INVL Baltic Real Estate Interim information for 3 months of 2020
For 3 months of 2020, the unaudited consolidated net profit of the INVL Baltic Real Estate group was EUR 0.4 million, revenue was EUR 1.49 million (for 3 months of 2019 consolidated net profit was EUR 0.24 million, revenue was EUR 1.54 million). The unaudited net profit of INVL Baltic Real Estate itself amounted to EUR 0.45 million for 3 months of 2020 and EUR EUR 0.29 million for 3 months of 2019.
The real estate investment company INVL Baltic Real Estate’s consolidated net profit for the first quarter of this year was EUR 0.4 million and increased 69.7% compared to the same period of 2019. The company’s consolidated equity at the end of March this year was EUR 44.4 million. Equity per share was EUR 3.38 and compared to the end of the first quarter of 2019 increased 30% (also taking into account dividends that were paid out).
INVL Baltic Real Estate’s consolidated net operating income from its properties in the first quarter this year was EUR 0.72 million, or 76.3% more than in the same period last year. The company’s consolidated revenue was 3.3% lower than in the first quarter last year, at EUR 1.49 million. Of that, consolidated leasing income from owned properties decreased 10.5% to EUR 1.03 million.
“The factor with the biggest impact on the first-quarter reduction of the flow of leasing income was the sale of the IBC Business Centre which was completed in March,” said Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.
After that transaction, he said, the company remains focused on the effective management of the buildings in its portfolio and, with a long-term outlook, is also assessing opportunities for new acquisitions. “While the coronavirus pandemic may reduce the revenue streams at leased properties this year, we think that impact will not be significant and the financial resources the company has are sufficient to meet our obligations and carry out planned works,” Vytautas Bakšinskas said.
INVL Baltic Real Estate manages real estate in Vilnius and Riga: office and commercial premises at the Vilnius Gates complex in the Lithuanian capital, office buildings in the Old Town on Vilniaus Street and in Šiaurės Miestelis, and the Dommo Business Park manufacturing, warehouse and office complex beside the Riga bypass.
The company’s properties had occupancy levels of between 69% and 100% at the end of March this year.
As of 31 March 2020, INVL Baltic Real Estate property holdings had a total area of 33 900 sq. m. and a value of EUR 39 million. A full 71% of INVL Baltic Real Estate’s properties by asset value are in the central part of the city of Vilnius.
Since 22 December 2016, INVL Baltic Real Estate has operated as a closed-end investment company. Management of the company was assumed by INVL Asset Management, one of Lithuania’s leading asset management firms. The company will operate as a closed-end investment company until 2046, with extension possible for another 20 years.
The person authorized to provide additional information:
Real Estate Fund Manager of Management Company