The revaluations of real estate assets due to covid-19 amounted to -159 million euros in the first half of the year after a clearly positive 124 million euros a year earlier. This devaluation corresponds to around 3.1 percent of the entire real estate portfolio, said Immofinanz in a broadcast on Wednesday evening.
Rental income grew year-on-year by 10 percent to EUR 146 (132) million. The operating result fell by 40 percent to EUR 60 (99) million, while the result from operating activities (EBIT) turned negative to EUR -84 million (203 million). In contrast, the important cash generation figure FFO 1 (before taxes) only decreased by a tenth to EUR 53 (59) million.
The company is not paying the dividend for 2019, as recommended by the Board of Directors and the Supervisory Board to the shareholders.
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