IMMOFINANZ delivers strong performance in first nine months of 2024

IMMOFINANZ has reported robust results for the first three quarters of 2024, reflecting significant growth across key performance indicators and underscoring the strength of its portfolio strategy. Rental income increased by 11.9% year-on-year to €435.6 million, while the results of asset management rose by 14% to €368.9 million. The group’s operational performance saw a notable 54.1% increase, with results of operations reaching €322.3 million. Funds from operations (FFO 1) after tax also improved, climbing 24.8% to €230.9 million compared to €185.0 million during the same period in 2023.

Despite ongoing market volatility, IMMOFINANZ achieved a net profit of €50.9 million, equivalent to earnings per share of €0.18, a significant turnaround from the €0.48 per-share loss reported a year earlier. “In spite of the continuing market volatility, all our relevant indicators improved during the first nine months of 2024,” said Radka Doehring, a member of the IMMOFINANZ Executive Board. She attributed the success to the company’s strong operating performance and focused portfolio strategy, which combines growth with targeted reorientation.

The group’s property portfolio, valued at €7.997 billion as of 30 September 2024, includes 468 properties. Of this, €7.779 billion represents standing investments, offering a gross return of 7.2% across 3.5 million square meters of rentable space. The occupancy rate remained stable at 92.2%, with an average lease term of 3.7 years. IMMOFINANZ also continued its strategic portfolio optimization, generating €641 million in sales while acquiring office buildings and retail parks in the Czech Republic and expanding its STOP SHOP concept in Croatia.

The company’s balance sheet remains solid, with an equity ratio of 42.2% and a net loan-to-value ratio of 48.7%, reflecting disciplined financial management. Cash reserves stood at €613.9 million, with 99% of financial liabilities hedged against interest rate fluctuations. The IFRS book value per share rose 3.8% to €27.60, while the EPRA NTA per share reached €28.62.

Looking ahead, IMMOFINANZ remains optimistic despite the volatile macroeconomic and geopolitical environment. “This good progress confirms that we are well-positioned to continue our growth course over the medium and long term,” said Pavel Mechura, another member of the Executive Board. The company plans to focus on expanding its retail portfolio, completing the squeeze-out of S IMMO, and evaluating closer integration with its majority shareholder, CPI Property Group.

IMMOFINANZ’s resilient real estate products, strong financial foundation, and adaptive strategy position it to capitalize on future opportunities while navigating ongoing market challenges.