Immofinanz’s rental income in Romania reaches EUR 12.2 M in Q1

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The properties of Austrian commercial real estate company Immofinanz in Romania represent 21.2 percent of the company’s total portfolio (excluding Russia), including 72 properties (17 standing investments, 3 developments, 8 real estate inventories – apartments that are intended for sale after completion – and 44 pipeline projects) with a carrying amount of EUR 845.4 million, as a press release informs.

The expected fair value after completion of the current Group’s development projects in Romania amounts to EUR 71.5 million. During the first quarter of the 2017 financial year the occupancy rate of the Romanian portfolio increased to 96.5 percent (compared to 95.8 percent at end-December 2016).

At the end of the first quarter of the 2017 financial year, rental income in Romania totals EUR 12.2 million, which accounts for 21.4 percent of the Group’s total rental income.

Overall, Immofinanz generated net profit of EUR 101.7 million from continuing operations, i.e. excluding Russia, in Q1 2017 (Q1 2016: EUR -139.3 million). Rental income totalled EUR 57.1 million for the reporting period, compared with EUR 58.2 million in Q1 2016.

The slight decline of 1.9 percent resulted primarily from portfolio adjustments involving the retail sector in Austria. After an adjustment for new acquisitions, completions and sales (like-for-like), rental income rose by 3.7 percent to EUR 49.7 million in the starting quarter of 2017. Results of operations equaled EUR 17.8 million (compared to EUR 57.2 million in Q1 2016).

Financial results improved substantially to EUR 93 million (Q1 2016: EUR -37.3 million), above all due to positive valuation effects from the investments in CA Immo and BUWOG.

 

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