interim report 2022, January to September
11 percent rental income growth
Rental income was EUR 220 million,
an increase of 43.1 percent compared to the same period last year.
The like-for-like rental income growth was 11.3 percent,
due to growth in new lease levels, reduced concessions, and higher occupancy level.
The like-for-like vacancy rate decreased during the last twelve months by 3.4 percentage points to 9.1 percent,
in line with the ambition to increase the cash flow from properties.
79 percent of vacancy was due to upgrades.
The like-for-like net operating income growth was 18.2 percent for the period.
The focus on finishing capital projects and performing cost control,
in combination of a strong rental market, are the main drivers of this growth.
At the end of September, the market value of the property portfolio was EUR 7,012 million.
The negative value change was EUR 125 million, equivalent to 2.1 percent.
Increasing interest rate levels affects valuations negatively,
while the growing rent levels affect the valuations positively.
Akelius acquired properties for EUR 426 million during the period in Montreal, Toronto, Ottawa, Boston, and Washington D.C.
The average capitalization rate was 4.1 percent.
The loan-to-value at the end of September was 13 percent.
CEO, Ralf Spann
The focus on improving Akelius’ cash flow from the operations continues.
We estimate that the net operating income will continue to grow at a fast pace.
The current sentiment in the financial markets is negative.
We may see even weaker markets ahead.
Akelius is grateful to be in a strong financial position.
Berlin, 2022-10-24
Ralf Spann
CEO
+49 173 643 65 90
ralf.spann@akelius.de
This information is information that Akelius Residential Property AB (publ) is obliged to make public pursuant to the Securities Markets Act.
The information was submitted for publication at 07.30am CET on 24 Oktober 2022.
Akelius Residential Property AB’s D-shares are listed on Nasdaq First North Growth Market Stockholm.
Avanza Bank is the Certified Adviser of the company, ca@avanza.se, +46-8-409 421 20.