IMMOFINANZ successfully completed a solid start into the 2022 financial year: Like-for-like rental income rose by 4.3% in the first quarter, the occupancy rate remained high at 94.4%, and FFO 1 before tax was stable at a very good level of EUR 34.4 million. Net profit totalled EUR 72.4 million, compared with a substantial positive effect in the first quarter of the previous year from the revaluation of the stake in S IMMO. With an equity ratio of 52.3% and conservative debt level with a net LTV of 32.7%, IMMOFINANZ has a strong capital foundation.
IFRS rental income totalled EUR 70.2 million in the first quarter and was slightly lower than the previous year, which was influenced by a positive non-recurring compensation payment from a large tenant for a pandemic-related reduction in the rented space (Q1 2021: EUR 74.8 million). After an adjustment for this non-recurring effect of EUR 6.7 million, IMMOFINANZ generated sound growth in the first quarter: In comparison with the previous year, rental income rose by 3.1% and exceeded the Q4 2021 level by 2.8%. This positive development was also reflected in a year-on-year increase of 4.3% in like-for-like rental income (adjusted for acquisitions, sales and completions) to EUR 64.0 million.
The results of operations totalled EUR 38.1 million in the first quarter of 2022 (Q1 2021: EUR 46.4 million), and financial results equalled EUR 47.7 million (Q1 2021: EUR 79.7 million). Net profit amounted to EUR 72.4 million, following a comparative first quarter that was substantially influenced by the positive revaluation of the stake in S IMMO (Q1 2021: EUR 123.1 million). FFO 1 from the standing investment business (before tax) was stable at EUR 34.4 million (Q1 2021: EUR 34.5 million). That represents FFO 1 per share of EUR 0.26, compared with EUR 0.28 in Q1 2021 based on a higher number of shares.
