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LEG Immobilien H1 FFO surges YOY

LEG Immobilien AG's first-half funds from operations, or FFO I, totaled €2.48 per share, an increase from €2.36 per share in the prior-year period.

FFO I was €156.4 million for the first half, a gain from €148.8 million in the prior-year period.

The German multifamily-focused property company said first-half adjusted FFO fell 21.2% on an annual basis to €93.5 million, or €1.48 per share, from €118.6 million, or €1.88 per share.

For the second quarter, LEG Immobilien said its FFO I came to €1.30 per share, compared with the S&P Global Market Intelligence consensus normalized EPS estimate of €1.23 per share. FFO I per share rose 11.1% year over year from €1.17.

Second-quarter FFO I totaled €82.2 million, an increase of 11.7% from €73.6 million in the year-earlier period.

AFFO fell 21.2% from the prior-year period to €41.3 million, or 65 cents per share, from €52.4 million, or 83 cents per share in the second quarter of 2017.

The company said it is on track to achieve its full-year 2018 forecast for FFO I of between €315 million and €323 million and between €338 million and €344 million for full-year 2019.

According to J.P. Morgan Cazenove, the company is expected to close on the acquisition of 3,750 residential units in the German state of North Rhine-Westphalia in the fourth quarter. No price was revealed for the off-market deal. LEG Immobilien also plans to accelerate its asset sales in 2019, targeting between 1,000 and 2,000 units, with the proceeds marked for the financing of future growth.