CA Immo recorded a 4% increase in rental income to €179.1 million in the first nine months of 2024 versus 2023 despite the sale of non-strategic properties, while it posted a net loss of €33.4 million compared with a profit of €61.1 million in the same period of last year.
The company said the loss was triggered by a negative reevaluation of projects that could not be offset by rising rental assumptions.
At the same time, revenue from property sales amounted to €13.7 million, compared to €158 million in the same period of last year. However, five additional sales with a total transaction volume of approximately €50 million and expected closing dates by the end of the year have been signed.
CA Immo said its FFO I target for the 2024 financial year of over €105 million (€1.07 per share) is confirmed.
“Looking ahead, we believe in continued bifurcation of the office markets with stronger pricing pressure on weaker assets in non-central locations. Ensuring the high quality and sustainability of our portfolio, maintaining a stable balance sheet and good liquidity position, and increasing shareholder value therefore remains a top priority. Against this background, we addressed our upcoming maturities in advance by successfully issuing a €350m green bond and started a share buyback programme in Q4 to increase shareholder value,” says Keegan Viscius, CEO of CA Immo.
The company’s development pipeline currently comprises one office building in Berlin, which is 100% pre-let, with construction works in time and budget for completion in early 2026. In addition, the preparations for two more projects – one ground-up development at Humboldthafen as well as the refurbishment of Karlsbad 11, one of the older standing assets in Berlin, are in full swing.
CA Immo's total property assets amounted to around €5.0 billion compared to €5.2 billion at the end of 2023. The largest regional segment is Germany with a 63% share of the total portfolio, followed by CEE (31%) and Austria (6%). The occupancy rate of the investment portfolio stood at 88.8%.
Looking forward, CA Immo is looking to accelerate the sale of non-core properties and invest in profitable construction projects and income-producing properties, particularly in the core markets of Berlin and Munich.
