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It collapsed from 162.7 million euros in the first half of 2022 to minus 144.5 million euros. The operating result (118 million euros) and the key earnings figure FFO I of recurring income (140.9 million euros), which is important in the real estate industry, have more than doubled after the full consolidation of the S-Immo shares (50 percent plus one share). company with.
Rental income increased by almost 80 percent to EUR 258.9 million. However, many other indicators show declines. EBIT collapsed from 131 to minus 73 million euros and EBT from 199.9 to minus 145.8 euros.
At the same time, Immofinanz carried out market-related real estate devaluations amounting to minus EUR 197.2 million, which primarily resulted from low-yield properties. This led to a huge drop in profits. Earnings per share amount to minus 0.59 euros (1st half of 2022: 1.20 euros).
In its announcement on Wednesday evening, the company nevertheless referred to “strong growth in rental income and operating profit despite a challenging market environment”. At EUR 216.8 million, earnings from asset management were 97 percent up on the previous year.
Board member Radka Doehring identified “two very important successes” in the half-year results. The group benefited from acquisitions and the full consolidation of S IMMO. This drove growth and significantly strengthened the market position. In addition, organic growth was achieved through a significant increase in adjusted rental income (“like-for-like rents”). These increased by a good 10 percent in the second quarter.
The group’s real estate portfolio comprised 520 properties with a portfolio value of EUR 7.8 billion. Of this, 7.4 billion was attributable to existing properties with a rentable area of 3.4 million m2 and a gross yield of 6.9 percent. The occupancy rate was high at 92.5 percent (December 31, 2022: 92.9 percent).
The strategic sales program to optimize the portfolio was successfully continued despite an increasingly difficult transaction market. Real estate sales worth around EUR 598 million were completed at the end of the first half of the year.
With regard to the outlook, it was said that Immofinanz’s strategy continues to focus on resilient and cost-efficient retail properties and innovative office solutions. In the medium term, the offer in the core countries should be further expanded and the portfolio should continue to be optimized through strategic sales.
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