Immofinanz posted an increase in rental income and in the results of asset management and property sales during the first three quarters of 2020

Immofinanz recorded an increase in rental income and in the results of asset management and property sales during the first three quarters of 2020 despite the crisis. Rental income rose by 5.7% to 215.1 million Euro due to the expansion of the portfolio through acquisitions and completions, but a crisis-related increase in the write-off of receivables in the asset management area, primarily in the second quarter, led to substantially higher property expenses.

The results of asset management still improved by 3.3% to 158.9 million Euro despite these write-offs. The pandemic had a negative influence on the valuation of investment property: revaluations totalled -153.7 million Euro, compared with positive results in the first three quarters of the previous year (Q1–3 2019: EUR 116.8 million). This reduction represents roughly 3.0% of the total property portfolio. Net loss for the first three quarters of 2020 amounted to -98.3 million Euro (Q1–3 2019: 202.6 million Euro).

“Immofinanz has also been faced with challenges due to the Covid-19 pandemic. We implemented a wide range of measures in recent months – on both the operating and capital sides – to minimise the negative effects and make the company even more robust. We are a strong and reliable partner for our tenants and can also conclude successful transactions in uncertain times, as we proved with the very profitable sale of a property in Germany. With a solid balance sheet and more than EUR 1 billion of liquid funds, we are optimally positioned for further growth and the opportunities that arise from the crisis,“ said Ronny Pecik, CEO of Immofinanz, on the company’s development.