IMMOFINANZ Reports Strong Performance in 2023 Despite Challenging Market Conditions

IMMOFINANZ AG announced significant annual growth in rental income and operating results for the year 2023, according to their recent press release. Rental income experienced a 77.8% increase, reaching EUR 533.6 million, while the results of asset management jumped by 85.1% to EUR 418.5 million. The results of operations and funds from operations (FFO 1) showed remarkable increases of 84.7% and 88.4% respectively.

This growth was attributed to the full consolidation of S IMMO, acquisition of retail properties, and a strong like-for-like rental income improvement of 8.5%. Despite the difficult macroeconomic environment characterized by high interest rates and their negative impact on property values, IMMOFINANZ Group managed to demonstrate resilience and strategic foresight in its operations.

IMMOFINANZ has faced revaluation losses and a net loss in profit due to these challenging market conditions, but the company remains optimistic about its future. The real estate portfolio stood strong with 518 properties valued at EUR 8.2 billion, maintaining a high occupancy rate of 92.2%.

The Group is ready to face the ongoing challenges of 2024 with a robust financial base, including an equity ratio of 47.3% and a net loan-to-value (LTV) of 42.1%. Despite deciding to waive the dividend for the financial year 2023 to strengthen its capital base, IMMOFINANZ is well-poised for continued growth and stability.