Lumo Kodit revenue falls due to property sales, like-for-like returns increase
Real estate company Lumo Kodit reported a 3.1% drop in revenue to EUR 110.8 million for the first quarter of 2026. The decrease was primarily attributed to the sale of properties in the previous year.
Lumo Kodit Oyj announced its first-quarter financial results for 2026, revealing a 3.1% decrease in revenue, amounting to EUR 110.8 million. This decline is largely a consequence of a significant portfolio sale of approximately 2,000 apartments conducted in the prior year. However, on a like-for-like basis, both revenue and net rental income saw an increase.
Net rental income for the quarter decreased by 4.7% to EUR 59.9 million, representing 54.0% of revenue, slightly down from 54.9% in the same period last year. The company reported a pre-tax loss of EUR -20.9 million, a notable shift from the EUR -11.0 million loss in the first quarter of 2025. This loss includes write-downs in the fair value of investment properties and disposal losses.
Despite the revenue dip, the company's financial occupancy rate improved to 95.6% from 92.8%. The fair value of investment properties stood at EUR 7.6 billion. Gross investments saw a substantial rise to EUR 12.0 million, up from EUR 4.0 million a year earlier, while the total number of apartments owned by Lumo Kodit decreased to 38,898 from 40,949.
Looking ahead, Lumo Kodit maintained its outlook for 2026, projecting revenue between EUR 484 million and EUR 497 million. The company expects cash flow from operations (FFO) before changes in working capital to be in the range of EUR 147–157 million. These forecasts account for the expected occupancy and rent development, as well as the impact of acquiring 4,761 new apartments.