EQS-News

IMMOFINANZ 2023 with strong operating performance - Seite 2

  

IMMOFINANZ Group generated strong growth in rental income and operating results during the 2023 financial year. This sound development was based primarily on the full consolidation of S IMMO, the purchase of retail properties, and solid growth in like-for-like rental income. Rental income rose by 77.8% year-on-year to EUR 533.6 million, and the results of asset management were 85.1% higher than the previous year at EUR 418.5 million. The results of operations rose by a convincing 84.7% to EUR 285.1 million and FFO 1 (before tax) by 88.4% to EUR 275.3 million.

 

“We achieved above-average operating results in 2023 in spite of the difficult macroeconomic environment. This performance underscores the success of our strategy to invest in higher-yielding properties to strengthen our earning power“, explained Radka Doehring, Member of the Executive Board of IMMOFINANZ.

Revaluations (including development projects and property sales) totalled EUR -376.8 million in 2023, compared with EUR -105.7 million in the previous year. They reflect the challenging market environment, which was heavily influenced by the sharp rise in interest rates and the resulting negative impact on property values. Financial results fell to EUR -246.1 million (2022: EUR -72.6 million). The main underlying reasons were the absence of positive non-cash valuation effects and the earnings contribution from S IMMO, which no longer represents part of financial results due to the full consolidation. These effects led to a decline in net profit for IMMOFINANZ Group to EUR -229.5 million and to earnings per share of EUR -1.31 in 2023.

High occupancy rate and high rental income

IMMOFINANZ Group’s property portfolio covered 518 properties with a total value of EUR 8.2 billion as of 31 December 2023. Of this total, EUR 7.8 billion are attributable to standing investments with 3.6 million sqm of rentable space and a gross return of 7.2%. The occupancy rate remained high at 92.2% (31 December 2022: 92.9%).

Like-for-like rental income (adjusted for new acquisitions, completions and sales, excluding S IMMO) rose by a substantial 8.5% in 2023.

The strategic sales programme to optimise the portfolio was successfully continued in spite of the weak transaction market. Property sales totalling EUR 751.1 million (incl. S IMMO) were concluded in 2023.