IMMOFINANZ with outlook on Q1 2020: Substantial increase in results of operations, negative effect from property valuation expected
IMMOFINANZ expects a substantial improvement in rental income and the results of operations for the first quarter of 2020. The estimated increases range from 13.0% to 15.0% versus Q1 2019.
The Covid-19 pandemic is expected to result in negative effects of EUR -45.0 million from the valuation of standing investments (which represents approx. 0.85% of investment property at the end of March 2020). This is primarily attributable to the slight increase in market yields, above all in the retail sector. In particular, these valuation results are expected to result in negative earnings for the period.
IMMOFINANZ will announce its first quarter results for 2020 on 27 May 2020 (evening) as planned. A further update on the effects of Covid-19 on the company's business will also be provided at that time.
IMMOFINANZ is a commercial real estate group whose activities are focused on the retail and office segments of seven core markets in Europe: Austria, Germany, Poland, Czech Republic, Slovakia, Hungary and Romania. The core business covers the management and development of properties, whereby the STOP SHOP (retail), VIVO! (retail) and myhive (office) brands represent strong focal points that stand for quality and service. The real estate portfolio has a value of approx. EUR 5.1 billion and covers more than 210 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: http://www.immofinanz.com
For additional information contact:
Head of Corporate Communications and Investor Relations
T +43 (0)1 88 090 2290
M +43 (0)699 1685 7290
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