Akelius Residential Property (AKEL) Q2 2023 earnings summary

Executive summary

• Residential portfolio fair value €6,156m at 30 Jun 2023, across 10 cities and 19,588 apartments; 98% residential.

• H1 like-for-like rental income growth was 12.1% and net operating income growth was 17.4%; real vacancy was 1.1%.

Financial highlights

• H1 2023 like-for-like rental income growth of 12.1%, compared with 11.9% in 2022.

• H1 2023 like-for-like NOI growth of 17.4%, compared with 18.9% in 2022.

• Cash sources exceeded cash uses by €2,158m as at 30 Jun 2023.

Outlook and guidance

• Strategy focuses on metropolitan cities with high population growth, central locations, stable revenue growth and long-term value growth with limited downside risk.

• Portfolio emphasis remains on attractive locations and lower vacancy risk through geographic diversification.