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
  1. Risk and opportunity report
  1. Forecast report
  2. 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.