Q2 2024 LEG Immobilien SE Earnings Call Transcript
Key Points
- LEG Immobilien SE (LEGIF) increased its AFFO guidance to EUR190 million to EUR210 million, indicating a strong 10% increase in AFFO per share year on year.
- The company achieved a record low vacancy rate of 2.5%, reflecting effective operational management.
- LEG Immobilien SE (LEGIF) reported a 3.3% increase in net cold rent, driven by a 2.9% increase in in-place rent on a like-for-like basis.
- The company successfully disposed of EUR285 million worth of assets year-to-date, demonstrating strong progress in its disposal strategy.
- LEG Immobilien SE (LEGIF) maintains a strong ESG rating, being listed as number six within Sustainalytics' global real estate coverage.
- AFFO decreased by 7.5% year over year to EUR109.7 million, impacted by lower contributions from green electricity production and higher interest payments.
- The company's LTV remains above its mid-term target of 45%, currently standing at 48.3%, indicating a need for further deleveraging.
- Despite progress in disposals, the company faces challenges in achieving its LTV target, potentially requiring additional asset sales.
- The devaluation cycle, although moderating, resulted in a 1.6% decline in property values, impacting the company's financial metrics.
- Higher personnel costs and increased operating expenses contributed to a decline in adjusted EBITDA by 3.4%.
Good morning, everyone from Düsseldorf. Welcome to our H1 2024 results call and thank you for your participation. We have in the call as always, our entire management team with our CEO, Lars Von Lackum, our CFO, Kathrin Kohling, 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 find on page 3 of the presentation. And without further ado, I hand it over to you, Lars.
Thank you, Frank, and good morning also from my side. I will kick off today's presentation by summarizing the key highlights, after which Kathrin and Volker will provide you with more details on our strong operations and financials.
Let me start on slide 6. We are well on track. We are well on track regarding our operational performance. We are well on track
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