Akelius Residential Property (AKEL) Q4 2021 earnings summary

Executive summary

• Residential portfolio fair value €6,020 million at Dec. 31, 2021, comprising 17,770 apartments across 8 cities; residential share 95%.

• Portfolio allocation: North America 76% and Europe 24% of fair value; reported real vacancy was 2.6%.

Financial highlights

• Like-for-like rental income growth averaged 4.1%; like-for-like net operating income growth averaged 5.6%.

• Development vacancy decreased from 13.7% on Jan. 1, 2021 to 12.5% on Jan. 1, 2022.

Segment performance

• Portfolio mix by location quality: prime 65%, mid 26%, entry 9%; luxury and discount categories each 0%.

• Largest city exposures were Toronto 18%, Montreal 17%, London 16%, Washington D.C. 15%, New York 13%, Boston 10%, Paris 8% and Austin 3% of fair value.