The company’s net rental income reached EUR 91.7 million, representing a 10.7 percent increase over the previous year. Funds From Operations (FFO) followed suit, rising 12.4 percent to EUR 43.6 million. These results reflect the successful integration of a massive real estate transaction, which CEO Reima Rytsölä described as the largest of its kind in Finland during the 2020s.
In section Releases
Lumo Homes reports revenue growth following major portfolio acquisition
Lumo Homes posted a significant uptick in its second-quarter performance, driven by a major portfolio acquisition in April and a rise in occupancy rates to 95 percent. The Helsinki-based firm reported total revenue of EUR 125 million, marking an 8.1 percent increase compared to the same period last year.
Leasing activity for the newly acquired units has moved faster than initial projections, with occupancy in that specific portfolio climbing from approximately 83 percent to 89 percent by the end of June. While the company faces a persistent oversupply of rental stock in the capital region, management noted that the overall market supply has begun to contract. To support its financial position, Lumo Homes refinanced half of its EUR 600 million acquisition facility through a bond issuance in May and secured a EUR 500 million back-stop facility to address upcoming debt maturities.
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