year-end report 2023, January to December
18 percent net operating income growth,
like-for-like
Rental income was EUR 333 million,
an increase of 10.0 percent compared to 2022.
The trend in rental income growth continues with a like-for-like rental income growth of 10.8 percent.
Strong demand for Akelius’ apartments and higher occupancy rates are among the significant drivers.
The like-for-like net operating income growth was 18.0 percent, despite an increase in costs.
Increasing new lease levels and less rent concessions support the growth.
Thanks to completion of capital projects and an intense focus on property management,
the like-for-like vacancy rate decreased 2.1 percentage points to 5.9 percent.
The vacancy rate excluding construction work and sales was 1.3 percent.
Property prices are declining in all markets.
At the end of the year, the market value of the property portfolio was EUR 5,686 million,
negative value change of EUR 582 million or 9.4 percent.
Higher interest rates affect valuations negatively with a capitalization rate of 4.74 percent.
However, the growing rent levels will lead to positive value growth over time.
The liquidity has decreased during the last quarter due to the extra dividend of EUR 1,314 million.
In connection with the dividend, Akelius received a financial guarantee from the main owner.
The financial guarantee will be used to continue repaying maturing debt.
Akelius has no need for new borrowings.
The loan-to-value at year-end was 42 percent.
Akelius continues the work with further improvements of the property portfolio.
Akelius monitors the property markets closely and is selective with transactions.
CEO, Ralf Spann
- Akelius is positively affected by the strong markets for rental apartments,
but negatively affected by higher costs and increased capitalization rates on properties.
Focusing on improving the existing portfolio by finishing large capital projects and reducing vacancies pay off.
Akelius continues to be in a very strong financial position, following the guarantee from the owner.
Berlin, 2024-02-06
Ralf Spann
CEO
+49 173 643 65 90
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
6 February 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, [email protected], +46-8-409 421 20.
