For 3 months of 2022, the consolidated unaudited net profit of the INVL Baltic Real Estate Group amounted to 52 thousand euros, and the revenue amounted to 806 thousand euros (consolidated net profit for 3 months of 2021 was 121 thousand euros, and revenues amounted to 601 thousand euros). The unaudited net profit of INVL Baltic Real Estate itself amounted to 52 thousand euros for the 3-month period of 2022 and 121 thousand euros for the 3-month period of 2021.
The Real estate investment company INVL Baltic Real Estate reported a consolidated net profit of 52,000 euros in the first quarter of this year, a decrease of 57% compared to the same period in 2021. The consolidated equity of the company at the end of March was 20.34 million euros. Equity per share was €2.52 and grew by 18% compared to the end of the first quarter of last year (also taking into account the dividends paid).
INVL Baltic Real Estate’s net operating income in the first quarter of this year was €514,000, or 62% more than in the same period last year. Consolidated revenue grew 31.4% from the first quarter of last year to €806,000. Of this amount, aggregate rental income from real estate holdings increased by 11.2% to €456,000.
The largest property owned by INVL Baltic Real Estate is the office building on Palangos Street 4 in Vilnius, which contains the company-operated Talent Garden Vilnius co-working space. Consolidated net operating income for this building in the first quarter of the year was 332,000 euros, or 71% more than it was in the same period in 2021. The rental income for the Žygis business center increased by 52% over the same period to 86,000 euros.
“In the first quarter of the year, INVL Baltic Real Estate improved its results, mainly due to the very successful operations of Talent Garden Vilnius and new lease agreements signed last year at the Žygis Business Center. The decrease in the company’s net profit came as a result of the additional investment property that It was acquired early in the year on 37 Vilnius Street, whose market value will rise after the design work on the property is completed,” says Vitotas Bakinskas, real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate.
He said that the company is still focused on increasing the value of the existing properties and is looking for new investment projects. It is ready to invest in innovative non-standard solutions that can help earn great return for investors and grow the property management business
INVL Baltic Real Estate owns real estate in Vilnius and Riga: office buildings in the Old Town of the Lithuanian capital on Vilnius Street and in Šiaurės Miestelis, the Dommo Business Park manufacturing, warehouse and office complex next to the Riga lane. By the end of the year, the occupancy rate on the company’s properties was from 98% to 100%.
The current property area of INVL Baltic Real Estate is 28,000 square metres. And a value of 29.7 million euros.
Since its launch as a collective investment project (on December 22, 2016), INVL Baltic Real Estate has been one of the real estate funds in the Baltic region open to retail investors with the highest stable returns. The fund operates as a closed investment company. The company was managed by INVL Asset Management, one of the leading asset management companies in Lithuania. The company will operate as a closed investment company until 2046, with the possibility of an extension for another 20 years.
Person authorized to provide additional information:
Manager of the real estate fund in the management company
Email: [email protected]