DÜSSELDORF (dpa-AFX) - The real estate group LEG benefited in the first quarter from continued high demand for housing in metropolitan areas. Net cold rent increased by 3.8 percent to around 214 million euros in the first quarter to the end of March, as the MDax-listed company announced in Düsseldorf on Wednesday. Rental income on a like-for-like basis rose by 3.5 percent to 6.67 euros per square meter. For the year as a whole, CEO Lars von Lackum has budgeted for an increase of 3.2 to 3.4 percent.

By contrast, the company's key earnings indicator AFFO (cash flow from operating activities adjusted for capitalized investments) fell by 11.5 percent to 48.6 million euros. The company attributed this to disproportionately low capital expenditure in the first quarter of 2023, among other things. Management confirmed the forecast for the current year. LEG is aiming for an AFFO of between EUR 180 million and EUR 200 million for the year as a whole. In the worst-case scenario, the operating result would remain virtually at the previous year's level./mne/zb