Annual Report 2022

Our Annual Report presents the most essential information on our business, operating environment and the implementation of our strategy. The report also includes comprehensive information on our sustainability efforts.

Key figures in 2022

Total revenue



2021: 391.7 €M (+5.5%)

Funds From Operations (FFO)



2021: 153.1 €M (+5.0%)

Fair value of investment properties



2021: 8.3 €Bn (−2.1%)

CEO’s review

We achieved our strategic targets in terms of both growth and profitability. In 2022, we invested a total of over EUR 500 million. A strong and well-managed balance sheet and a diverse financing structure have always been vital elements in the implementation of our strategy. The situation in the rental market improved after the prolonged uncertainty caused by the COVID-19 pandemic began to dissipate.

Jani Nieminen
CEO, Kojamo plc

Highlights of the year 2022

8 February

We agreed on the construction of 49 apartments in Tampere.

22 February

We agreed on the construction of 84 apartments in Turku.

1 March

The Green Deal demolition of the old Puotila shopping centre exceeded the 70% recovery rate target.

2 March

We offered to help with emergency housing for Ukrainians.

15 March

We agreed on the construction of 77 rental apartments in Uusi Kemia and Vanha Kemia at Bulevardi 31 in Helsinki.

31 March

We issued a EUR 300 million green bond under our EMTN programme.

25 April

We agreed on the construction of 178 apartments in Espoo.

4 May

We expanded our range of sustainable housing services and introduced a zero-carbon heating service and a carbon footprint test.

30 May

We published our first Green Bond Impact Report.

23-27 June

We agreed on the acquisition of total 1083 apartments.

1 July

The first residents of the Lumo One skyscraper moved in.

6 October

We participated in the Down a Degree energy saving campaign.

Strategic sustainability

The core of our sustainability efforts lies in our mission: we create better urban living. Corporate responsibility and sustainable development are a strategic focus area for Kojamo and an integral aspect of our operations and corporate culture.

Our sustainability programme sets the direction for our work

Our strategy, values and mission guide us to continuously develop our sustainability work. The emphasis of our sustainability efforts is on building sustainable cities, delivering the best customer experience, having the most competent personnel and a dynamic workplace, and being a responsible corporate citizen.

Sustainability key figures in 2022

Carbon footprint



(2021: 1.1)

Net Promoter Score



(2021: 20)

Indirect employment effect



(2021: 7,035)

Internal recruitment produces excellent career paths

Approximately one quarter of Kojamo’s job vacancies are filled by using internal recruitment. Internal recruitment provides employees with excellent development opportunities and a way to learn the business from many different angles.

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Lumo is there when athletes need support the most

We promote our role as a social operator by sponsoring top-level Finnish sports and youth sports on the individual and team levels. The Lumo sponsorship and grant programme launched in 2012 is part of Kojamo’s sustainability programme and a visible part of the Lumo brand.

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A well-managed balance sheet protects us from changes in market conditions

A strong and well-managed balance sheet is a vital aspect of the implementation of our strategy. It has also protected us from the financial market uncertainties that emerged during the year. Our consistent and long-term approach to managing our balance sheet is reflected in our ability to ensure our operating conditions even in a volatile market situation.

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Demolition and recycling at the Puotila shopping centre

The demolition of the old Puotila shopping centre was Kojamo’s first demolition project in accordance with the Green Deal commitment. Most of the property’s waste was recycled and all possible movables were recovered. The material recovery target was exceeded, with the recovery rate of non-hazardous material being as high as 86 per cent.

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Saana became a Lumo resident: “I think I’ll be happy to live here for a long time, maybe even my whole life”

The three trends in housing – a sense of community, sustainability and convenience in daily life – are some of the main reasons why people choose rental housing. Rental housing is no longer just a mandatory or intermediate step on the path to owner-occupied housing. It's a conscious lifestyle choice.

Read more

Download Annual Report files

Download all Annual Report files in PDF format (4 files, .zip archive)