Annual Report 2024
Our Annual Report presents the most essential information on our business, operating environment, the implementation of our strategy and comprehensive information on our sustainability efforts.
Better urban living
Kojamo is the largest private residential real estate investment company in Finland as well as one of the biggest investors. Our Lumo brand offers sustainable rental housing and related services for the city dweller who appreciates quality and effortlessness. We want to be the property market frontrunner and the number one choice for our customers. Corporate responsibility and sustainable development form one of our strategic focus areas.
Key figures 2024
Total revenue
M€
452.4
2023: 442.2 M€ (+2,3%)
Funds From Operations (FFO)
M€
148.2
2023: 167.2 M€ (-11,4%)
Fair value of investment properties
Bn€
8.0
2023: 8.0 Bn€ (-1.0%)
CEO’s review
Total revenue and net rental income grew in 2024, and the fair value of our investment properties stayed at the previous year’s level. Funds From Operations (FFO) decreased due to rising financial and maintenance expenses. Our balance sheet remained solid. Our customer satisfaction improved.
Erik Hjelt
Interim CEO
Highlights of the year
• Modern solutions support efficiency and development
• Renewal of everyday living through the eyes of our residents
• Significant steps in sustainability reporting and energy efficiency efforts
• Financing arrangements and saving programme to safeguard profitability
Our sustainability programme supports the execution of our strategy
Our strategy, values and mission guide us to continuously develop our sustainability efforts. Responsibility and sustainable development constitute one of our strategic focus areas. With our sustainability programme, we commit to complying with the UN Sustainable Development Goals and aim to use carbon-neutral energy in our properties by 2030.
Risks and opportunities related to climate change
Climate change and the related extreme weather phenomena and other physical threats can potentially have an impact on our properties. We have evaluated the climate risks specific to our properties both in the medium and long term. Only a few of the properties reviewed were identified as currently having a medium risk related to climate change. None of the properties reviewed had high risks even in the long term.
Key sustainability figures in 2024
Carbon footprint
tCO2e/apartment
0.6
2023: 0.8 (-22,9%)
Net Promoter Score
NPS
54
2023: 50
New employee Net Promoter Score
eNPS
83
2023: 82
Lumo homes smoke-free as requested by residents
Lumo homes have had smoke-free buildings since 2017, but from June 2024 onwards, all new tenancy agreements have been smoke-free.
Sustainability survey 2024: Lumo is a sustainable landlord
The majority of respondents to the Lumo homes sustainability survey feel that Lumo is a sustainable or even extremely sustainable landlord.
Lumo buildings’ waste collection point renewal promotes recycling and increases the comfort of living
Well-functioning recycling and sorting opportunities are an important part of everyday sustainability. Lumo optimises waste management according to building-specific needs.