The devaluation as a result of the corona crisis brought Immofinanz AG, which specializes in office and retail real estate, a net loss of 37.6 million euros in the first quarter, after a profit of 30.4 million euros in the previous year. By contrast, the listed company increased its operating result, that is, in its core rental business, by 18.0 percent to 43.5 million euros in earnings.
Rental income rose by 13.4 percent to EUR 74.0 million year-on-year in March – primarily as a result of portfolio growth as a result of acquisitions and completions. The result from asset management rose by 18.1 percent to 59.5 million euros, it said in a broadcast on Wednesday evening.
The effects of the Covid 19 pandemic are reflected in the negative valuation result from existing real estate and goodwill of EUR 45.0 million.
At the end of March, the property portfolio comprised 211 properties with a book value of EUR 5.1 billion, 92.2 percent of existing properties, of which 65 percent were office properties and 35 percent were retail properties. Real estate assets increased from 4.0 billion to 4.9 billion euros within one year. The occupancy rate was 96.4 (96.8) percent.
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