into account yet, which would increase AFFO per share by more than 7% compared to the prior year, based on the mid-point of the guidance range, it said.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
May 13, 2025 02:50 ET (06:50 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.