CA Immo presented its results for the first quarter of 2020. The company registered solid growth in rental income (+7.2% year-on-year) and although the negative revaluation result reflects the exceptional economic situation now prevailing, other positive earnings contributions made up for this.
First-quarter results:
- Rental income increased by 7.2% to € 62.4 million (31 March 2019: € 58.3 million)
- Operating result (EBITDA) stable at € 38.8 million compared to € 38.1 million in the previous year
- Revaluation result of € –11.1 million reflects negative value adjustments of properties with hotel and retail uses in connection with the COVID-19-pandemic (31 March 2019: € 16.1 million)
- Financial result of € 20.5 million significantly higher than in the previous year (€ –39.7 million) mainly due to a positive valuation effect in connection with the convertible bond
- Consolidated net income of € 33.5 million significantly above the previous year's figure (31 March 2019: € 5.4 million)
Andreas Quint, CEO of CA Immo said: "As restrictive measures on our core markets continue to ease, we expect greater clarity on the consequences for our tenant base and our rental revenue as a result. In the first quarter, 97% of the invoiced rents were collected, whereby we are in ongoing discussions primarily with those tenants who are particularly affected by the COVID-19-crisis. As an operator of Class A office premises in well-connected inner-city locations, we expect the losses caused by the COVID-19-pandemic to be minor and short-term compared to those in the retail and hotel sectors in particular. In light of our strong balance sheet and access to liquidity, we are capable of responding prudently and with considerable latitude to evolving market conditions – with a view to consolidating tenant relations for the long term while monitoring potentially attractive portfolio acquisitions.”
