Akelius Residential Property AB: interim report 2024, January to September
16.2 percent
net operating income growth,
like-for-like
rental income growth of 7.2 percent,
like-for-like
Rental income was EUR 265 million,
an increase of 7.4 percent compared to the same period 2023.
The trend in rental income growth continues,
the like-for-like increase was 7.2 percent.
Strong demand for Akelius' apartments and
completion of capital projects are key drivers.
The like-for-like net operating income growth was 16.2 percent.
Increasing new lease levels,
the higher occupancy rates and high level of cost awareness support the growth.
real vacancy rate 1.4 percent
The vacancy rate was 4.9 percent.
Thanks to completion of capital projects and focus on asset and property management,
the like-for-like vacancy rate decreased by 1.3 percentage points during the last twelve months.
The real vacancy rate,
excluding construction work and sales,
was 1.4 percent.
limited market transactions delay
capitalization rate stabilization
The capitalization rate increased during the period,
from 4.74 percent to 4.92.
The negative value growth was EUR 121 million,
or 2.1 percent.
loan-to-value at 35 percent
The loan-to-value was 35 percent,
a decrease of 7 percentage points since the end of 2023.
In September, Akelius sold 14,800,000 shares in Castellum AB to its parent company.
Sales price was 145 SEK per share, totaling EUR 188 million.
The financial guarantee of EUR 1,900 million from the main owner,
will be used to repay maturing debt.
improving the portfolio continues
Akelius sold or has signed agreements to sell properties in Paris totaling EUR 26 million.
Three properties were sold during the quarter.
As these properties are larger capital projects,
disposals will improve the portfolio earlier than expected.
CEO, Ralf Spann
As limited market transactions delay capitalization rate stabilization, Akelius is still selective with transactions.
Improving the existing portfolio by finishing large capital projects and reducing vacancies pays off.
With the financial guarantee from the main owner, Akelius financial position is very strong.
Berlin, 2024-10-25
Ralf Spann
CEO
+49 173 643 65 90
ralf.spann@akelius.de (ralf.spann@akelius.de%0d)
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 09.30am CEST on October 25, 2024.
Akelius Residential Property AB (publ)'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.