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LEG Immobilien's 2018 net profit rises YOY; new CEO named

LEG Immobilien AG said net profit for full-year 2018 amounted to €847.1 million, compared with €844.8 million in the year-earlier period.

Funds from operations I totaled €318.6 million compared with €295.3 million in the prior-year period, while adjusted FFO decreased 22.3% year over year to €139.7 million from €179.8 million.

On a per-share basis, FFO I came in at €5.04, a year-over-year increase of 7.9% from €4.67, and AFFO was €2.21, down 22.3% on an annual basis from €2.84.

The board of multifamily-focused real estate company proposed a dividend of €3.53 per share, a 16.1% climb from the 2017 dividend of €3.04.

The company confirmed its outlook for FFO I, expecting to record at between €338 million and €344 million for 2019, and between €356 million and €364 million in 2020.

In addition, LEG Immobilien said Thomas Hegel plans to resign as CEO at the conclusion of the May 29 annual general meeting following 13 years of serving in the role. Hegel will remain in the company as an adviser and will help in the succession process.

With Hegel's impending departure, Chief Digital Officer Lars von Lackum will take over the vacant role, effective June 1. The company also named general counsel Volker Wiegel as COO, also effective on the same date.