LEG Immobilien (LEGn.DE): 3Q26 Conf. call: 45% LTV delayed; 2028 rent uplift provides medium-term tailwind

LEG remains focused on capital discipline over growth, with lower investment intensity, no large-scale modernisation/new development and disposals at or above book value. The ~45% LTV target will no longer be reached in 2026 given weaker Q3 disposals and expected H2 valuation declines, but remains the ambition thereafter. LTV stands at 46.5%, down 180bp YoY and 30bp vs FY25, though slightly higher sequentially due to the dividend payment. LFL growth is expected to temporarily normalise to 2.9-3.1% in 2027, before accelerating materially in 2028 as ~16k subsidised units come out of restrictions; management expects >12% rent increases on these units in 2028, adding roughly +1ppt to overall portfolio rent growth. All maturities through 3Q27 are covered, with the €500m Nov-27 bond the next refinancing priority. Management had expected significantly more Q3 signings, but buyers delayed notarisation amid German expropriation concerns, contributing to just €5m of Q3 disposals.