leg-wohnen.de
The value | |
2021 | of living |
Quarterly report as of 31 March
2
- 3 About this report
- 3 Key figures Q1 2021
- 4 Portfolio
- 8 Analysis of net assets, financial position and results of operations
- Risk and opportunity report
- Forecast report
-
Consolidated financial statements
17 Consolidated statement of financial position
18 Consolidated statement of comprehensive income
19 Statement of changes in consolidated equity
20 Consolidated statement of cash flows
21 Selected notes
21 1. Basic information on the Group
21 2. Interim consolidated financial statements
21 3. Accounting policies
21 4. Changes in the Group
22 5. Assumptions and estimates
23 6. Selected notes to the consolidated statement of financial position
27 7. Selected notes to the consolidated statement of comprehensive income
30 8. Notes on Group segment reporting
32 9. Financial instruments
35 10. Related-party disclosures
35 11. Other
35 12. The Management Board and the Supervisory Board
35 13. Supplementary report
36 Responsibility statement
37 Financial calendar 2021
37 Contact details and imprint
LEG IMMOBILIEN SE Q1 2021
3 | AT A GLANCE | LEG IMMOBILIEN SE Q1 2021 | ||
About this report | Key figures Q1 2021 | |||
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T1
Q1 2021 | Q1 2020 | + / - % / bp | ||||||
Results of operations | ||||||||
Rental income | € million | 168.4 | 153.5 | 9.7 | ||||
Net rental and lease income | € million | 129.0 | 116.5 | 10.7 | ||||
EBITDA | € million | 125.0 | 109.8 | 13.8 | ||||
EBITDA adjusted | € million | 126.0 | 113.7 | 10.8 | ||||
EBT | € million | 143.7 | 85.5 | 68.1 | ||||
Net profit or loss for the period | € million | 124.4 | 66.5 | 87.1 | ||||
FFO I | € million | 104.1 | 94.0 | 10.7 | ||||
FFO I per share | € | 1.44 | 1.36 | 5.9 | ||||
FFO II | € million | 103.8 | 93.5 | 11.0 | ||||
FFO II per share | € | 1.44 | 1.35 | 6.7 | ||||
AFFO | € million | 34.3 | 39.3 | - 12.7 | ||||
AFFO per share | € | 0.48 | 0.57 | - 15.8 | ||||
Portfolio | 31.03.2021 | 31.12.2020 | + / - % / bp | |||||
Number residential units | 144,519 | 136,217 | 6.1 | |||||
In-place rent | €/sqm | 6.03 | 5.86 | 2.8 | ||||
In-place rent (l-f-l) | €/sqm | 6.03 | 5.87 | 2.8 | ||||
EPRA vacancy rate | % | 2.9 | 3.6 | - 70 bp | ||||
EPRA vacancy rate (l-f-l) | % | 2.7 | 3.4 | - 70 bp | ||||
Statement of financial position | 31.03.2021 | 31.12.2020 | + / - % / bp | |||||
Investment property | € million | 14,702.7 | 14,582.7 | 0.8 | ||||
Cash and cash equivalents | € million | 773.5 | 335.4 | 130.6 | ||||
Equity | € million | 7,526.4 | 7,389.9 | 1.8 | ||||
Total financing liabilities | € million | 6,355.3 | 5,869.0 | 8.3 | ||||
Current financing liabilities | € million | 110.7 | 491.3 | - 77.5 | ||||
LTV | % | 37.7 | 37.6 | + 10 bp | ||||
Equity ratio | % | 47.5 | 48.4 | - 90 bp | ||||
Adj. EPRA NAV, diluted | € million | 8,958.6 | 9,264.3 | - 3.3 | ||||
Adj. EPRA NAV per share, diluted | € | 124.26 | 122.65 | 1.3 | ||||
EPRA NTA, diluted | € million | 8,942.4 | 9,247.6 | - 3.3 | ||||
EPRA NTA per share, diluted | € | 124.03 | 122.43 | 1.3 |
bp = basis points
4 | Portfolio | LEG IMMOBILIEN SE Q1 2021 |
Portfolio
Portfolio segmentation and housing stock
The LEG portfolio can be divided into three market clusters using a scoring system: high-growthmarkets, stable markets and higher-yieldingmarkets. The indicators for the scoring system are described in the annual report 2020.
LEG's portfolio is spread across around 210 locations. The geographical focus is the federal state of North Rhine-Westphalia. LEG is also present in Lower Saxony, Bremen, Schleswig-Holstein, Hesse, Rhineland-Palatinate and Baden-Württemberg. The average flat size is 64 square meters and the average monthly rent is EUR 6.03 per square meter.
As at 31 March 2021, the property portfolio comprised 144,519 residential units, 1,341 commercial units and 39,456 garages and parking spaces.
Performance of the LEG portfolio
Operational development
The like-for-likein-place rent was EUR 6.03 per square meter and month as of 31 March 2021. This represents an increase of 2.8 % compared to the same quarter of the previous year.
In the free financed portfolio, which represents around 76 % of the portfolio, the like-for-likein-place rent increased by 3.3 % year-on-year to EUR 6.43 per square meter. Within the free financed portfolio, the high-growth markets showed an increase of 3.6 % to EUR 7.45 per square meter (like-for-like). In the stable markets, the average monthly rent rose by 3.3 % to EUR 6.07 per square meter (like-for-like). Rents in the higher-yielding markets also increased by 3.3 % and thus averaged EUR 5.83 per square meter (like-for-like) at the end of the quarter.
There will be no regular adjustment of cost rents in 2021. Accord- ingly, in the rent-restricted portfolio, the average monthly rent rose by only 0.5 % or EUR 0.03 to EUR 4.91 per square meter (like-for-like) at the end of the reporting period.
As at 31 March 2021, the EPRA vacancy rate on a like-for-like basis decreased by 70 basis points to 2.7 % compared to the previous year's reporting date. The high-growth markets achieved an occupancy rate of 98.4 % (like-for-like), implying an almost fully let status as at the quarterly reporting date. In the stable markets, the occupancy rate reached 97.3 % (like-for-like). The strongest increase was recorded in the higher-yielding markets with 130 basis points to 95.8 % (like-for-like).
5 | Portfolio | LEG IMMOBILIEN SE Q1 2021 |
T2
Portfolio segments - top 5 locations | Total portfolio | Change | ||||||||||||||||||||||||
like-for-like basis | ||||||||||||||||||||||||||
31.03.2021 | 31.03.2020 | |||||||||||||||||||||||||
Number | Share of | Living space | In-place rent | EPRA | Number | Share of | Living space | In-place rent | EPRA | In-placerent | Vacancy rate | |||||||||||||||
of LEG | LEG-portfolio | in sqm | €/sqm | vacancy rate | of LEG | LEG-portfolio | in sqm | €/sqm | vacancy rate | in % | basis points | |||||||||||||||
apartments | in % | in % | apartments | in % | in % | like-for-like | like-for-like | |||||||||||||||||||
High-growth markets | 45,887 | 31.8 | 3,043,998 | 6.78 | 1.9 | 41,862 | 30.7 | 2,779,201 | 6.62 | 2.0 | 2.9 | - 30 | ||||||||||||||
District of Mettmann | 8,491 | 5.9 | 590,350 | 7.11 | 1.5 | 8,479 | 6.2 | 589,480 | 6.81 | 2.1 | 4.2 | - 50 | ||||||||||||||
Muenster | 6,197 | 4.3 | 412,093 | 6.81 | 1.0 | 6,199 | 4.6 | 412,118 | 6.71 | 1.0 | 1.5 | 0 | ||||||||||||||
Dusseldorf | 5,420 | 3.8 | 352,324 | 8.09 | 2.4 | 5,425 | 4.0 | 352,530 | 7.93 | 2.8 | 2.0 | - 40 | ||||||||||||||
Cologne | 4,132 | 2.9 | 278,583 | 7.34 | 1.9 | 3,971 | 2.9 | 266,171 | 7.06 | 1.9 | 2.9 | - 70 | ||||||||||||||
Bielefeld | 3,206 | 2.2 | 199,286 | 6.48 | 1.4 | 3,269 | 2.4 | 204,075 | 6.25 | 1.5 | 3.1 | 0 | ||||||||||||||
Other locations | 18,441 | 12.8 | 1,211,362 | 6.14 | 2.2 | 14,519 | 10.7 | 954,826 | 5.95 | 2.0 | 3.2 | - 30 | ||||||||||||||
Stable markets | 56,404 | 39.0 | 3,595,611 | 5.73 | 3.0 | 52,706 | 38.7 | 3,362,558 | 5.57 | 3.6 | 2.6 | - 70 | ||||||||||||||
Dortmund | 13,705 | 9.5 | 895,884 | 5.54 | 2.7 | 13,731 | 10.1 | 896,793 | 5.42 | 3.1 | 2.2 | - 30 | ||||||||||||||
District of Unna | 6,811 | 4.7 | 424,503 | 5.28 | 3.4 | 6,464 | 4.7 | 402,809 | 5.15 | 3.2 | 2.3 | 0 | ||||||||||||||
Moenchengladbach | 6,440 | 4.5 | 408,088 | 6.16 | 2.0 | 6,442 | 4.7 | 408,268 | 5.94 | 2.2 | 3.8 | - 10 | ||||||||||||||
Essen | 3,371 | 2.3 | 217,498 | 5.72 | 3.5 | 3,372 | 2.5 | 217,538 | 5.59 | 3.5 | 2.2 | 0 | ||||||||||||||
Ennepe-Ruhr-Kreis | 2,725 | 1.9 | 178,270 | 5.71 | 2.7 | 2,725 | 2.0 | 178,384 | 5.62 | 4.3 | 1.7 | - 160 | ||||||||||||||
Other locations | 23,352 | 16.2 | 1,471,368 | 5.85 | 3.3 | 19,972 | 14.7 | 1,258,767 | 5.68 | 4.1 | 2.9 | - 100 | ||||||||||||||
Higher yielding markets | 42,228 | 29.2 | 2,566,507 | 5.55 | 4.3 | 41,649 | 30.6 | 2,525,841 | 5.40 | 5.7 | 2.8 | - 130 | ||||||||||||||
District of Recklinghausen | 9,018 | 6.2 | 548,608 | 5.44 | 3.3 | 8,965 | 6.6 | 543,898 | 5.31 | 4.2 | 2.4 | - 90 | ||||||||||||||
Gelsenkirchen | 7,261 | 5.0 | 414,951 | 5.64 | 8.5 | 7,151 | 5.2 | 406,330 | 5.49 | 10.6 | 2.8 | - 220 | ||||||||||||||
Duisburg | 6,317 | 4.4 | 382,217 | 5.96 | 2.9 | 6,350 | 4.7 | 384,297 | 5.80 | 4.7 | 2.7 | - 150 | ||||||||||||||
Hamm | 4,817 | 3.3 | 288,314 | 5.52 | 2.9 | 4,448 | 3.3 | 266,367 | 5.28 | 2.7 | 4.0 | 0 | ||||||||||||||
Maerkisch District | 4,608 | 3.2 | 284,508 | 5.40 | 4.4 | 4,608 | 3.4 | 284,459 | 5.31 | 4.6 | 1.6 | - 20 | ||||||||||||||
Other locations | 10,207 | 7.1 | 647,910 | 5.45 | 3.8 | 10,127 | 7.4 | 640,490 | 5.28 | 4.9 | 3.1 | - 100 | ||||||||||||||
Total | 144,519 | 100.0 | 9,206,116 | 6.03 | 2.9 | 136,217 | 100.0 | 8,667,599 | 5.86 | 3.6 | 2.8 | - 70 |
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LEG Immobilien SE published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2021 14:21:03 UTC.