LEG Immobilien rises after FY outlook hike

Grand City Properties SA

09/08/2024 08:43

** Shares in LEG Immobilien  LEGn.DE  are up around 4%
after the German real estate firm raised its FY outlook as it
reported H1 results 
    ** The company raised its forecast for adjusted funds from
operations (AFFO) to EUR 190 to 210 million (previous range of
180 to 200 million euros)
    ** Based on the mid-point of the range, this corresponds to
earnings growth of around 10% compared to the AFFO per share
achieved in 2023
    ** This is based on continued rental growth of +3.4% in H1
and further rent adjustments expected for H2, Baader Helvea
writes
    ** The broker says the devaluation in H1 came in at -1.6%
within the range guided at 1-3% and better than its assumption
of -2.5% and the gross yield is now at 5% and is becoming
attractive again in the current interest environment
     ** J.P. Morgan says positive headlines on net tangible
assets (NTA) and AFFO should support the shares today
    ** Shares in peers Deutsche Wohnen  DWNG.DE , Grand City
Properties  GYC.DE  and Aroundtown  AT1.DE  are up 2.5-5%

 (Reporting by Mateusz Dobrzyniewski)
 ((Mateusz.dobrzyniewski@thomsonreuters.com))