Q1 2025 LEG Immobilien SE Earnings Call Transcript
Key Points
- LEG Immobilien SE (LEGIF) reported a strong net rent increase of more than 7%, supported by the integration of BCP and organic growth.
- The company's AFFO increased by 28%, indicating strong cash generation from its core business.
- The integration of BCP is operationally and financially complete, contributing EUR12 million to rental growth.
- LEG Immobilien SE (LEGIF) successfully refinanced two-thirds of BCP's financing, maintaining an average interest cost of 1.55%.
- The company is on track to achieve a 7% bottom-line growth for the year, supported by robust operational performance and strategic disposals.
- The company's LTV increased slightly to 48.4% due to the first-time consideration of BCP, which is above their midterm target of 45%.
- Investment levels were sluggish compared to Q1 2024, with a minor decline in adjusted investments per square meter.
- The disposal of Eastern German units, including those in Leipzig, reflects challenges in scaling operations in that region.
- The rental growth is somewhat dependent on the publication of rent tables, which can delay execution.
- Despite a robust transaction market, geopolitical tensions and macroeconomic risks pose potential challenges.
Ladies and gentlemen, welcome to the LEG Immobilien Q1 2025 conference call and live webcast. I'm Valentina, the Chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it is my pleasure to hand over to Frank Kopfinger, Head of Investor Relations. Please go ahead.
Thank you, Valentina, and good morning, everyone from Dusseldorf. Welcome to our call for our Q1 2025 results 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 find the presentation document as well as the quarterly report and documents within the IR section of our homepage. Please note, that there is also a disclaimer which you'll find on page 3 of our presentation.
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