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REAL ESTATE: LEG Immobilien (LEGGR Baa2/NR/NR): 2Q24 Results

REAL ESTATE
BulletCredit Bullets

Small credit positive.

  • LEG reports AFFO of €110mn, down 8% YoY and better than it’s expectation.
  • Adj. EBITDA fell 3% to 324mn with some drag from lower energy prices and interest costs.
  • Net rent grew 3% to €428mn.
  • ICR
  • LTV +0.6% at 49%.
  • Average interest costs remains low at 1.66%, 6 years average maturity.
  • 1.6% devaluation for 1H with pace slowing; says trough is in sight.
  • FY24 AFFO guidance raised by €10mn to €190-210mn.
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Small credit positive.

  • LEG reports AFFO of €110mn, down 8% YoY and better than it’s expectation.
  • Adj. EBITDA fell 3% to 324mn with some drag from lower energy prices and interest costs.
  • Net rent grew 3% to €428mn.
  • ICR
  • LTV +0.6% at 49%.
  • Average interest costs remains low at 1.66%, 6 years average maturity.
  • 1.6% devaluation for 1H with pace slowing; says trough is in sight.
  • FY24 AFFO guidance raised by €10mn to €190-210mn.