DÜSSELDORF (dpa-AFX) - Sustained high demand for housing in major urban centers has provided a boost to real estate group LEG. Net rental income grew by 3.3 percent year-on-year to 237.1 million euros in the first quarter, the company announced in Düsseldorf on Wednesday. On a like-for-like basis, rent per square meter rose from 6.90 euros to 7.15 euros.
However, the company's key earnings metric, AFFO (Adjusted Funds From Operations, adjusted for capitalized investments), declined by 5.9 percent to 58.6 million euros. The company attributed this to full-year investment cycles. For the current year, the group continues to target a result between 220 and 240 million euros - which would represent a new record./mne/stk
