DÜSSELDORF (dpa-AFX) - The real estate group LEG closed the past year with a billion-euro loss. The bottom line was a loss of 1.56 billion euros due to a devaluation of the real estate portfolio, as the MDax group announced in Düsseldorf on Monday. In the same period of the previous year, LEG Immobilien had reported a profit of a good 237 million euros. The company wrote down the value of its real estate portfolio by 11.9 percent.

However, day-to-day business was significantly better due to strong demand for residential space. Net cold rent increased by 4.4% to around 834 million euros by the end of December 2023. Rental income on a like-for-like basis rose by four percent to 6.58 euros per square meter.

The company's key earnings indicator AFFO (cash flow from operating activities adjusted for capitalized investments) increased by almost 70% to EUR 181.2 million. The LEG Management Board intends to pay a dividend of EUR 2.45 per share for 2023. The company had canceled this in the previous year. The company confirmed its annual targets for the current year./mne/zb