By Andrea Figueras
LEG Immobilien late Thursday raised its expectations for 2023 due to a lower-than-planned excess profit taxation on the company’s electricity production and the cancellation of development activities.
The German real-estate company estimates adjusted funds from operations of between 165 million and 180 million euros ($179.2 million-$195.5 million) for the full year, up from the previous outlook’s range of EUR125 million and EUR140 million.
The company expects an adjusted earnings before interest taxes depreciation and amortization margin of 80% compared with its previous estimate of 78%.
Demand in the rental market has enabled the company to increase its expectations for rental growth to a range of 3.8% to 4.0%, higher than the initial outlook of between 3.3% and 3.7%, it said.
However, LEG Immobilien anticipates a 7% devaluation of its real-estate portfolio for the first half of 2023, which it said is in line with expectations.
Write to Andrea Figueras at [email protected]
Read the full article here
