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Immofinanz posts Q1 loss

Christian Fernsby ▼ | May 28, 2020
Austrian real estate group Immofinanz posted a net loss of 37.6 million euros ($41.3 million) for the first quarter as it made write-downs on properties in response to the coronavirus pandemic.
Immofinanz   Negative effects of 45 million euros
The revaluation of assets mainly in the retail segment led to negative effects of 45 million euros, the group, which develops and lets shops and offices in Germany, Austria and eastern Europe, said.

Topics: Immofinanz

Funds from operations before tax, a measure of recurring free cash flow, were flat at 29.1 million euros in the January-March period. Rental income grew 13.4% to 74 million euros thanks to acquisitions and property completions.

Retail rents for March have been invoiced as normal but deferred to later this year to relieve the burden on shop owners which have temporarily had to close, Immofinanz said.