Akelius Residential Property (AKEL) Q3 2024 earnings summary

Executive summary

• Rental income rose 7.4% year over year to EUR 265 million, with like-for-like growth of 7.2%; net operating income increased 16.7% to EUR 148 million, at a 55.7% margin.

• Like-for-like net operating income grew 16.2% for January–September 2024.

• Profit for the period was EUR -25 million, mainly due to EUR -122 million in unrealized property revaluations.

• Portfolio fair value was EUR 5,674 million at September 30, 2024, with 19,926 apartments across 10 cities and an average apartment size of 61 sqm.

• Loan-to-value was 35%, down from 42% at year-end, and the average interest rate fell to 1.12%.

Financial highlights

• EBITDA rose 21.2% year over year to EUR 137 million.

• Net asset value was EUR 3,256 million; equity increased to EUR 3,233 million, supported by a EUR 502 million share issue.

• Cash flow from operating activities was EUR 85 million; cash and equivalents at period-end were EUR 154 million.

• Property fair value declined 2.1% to EUR 5,674 million, with the capitalization rate increasing to 4.92%.

• Available liquidity, including cash, financial assets and credit facilities, totaled EUR 880 million.

Outlook and guidance

• Continued rental income growth expected, supported by strong demand, higher occupancy and ongoing capital projects.

• No significant events occurred after the reporting period.