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LEG Immobilien FFO I up 21.8% YOY in Q1

said its FFO Ifor the first quarter reached €62.6 million, reflecting a 21.8% year-over-yearincrease.

Thecompany's rental income was up 10.5% year over year during the first quarter toreach €118.6 million.

Thegroup agreed to acquire around 1,100 residential units in its core markets, asreported previously.

Netgearing reached 47.4% during the period, up from Dec. 31, 2015, levels.

Thecompany early refinanced loans worth nearly €300 million during the first fourmonths, which is expected to have a positive effect on FFO I.

LEGImmobilien is raising its 2016 FFO I forecast to between €257 million and €262million, up from the previousrange of between €254 million and €259 million. On the same note, 2017 FFO Iforecast was increased to between €284 million and €289 million, from aprevious forecast of between €279 million and €284 million.

GroupCEO Thomas Hegel said, "With our balanced, long-term financing, we are inan excellent position to achieve further growth for LEG."