2023-11-29 20:01:00
The listed Immofinanz increased rental income by 79.4 percent to 389.2 million euros in the first three quarters of 2023. At the same time, the bottom line turned deep red to minus 105.9 million euros (previous year: 248.6 million euros). .
The operating result rose by 77.6 percent to 209.1 million euros. The key earnings indicator FFO I for recurring income, which is important in the real estate industry, climbed by 107.7 percent to 214.4 million euros.
The Immofinanz Group attributes the operational growth and rental income to acquisitions, the full consolidation of S Immo and successful asset management. At EUR 323.7 million, the result from asset management is 92.2 percent higher than the previous year. The FFO I from the existing business (before taxes) will reach more than 275 million euros for the full year 2023.
Devalue real estate
However, due to the market, Immofinanz also had to devalue properties – by 219.5 million euros, which mainly resulted from low-yield properties. This is the reason for the collapse in consolidated earnings into the deep red zone of almost 106 million euros or minus 0.48 euros per share.
Including S Immo, real estate sales amounting to around EUR 649 million were completed in the first three quarters. The real estate portfolio includes 501 properties with a portfolio value of 7.8 billion euros.
Of this, EUR 7.3 billion was attributable to existing properties with a rentable area of 3.3 million square meters and a gross yield of 7.0 percent. The occupancy rate following the first nine months of 2023 was 92.3 percent, slightly below the value at the end of 2022 of 92.9 percent.
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