LEG Immobilien AG recorded full-year 2017 funds from operations I worth €295.3 million, reflecting a year-over-year increase of 10.1% from €268.3 million, which came on the back of 4.5% rise in net cold rent.
Among the attributing factors, the German multifamily housing company also noted the initial effects of acquisitions, a fall in operating costs, the expansion of service activities and lower cash interest expenses.
On a per-share basis, FFO I totaled €4.67, a gain of 9.6% from €4.26 in the prior-year period. NAV, as defined by the European Public Real Estate Association, came in at €83.81 per share, marking a 24.8% year-over-year rise from €67.15 per share.
At the company's 2018 annual meeting, the management board will propose a per-share dividend of €3.04 for the 2017 financial year, up 10.1% year over year from €2.76 per share.
Moving forward, FFO I guidance range was reiterated at between €315 and €323 million for 2018, and between €338 million and €344 million for 2019.
