Just caught up on LEG Immobilien's latest earnings and the numbers are pretty solid. Their AFFO jumped 10% year-over-year to 220.5 million euros, with per-share AFFO hitting 2.92 euros. The growth story here is interesting - they're seeing strong rental increases across their portfolio, plus that BCP portfolio integration at the start of the year is paying off nicely.



What caught my attention is the net cold rent climbing 7% to 919.9 million euros. FFO I also grew, up 5.2% to 481.5 million euros. For next year, management is guiding for AFFO between 220-240 million euros and expecting rental growth around 3.8-4.0%. They're also raising the dividend to 2.92 euros per share, an 8% bump from last year.

The stock was down slightly at close, trading around 66.05 euros. Interesting to see the market reaction given the solid guidance and dividend increase. Worth keeping on the radar if you're looking at European real estate plays.
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