Akelius Residential Property (AKEL) Q3 2022 earnings summary

Executive summary

• Residential portfolio fair value €7,012 million at Sep 30, 2022; 19,339 apartments across nine cities, with 97% residential share.

• Jan–Sep like-for-like rental income growth was 11.3% and NOI growth was 18.2%; real vacancy was 1.9%.

Financial highlights

• Like-for-like rental income growth reached 11.3% and NOI growth 18.2% for Jan–Sep 2022, versus 1.5% and 2.9%, respectively, in 2021.

• Cash sources were €3,119 million against cash uses of €89 million as at Sep 30, 2022.

Segment performance

• Portfolio fair value was allocated 45% to the United States, 35% to Canada and 20% to Europe.

• Prime properties represented 60% of the portfolio, mid-tier 31% and entry-tier 9%; luxury and discount categories were 0%.

• Largest city exposures included Toronto 19%, Montreal 16%, Washington, D.C. 17%, and London 13% of fair value.