INVL Baltic Real Estate Interim unaudited information for 3 months of 2024

For 3 months of 2024, the unaudited consolidated net profit of the INVL Baltic Real Estate (hereinafter – “the Company”) group was EUR 0.22 million, revenue was EUR 1.05 million (for 3 months of 2023 consolidated net profit was EUR 0.20 million, revenue was EUR 0.86 million). The unaudited net profit of Company itself amounted to EUR 0.22 million for 3 months of 2024 and EUR 0.20 million for 3 months of 2023.

Additional information:

The real estate investment company INVL Baltic Real Estate had a consolidated net profit of EUR 0.22 million in the first quarter of this year, 7.4% more than in the same period last year when the net profit was EUR 0.20 million. 

The company’s consolidated equity at the end of March 2024 was EUR 23.733 million. Equity per share was EUR 2.94 and increased by 2.7 percent during the year, after considering the influence of paid dividends.  

The value of INVL Baltic Real Estate’s investment properties at the end of the first quarter this year was EUR 42.612 million and was 16.53% more than a year earlier (when it was EUR 36.568 million). 

“The company’s portfolio properties are maintaining a high level of occupancy, and both operating income and asset value are growing,” says Vytautas Bakšinskas, the real estate fund manager at INVL Asset Management, which manages INVL Baltic Real Estate. 

The company’s consolidated revenue in the first quarter of 2024 increased 21.2% from the same period last year to EUR 1.05 million, of which consolidated rent income from own properties increased 28.5% to EUR 0.65 million. INVL Baltic Real Estate’s consolidated net operating income from its properties was EUR 0.71 million and was 45.4% more than in January-March 2023. 

Net operating income for INVL Baltic Real Estate’s largest portfolio property – the office building at Palangos Street 4 in the Vilnius Old Town with the Talent Garden Vilnius coworking space which the company operates – grew by 15.3% in the first quarter of 2024 compared to the same quarter of 2023 to EUR 0.40 million.  

“During the first quarter, we continued intensive renovation work on the building at Vilniaus Street 37, which we plan to complete in the last quarter of this year. We are working actively on the design of the renovation of the Pramogų Bankas building and are also continuing design works for the planned reconstruction of the buildings at the intersection of Palangos Street and Vilniaus Street,” Vytautas Bakšinskas notes.