CA Immo reports 5% growth in recurring earnings for 2024, proposes €1 dividend per share

Real estate company CA Immo reported a 5% increase in recurring earnings (FFO I) to €120 million in 2024, surpassing its annual target of €105 million. The company’s rental income rose by 3% to €238.9 million, supported by completed developments and higher rental rates across its portfolio. These gains offset declines from the sale of non-core assets. The management board has proposed a dividend of €1.00 per share, to be voted on at the Annual General Meeting scheduled for May 5, 2025.

Despite the improvement in recurring income, EBITDA decreased to €174.8 million, down 46% year-on-year, due to a high sales result in 2023. The net result showed a reduced loss of €66.3 million, compared to a loss of €224.5 million the previous year, reflecting continued market-driven revaluation adjustments, particularly in Central and Eastern Europe and Germany. The overall revaluation loss was €199.6 million, corresponding to a 2.3% drop in gross asset value.

The company continued its capital rotation strategy, completing 13 sales of non-core assets totaling approximately €170 million, with additional transactions of €250 million signed for future closure. CA Immo also advanced its development pipeline, with two office projects underway in Berlin. The occupancy rate of its investment portfolio improved to 93.1%, up from 88.8% the previous year.

Keegan Viscius, CEO of CA Immo: “During the course of 2024, we were able to significantly advance our business. We increased occupancy and rental income despite shrinking the overall size of the portfolio due to sales, and at the same time successfully progressed our profitable development pipeline. Despite a challenging transaction environment, we completed 13 sales of non-core properties at a premium to book value. As a result of the higher top line and reduced expenditure, we delivered a strong FFO I, significantly exceeding our financial target – which enables us to return capital to our shareholders in the form of a dividend payout. Looking ahead, we aim to position our business to perform and continue to deliver attractive returns to shareholders despite the uncertain macro and market environment.”

At the end of 2024, CA Immo’s total property assets stood at approximately €5.0 billion, with 96% of the portfolio focused on office assets. The company maintained a strong liquidity position with €797.3 million in cash and a net LTV of 38.2%.

Looking ahead, CA Immo expects gradual improvement in the European economy and continued demand for high-quality office space. The company’s strategic priorities remain focused on profitability, asset rotation, and selective reinvestment, while maintaining a stable financial position.

Photo: Keegan Viscius, CEO of CA Immo