INVL Baltic Real Estate Interim information for 3 months of 2023
28 Abril 2023 - 11:09AM
INVL Baltic Real Estate Interim information for 3 months of 2023
For 3 months of 2023, the unaudited consolidated
net profit of the INVL Baltic Real Estate group was EUR 202
thousand, revenue was EUR 864 thousand (for 3 months of 2022
consolidated net profit was EUR 52 thousand, revenue was EUR 806
thousand). The unaudited net profit of INVL Baltic Real
Estate itself amounted to EUR 202 for 3 months of 2023
and EUR 52 thousand for 3 months of 2022. The acquisition of
investment property in the first quarter of last year affected the
change in net profit
Additional information:
The real estate investment company INVL Baltic
Real Estate had a consolidated net profit of EUR 0.2 million in the
first quarter of this year, 3.9 times more than in the same period
last year when net profit was EUR 0.05 million. The acquisition of
investment property in the first quarter of last year affected the
change in net profit.
The company’s consolidated equity at the end of
March 2023 was EUR 23.75 million. Equity per share was EUR 2.95 and
compared to the end of March 2022 grew 21.8%.
The value of INVL Baltic Real Estate’s
investment property holdings at the end of the first quarter of
2023 was EUR 36.57 million and was 23% more than a year earlier
(when it was EUR 29.73 million).
The company’s properties maintained a high rate
of occupancy and increased their operating income. INVL Baltic Real
Estate’s consolidated net operating income from its properties in
the first quarter of 2023 was EUR 0.49 million and was 4.86% less
than in the same period last year (when it was EUR 0.51 million).
Consolidated revenue grew 7% over the period of comparison to EUR
0.86 million, of which consolidated rent income from own properties
increased 10.7% to EUR 0.51 million.
The net operating income for the largest
property that INVL Baltic Real Estate owns – the office building at
Palangos Street 4 in the Vilnius Old Town with the Talent Garden
Vilnius coworking space which the company operates – was EUR 0.35
million in the first quarter of 2023, or 5.4% more than in the same
period last year. The Žygis Business Centre’s rent income increased
7% over the same period of comparison to EUR 0.09 million. The
occupancy of the Talent Garden Vilnius at the end of March this
year was 98%, while that of the Žygis Business Centre was 96%.
“In the first quarter of this year, we continued
design work for the planned reconstruction of the buildings located
at Vilniaus Street 37 and Palangos Street 4/Vilniaus Street 33 in
the Old Town. In February, a permit for maintenance works was
received for the site at Vilniaus Street 37, which allows for
repairs and restoration of protected parts of the building. A
contract for that work was concluded at the end of the first
quarter with the construction company Sivysta, which plans to start
the work in the near future,” says Vytautas Bakšinskas, the real
estate fund manager at INVL Asset Management, which manages INVL
Baltic Real Estate.
Maintenance and reconstruction of the building
at Vilniaus Street 37, in which about EUR 3 million is planned to
be invested, are scheduled to be completed in mid-2024. After those
investments, INVL Baltic Real Estate will offer the market
approximately 2,100 sq. m. of high-end leasable space. There will
be about 1,400 sq. m. of office space on the second and third
floors of the building, with three restaurant facilities expected
to occupy the total of about 700 sq. m. on the first floor.
On 18 April, INVL Baltic Real Estate’s general
meeting of shareholders approved paying dividends of EUR 0.09 per
share, for a total dividend allocation of EUR 725,000. The dividend
yield is about 4%.
About INVL Baltic Real
Estate
INVL Baltic Real Estate owns real estate in
Vilnius and Riga: office buildings in the Old Town of the
Lithuanian capital on Vilniaus Street and in Šiaurės Miestelis, and
the 55-ha Dommo Logistics and Industrial Park by the juncture of
highway A8 and the A5 Riga bypass road. The company’s properties
had occupancies of 98% to 100% at the end of December 2022.
INVL Baltic Real Estate currently owns
properties with a total area of 28,000 sq. m. and a value of EUR
36.6 million.
Since its launch as a collective investment
undertaking (on 22 December 2016), INVL Baltic Real Estate has been
one of the Baltic real estate funds open to retail investors with
the highest stable returns. The fund operates as a closed-end
investment company. The company is managed by INVL, the leading
investment management and life insurance group in the Baltic
region. INVL Baltic Real Estate will operate as a closed-end
investment company until 2046, with extension possible for a
further 20 years.
The person authorized to provide additional information: Real
Estate Fund Manager of Management Company Vytautas Bakšinskas
E-mail vytautas.baksinskas@invl.com
Invl Baltic Real Estate Ab (LSE:0RAS)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Invl Baltic Real Estate Ab (LSE:0RAS)
Gráfica de Acción Histórica
De May 2023 a May 2024
