VIB Vermögen AG Announces Strong Financial Results for 2023

VIB Vermögen AG, a developer and manager of commercial properties, reported a successful financial year for 2023. In a challenging market, the company achieved its financial targets, recording a gross rental income of EUR 86.9 million and Funds from Operations (FFO) of EUR 72.6 million, both at the upper end of their guidance. They also noted a very low vacancy rate of 2.1%.

The consolidated net income for the year stood at EUR 130.8 million, a significant increase from the previous year, primarily due to profits from property sales. Moreover, earnings from ordinary business activities surged to EUR 151.7 million from EUR 61.9 million the year before.

Looking ahead to 2024, VIB Vermögen AG has set an FFO guidance range between EUR 62 million and EUR 68 million, with projected gross rental income between EUR 72 million and EUR 78 million. The lower expected rental income reflects the annualized effects of property sales.