Q3 2024 LEG Immobilien SE Earnings Call Transcript
Key Points
- LEG Immobilien SE (LEGIF) reported a strong 3.2% like-for-like rental growth for its full portfolio, aligning with its guidance range.
- The company confirmed its 2024 AFFO guidance, expecting an increase of around 10% for the AFFO per share.
- LEG Immobilien SE (LEGIF) announced the acquisition of the remaining shares in Brack Capital Partners, which is expected to be earnings accretive in the mid-term.
- The company has made significant progress in its capital recycling strategy, selling 3,400 units for EUR330 million, all above book value.
- LEG Immobilien SE (LEGIF) maintains a strong financial position with a low average cash financing cost of 1.6% and a liquidity position of over EUR860 million.
- The AFFO decreased by 14.1% year over year to EUR152 million, primarily due to higher investments and lower contributions from green electricity production.
- The company faces higher refinancing rates, which remain above its current average financing costs.
- There is uncertainty regarding the impact of potential rent regulation changes, although the effect on the portfolio is expected to be small.
- The acquisition of BCP will initially be AFFO neutral due to increased CapEx requirements.
- The company has not yet achieved its mid-term LTV target of 45%, indicating ongoing pressure to manage leverage.
Good morning, everyone, from Düsseldorf. Welcome to our nine Months 2024 results call, and thank you for your participation. We have in the call our entire team with our CEO, Lars von Lackum; our CFO, Kathrin Köhling; as well as our COO, Volker Wiegel. You'll find the presentation document as well as the quarterly report within the IR section of our homepage. Please note that there is also a disclaimer which you will find on page 3 of our presentation. And without further ado, I hand it over to you, Lars.
Thank you, Frank. A very good morning to all of you also from my side. Today, we feel very excited as we can share some outstanding positive news with you. Therefore, I will focus on the main highlights on slide 6. We provide more information and details in the presentation, and as always, Kathrin and Volker will give you a deeper insight into our strong operational and financial
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