LEG Immobilien stock: AFFO outlook points to further growth in 2027

Published on 11/14/2026 at 12:11 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

LEG Immobilien stock drew attention after the company confirmed its 2026 outlook. Management also presented a first AFFO outlook for 2027.

Earnings outlook and operating progress

Nine-month AFFO reached EUR 190.1 million, while LEG confirmed its full-year 2026 guidance.
Management expects 2027 AFFO of EUR 230 million to EUR 250 million.
Like-for-like rent growth reached 3.9 percent and the EPRA vacancy rate fell to 2.5 percent in the first nine months.

LEG Immobilien, DE000LEG1110, Illustration mit AI erstellt.

On Thursday, November 12, LEG Immobilien SE published its nine-month results and confirmed its full-year targets. In its financial release, the company said adjusted funds from operations, or AFFO, rose to EUR 190.1 million in the first nine months of 2026.

Guidance extends beyond 2026

LEG kept its 2026 AFFO target at EUR 220 million to EUR 240 million. For 2027, management issued an AFFO range of EUR 230 million to EUR 250 million, with the midpoint implying further earnings growth.

Like-for-like rent growth reached 3.9 percent in the first nine months. LEG expects comparable rent growth of 2.9 percent to 3.1 percent in 2027 and plans investment of about EUR 35 per square metre. The company said higher rent growth could return as parts of its subsidised housing portfolio come off restriction in 2027 and 2028.

Operations support financial targets

Net cold rent increased 3.6 percent to EUR 712.4 million, while FFO I remained broadly stable at EUR 370.0 million. The EPRA vacancy rate declined to 2.5 percent. LEG also said its financing covers all maturities through autumn 2027, with average financing costs of 1.82 percent at September 30.

LEG Immobilien stock traded at 49.22 euros on Lang & Schwarz at 12:09 CET on Saturday, November 14, 0.20 percent above the Xetra close of Friday, November 13, at 49.12 euros. The Xetra close was 49.96 euros on Friday, November 6, putting the stock 1.68 percent lower over the reporting week.