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REAL ESTATE: Kojamo (VVOYHT: Baa2 neg): FY24

REAL ESTATE
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Still struggling in a weak market but leverage coming down and dividend still zero

  • Q4 Revenue +0.1% to €113.6m; FY Revenue €452.4m +2.3%
  • Q4 Net Rental Income +1.5% €74.4m; FY +1.9% to €302.9m
  • FFO dropped 10% to €34.5m; -11.4% FY to €148.2m - financing and maintenance costs have increased
  • EBITDA swung to a Positive €131.3m from -€39.9
  • LTV 43.9x from 44.6x
  • Occupancy fell to 91.5 from 93.0; but did improve in Q4 slightly
  • Guidance for 2025 is for 1-4% increase in Revenue
  • Dividend remains at Zero
  • "Loans maturing this year have been covered" - I assume this includes the Mar 25 bond.
  • "next financing arrangements will be for maturities in 2026" - I would read this as a Tender/New Issue coming
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Still struggling in a weak market but leverage coming down and dividend still zero

  • Q4 Revenue +0.1% to €113.6m; FY Revenue €452.4m +2.3%
  • Q4 Net Rental Income +1.5% €74.4m; FY +1.9% to €302.9m
  • FFO dropped 10% to €34.5m; -11.4% FY to €148.2m - financing and maintenance costs have increased
  • EBITDA swung to a Positive €131.3m from -€39.9
  • LTV 43.9x from 44.6x
  • Occupancy fell to 91.5 from 93.0; but did improve in Q4 slightly
  • Guidance for 2025 is for 1-4% increase in Revenue
  • Dividend remains at Zero
  • "Loans maturing this year have been covered" - I assume this includes the Mar 25 bond.
  • "next financing arrangements will be for maturities in 2026" - I would read this as a Tender/New Issue coming