DÜSSELDORF (dpa-AFX) - The real estate group LEG made a loss of billions in the second quarter. The bottom line was a minus of 1.1 billion euros due to a devaluation of the real estate portfolio, the MDax group announced in Düsseldorf on Thursday. In the same period last year, LEG Immobilien had reported a profit of 906 million euros. The company devalued the value of its real estate portfolio - as already announced - by a good seven percent.

In day-to-day business, however, things went much better due to strong demand for housing. Net rental income increased by 4.7 percent to 208 million euros in the three months to the end of June. Like-for-like rental income rose by 4.3 percent to 6.52 euros per square meter.

The key earnings indicator for the company, AFFO (cash flow from operating activities adjusted for capitalized investments), more than doubled to 63.7 million euros. The company confirmed its annual targets, which had only recently been raised due to one-off effects./mne/mis