0731 GMT - LEG Immobilien's results were driven by the higher net asset value and earnings stemming from its BCP purchase, Morgan Stanley analysts say in a research note. The German property company recognized the BCP gain of 129 million euros during the quarter as a "lucky buy," the analysts say. The company backed its guidance for adjusted funds from operations of between 205 million euros and 225 million euros, bracketing Visible Alpha's estimated 215 million euros and Morgan Stanley's 216 million euros, the analysts note. LEG indicating that the portfolio valuation is set to increase by 0.5% to 1.0% at June is new, the analysts point out. However, "German multifamily landlords face a dual challenge of low returns and high leverage. We see better risk rewards elsewhere in the sector," they say. Shares trade 2.7% lower at 73.05 euros. (nina.kienle@wsj.com)
(END) Dow Jones Newswires
May 13, 2025 03:32 ET (07:32 GMT)
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