Summary of January-March 2016
(comparison period 1 Jan.–31 Mar. 2015)

• The Group’s gross investments during the period totalled EUR 43.7 (53.3) million. Gross investments were 45.6 (58.6) per cent of turnover.

• The fair value of investment properties was EUR 3.7 (3.8) billion. Return on investment was 7.6 (8.5) per cent.

• The Group’s turnover totalled EUR 95.9 (90.9) million. Turnover is entirely generated by rental income.

• Profit before taxes amounted to EUR 54.3 (60.4) million. The profit includes EUR 14.1 (26.0) million in net valuation gain on the fair value assessment of investment properties. Our favourable profit performance is based on changes in the fair value, low financial costs, a good rental occupancy rate and the successful management of maintenance costs

• Net rental income was EUR 60.8 (55.4) million, representing 63.4 (61.0) per cent of turnover. Net rental income was increased by completed new development, higher rental income and the successful management of maintenance and repair costs.

• The rental occupancy rate remained high, standing at 96.9 (97.4) per cent.

• There were 1,046 (1,324) rental apartments under construction at the end of the review period.

• The Group owned 37,293 (40,760) rental apartments on 31 March 2016.
  
  

Unless otherwise stated, the comparison figures in brackets refer to the corresponding period of the previous year. The figures in this Interim Report have not been audited.