DÜSSELDORF (dpa-AFX) - After a good fiscal year, real estate group LEG is looking ahead to 2023 with a mixture of optimism and caution. The key earnings indicator Affo from this year onwards is now expected to be 125 to 140 million euros, the company announced in Düsseldorf on Wednesday evening. Previously, LEG had assumed 110 to 125 million euros.

Against the background of the current market situation, the Annual General Meeting is nevertheless expected to approve the suspension of the dividend. In the previous year, LEG had still distributed 4.07 euros per share. In view of the situation characterized by high interest rates and continuing uncertainty about the valuation of the real estate portfolio, the liquidity thus generated should be used to strengthen the balance sheet, it was said in justification.

2022 FF0 I had climbed by 13.9 percent to 482.0 million euros. This was mainly thanks to the increase in rental income with a constant Ebitda margin (earnings before interest, taxes, depreciation and amortization) of 74.9 percent, it said. Both key figures are in line with the company's forecast. The actual rent increased by 3.3 percent to 6.33 euros per square meter. The vacancy rate climbed 0.1 percentage points to 2.9 percent.

Affo increased by 18 percent to 108.8 million euros in 2022. In addition to the increase in FFO I, this was due to lower investment costs. At EUR 41 per square meter, these were below both the previous year's figure (42.50) and LEG's expectations (46-48). The net asset value of the properties held was four percent higher at 153.52 per share as of the balance sheet date. The closing price of the securities in the Xetra main market was considerably lower at 67.84 euros.

In addition to the annual figures, LEG also announced a change at the top of the finance department. Susanne Schröter-Crossan will step down from the board for family reasons on March 31 and leave the company, it said. She will be succeeded by Kathrin Köhling, who has been managing director in operations.

The overall package of news did not trigger any joy among investors. LEG's share price on the Tradegate trading platform recently fell by a good two percent compared to the closing price in the main Xetra trading session./he/la