Immofinanz rental income rose by 13.4% to EUR 74.0 million in the first quarter of the 2020 financial year, above all due to the expansion of the portfolio through acquisitions and completions.
The results of asset management increased by 18.1% to EUR 59.5 million, and the results of operations were 18.0% higher at EUR 43.5 million.
However, the revaluation results of EUR -45.0 million from standing investments and goodwill reflect the adverse effects of the Covid-19 pandemic. Net profit for Q1 2020 was therefore negative at EUR -37.6 million.
Occupancy rate stable at high level
The real estate portfolio included 211 properties with a combined carrying amount of approximately EUR 5.1 billion as of 31 March 2020. Most of these properties – 92.2% or EUR 4.7 billion – are standing investments.
Of this total, 64.7% are attributable to the office business and 35.2% to the retail business.
The occupancy rate remained nearly constant at 96.4% (31 December 2019: 96.8%). The gross return equalled 6.1% based on IFRS rental income and 6.4% based on invoiced rents.
The legal regulations implemented to contain Covid-19 have been gradually lifted in recent weeks, beginning with mid-April in Austria, in nearly all countries where Immofinanz owns retail properties. At the present time, 79%
of Immofinanz’s retail space has reopened.
Romania represents an exception, where the four VIVO! shopping centers are still closed.