Akelius Residential Property (AKEL) Q4 2024 earnings summary

Executive summary

• Rental income rose 7.4% to EUR 357m; net operating income increased 15.7% to EUR 200m and EBITDA grew 19.6% to EUR 186m, driven by higher occupancy and new leases.

• Portfolio fair value was EUR 5,992m, comprising 20,072 apartments across 10 cities; residential assets represented 99%.

• Net loss narrowed to EUR 79m from EUR 260m, as property and financial asset revaluation losses decreased.

• LTV fell to 36% from 42%; equity ratio rose to 50% from 42%, following a EUR 502m share issue.

• Acquired a 214-unit Washington, D.C. property and sold eight Paris properties; further asset sales were planned to support debt repayment.

Financial highlights

• Like-for-like rental income grew 6.8% and like-for-like net operating income grew 14.3% in 2024, supported by higher occupancy, new lease levels and completed capital projects.

• Net operating income margin increased to 55.9% from 51.9%.

• Property revaluation loss was EUR 102m (1.8%), compared with EUR 582m in 2023.

• Real vacancy was 1.9%, excluding vacancies due to upgrades and disposals; overall vacancy improved to 4.7%.

• Cash sources to cash uses ratio rose to 253% from 170%; available liquidity was EUR 691m.

Outlook and guidance

• Remaining Castellum AB shares were expected to be sold to the parent company in early 2025, with proceeds earmarked for debt repayment.

• Focus remained on reducing vacancies, completing capital projects and making selective acquisitions to enhance portfolio quality.

• Proposed dividend of up to EUR 0.10 per class D share, EUR 22m in total, for 2025.