Immofinanz recorded net profit of 72.4 million Euro in first quarter

Immofinanz announced its financial results for the first quarter of 2022. Like-for-like rental income rose by 4.3 percent in the first quarter, the occupancy rate remained at 94.4 percent, and net profit totalled EUR 72.4 million.

IFRS rental income totalled EUR 70.2 million in the first quarter and was slightly lower than the previous year, which was influenced by a positive non-recurring compensation payment from a large tenant for a pandemic-related reduction in the rented space (Q1 2021: EUR 74.8 million).

“The strong growth in like-for-like rental income underscores the optimal positioning of our portfolio: This mix of affordable retail for consumers and high-quality, innovative and flexible offices solutions meets the requirements of our tenants as well as their customers and employees“, explained Dietmar Reindl, member of the Executive Board of Immofinanz. “Positive development was recorded in most of the markets – led by Austria. Like-for-like rental income rose by 2.9 percent in the office business and by 5.6 percent in the retail business, which impressively demonstrates the strength of our STOP SHOP and myhive brands.“

The results of operations totalled EUR 38.1 million in the first quarter of 2022 (Q1 2021: EUR 46.4 million), and financial results equalled EUR 47.7 million (Q1 2021: EUR 79.7 million). Net profit amounted to EUR 72.4 million, following a comparative first quarter that was substantially influenced by the positive revaluation of the stake in S IMMO (Q1 2021: EUR 123.1 million). FFO 1 from the standing investment business (before tax) was stable at EUR 34.4 million (Q1 2021: EUR 34.5 million). That represents FFO 1 per share of EUR 0.26, compared with EUR 0.28 in Q1 2021 based on a higher number of shares.

The Immofinanz property portfolio covered 225 properties as of 31 March 2022 with a combined value of EUR 5.2 billion. Standing investments represented the largest component at EUR 4.6 billion and 2.0 million sqm of rentable space. At 94.4 percent (31 December 2021: 95.1 percent), the occupancy rate remained high. The retail properties were practically fully rented at 98.4 percent. The gross return on the standing investment portfolio equalled 5.9 percent based on IFRS rental income and 6.2 percent based on invoiced rents.