BERLIN (dpa-AFX) - LEG Immobilien SE (LEG.DE), an integrated property company, reported Tuesday higher funds from operations in the first quarter with year-over-year growth in rent. The company also maintained its positive outlook for fiscal 2025 as demand for affordable housing in Germany continues to rise steadily.
In the first quarter, funds from operations or FFO 1 grew 15.7 percent to 114.3 million euros from last year's 98.8 million euros. FFO 11 increased 14.7 percent to 112.4 million euros from 98 million euros a year ago.
Adjusted FFO or AFFO increased 28 percent to 62.3 million euros in the traditionally strong first quarter from 48.6 million euros a year ago. AFFO per share was 0.84 euro, compared to 0.66 euro last year.
The strong growth in AFFO was driven by the integration of the BCP portfolio, rental growth in LEG's core portfolio, high cost discipline and a slightly lower level of investment in the first quarter.
In the quarter, net profit surged 321 percent to 243.2 million euros from 57.8 million euros last year.
Adjusted EBITDA increased 10 percent year-over-year to 173.4 million euros. Recurring net operating income was up 8.7 percent to 186 million euros.
Net cold rent was 229.5 million euros, up 7.2 percent from 214.1 million euros last year.
Looking ahead for 2025, LEG continues to expect AFFO in the range of 205 million euros to 225 million euros amid good fundamental development in the core business.
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