Akelius Residential Property AB: interim report 2024, January to June
18.7 percent
net operating income growth,
like-for-like
rental income growth of 7.6 percent,
like-for-like
Rental income was EUR 176 million,
an increase of 7.9 percent compared to the same period 2023.
The trend continues with a like-for-like rental income growth of 7.6 percent.
Strong demand for Akelius' apartments and
the completion of capital projects are among the main drivers.
The like-for-like net operating income growth was 18.7 percent.
Increasing new lease levels and
the higher occupancy rates support the growth.
real vacancy 1.3 percent
Thanks to completion of capital projects and
focus on property management, the like-for-like vacancy rate decreased 0.7 percentage points to 6.1 percent during the last twelve months.
The vacancy rate excluding construction work and planned sales was 1.3 percent.
stabilized capitalization rates
Capitalization rates have stabilized although an increase during the period to 4.78 from 4.74 percent.
The negative value growth for 2024 is EUR 21 million,
or 0.4 percent.
loan-to-value at 36 percent
The loan-to-value is at 36 percent.
This is one percentage point higher than Akelius' financial policy threshold of 35 percent.
The board of directors has approved the deviation from the financial policy as it is deemed to be marginal.
strong financial position
The previously issued financial guarantee from the main owner was during the quarter increased to EUR 1,900 million.
Akelius analyzes options to refinance debt maturities
in 2025 of one billion EUR.
With the upsized financial guarantee,
Akelius can repay debt on due time.
improving the portfolio
Akelius continues to focus on portfolio improvements.
In Paris, Akelius sold or has signed agreements to sell properties totaling EUR 26 million.
As these properties are larger capital projects,
disposals will improve the portfolio earlier than expected.
first property acquisition in 2024
Akelius acquired during the second quarter 193 apartments in downtown Montreal.
The price was EUR 67 million with a capitalization rate of 4.74 percent.
Akelius plans to buy more properties and continues to be selective with transactions.
CEO, Ralf Spann
- Improving the existing portfolio by finishing large capital projects and reducing vacancies pays off.
With the upsized financial guarantee from the main owner,
Akelius financial position has strengthened further.
Following the first property acquisition in 2024,
Akelius wants to buy more properties in its existing cities.
Berlin, 2024-07-19
Ralf Spann
CEO
+49 173 643 65 90
ralf.spann@akelius.de
(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 10.30am CEST on 19 July 2024.
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.