LEG Immobilien stock: 2027 AFFO outlook points to further growth

LEG Immobilien confirmed its 2026 financial targets on Thursday, November 12, and presented its first outlook for 2027. In its LEG investor relations release, published on that date, said adjusted funds from operations reached EUR 190.1 million in the first nine months of 2026, an increase of 4.9 percent from the prior-year period.

LEG expects full-year 2026 AFFO of EUR 220 million to EUR 240 million. For 2027, management forecasts AFFO of EUR 230 million to EUR 250 million, with the midpoint implying a further 4 percent increase. The company said the growth should offset countervailing effects, including higher interest expenses.

Operations remain resilient

Like-for-like rent growth reached 3.9 percent in the first nine months, while the EPRA vacancy rate fell to 2.5 percent. For 2027, LEG expects rent growth to moderate to 2.9 percent to 3.1 percent and plans investment of around EUR 35 per square metre.

LEG also said all financing maturities are covered through autumn 2027. Moody's upgraded the company's rating to Baa1 with a stable outlook in September. The company no longer expects to reach an LTV of around 45 percent during 2026, citing property valuation pressure and lower transaction volumes.

Share price and investor context

LEG Immobilien stock traded at 49.25 euros on Lang & Schwarz at 18:06 CET on Friday, November 13, 2026, 0.26 percent above the Xetra close of Thursday, November 13, 2026.

Investors are weighing the new cash-flow growth outlook against slower expected rent growth and the delayed deleveraging target. The combination leaves operating momentum intact while keeping financing and property valuations central to the investment case.

German equities remain the broader market setting for LEG; see Current market reports.

More news and analyses on LEG Immobilien stock