Kojamo’s investor newsletter is primarily published after an Interim Report and the subsequent roadshows, before the beginning of the silent period. The purpose of the newsletter is to discuss topical issues and themes related to Kojamo as an investment that are relevant for investors. It does not contain new, unpublished information. The newsletter is available on Kojamo’s investor pages and can be subscribed to the e-mail.
Q3/2023
The Interim Report for January-September 2023 was published on 2 November 2023.
The publications, webcast recording from the results news conference as well as transcript of the event are available at Kojamo’s Investors website.
Roadshows and investor meetings
We have met investors in November-January via investor events and conference calls. In November, we participated in Van Lanschot Kempen’s conference in London and SEB’s Real Estate seminar in Stockholm as well as in a fair for retail investors in Helsinki. In addition, we met investors this week in London in Barclays European Real Estate conference.
The Finnish market situation has sparked a lot of discussion. Residential construction slowed down sharply last year, and the number of new start-ups will remain at a historically low level. Last year, many apartments were still completed from previously started projects, but the supply of new apartments will decrease. At the moment, there are no signs that the operators would start new construction projects in significant numbers. Regarding the rental market, the decreasing supply as well as the acceleration of urbanisation development are estimated to support future rent increase opportunities. The transaction market has remained quiet, and no larger comparable deals have been made.
The saving programme we launched in the autumn has progressed as planned. In relation to personnel costs, we renewed our organisation in the autumn to make our operations more efficient. The layoffs have started in phases after the end of the change negotiations, and most of the personnel cost savings will be visible in 2024. The last ongoing development investments will be completed with an emphasis on the beginning of the year. For now, we are not launching new projects. The previously started modernisation investments will be completed, but the amount of investment for this year will remain low.
Financing and credit rating are still one of the most discussed topics. At the end of October, we entered into a secured loan agreement of EUR 425 million, which we will use to refinance the bond maturing in 2024. We have said that this latest financing agreement and the overall effects of the saving programme together will cover our financing needs for this year. The next new financing arrangement will target loans maturing in 2025. We have also been asked a lot about Moody’s rating and the discussions we have had with them. The company is committed to maintaining the IG credit rating, and our saving programme is an indication of the measures taken towards achieving this goal. Moody’s did a full analysis of the company at the end of the year and confirmed the Baa2 credit rating in December.
Other topics
Systematic development of sustainability can be seen in Kojamo’s GRESB Sustainability Assessment. In October, we announced the results of Kojamo’s GRESB Sustainability Assessment which have improved compared to the previous year. Kojamo’s score exceeded the average result of all the participants in the assessment, and Kojamo achieved full score e.g. in sustainability management. With this result, Kojamo earned once again Green Star designation and three stars out of five.
In December, we announced the results of Lumo homes annual survey for residents. The survey explored the views of residents on the sustainability of housing. The majority of respondents feel that Lumo is a sustainable or even highly sustainable landlord. The number of respondents and sustainability points increased from the previous year.
In December, we published the proposals of the Shareholders’ Nomination Board of Kojamo plc to the Annual General Meeting which is planned to be held on 14 March 2024. The proposals will also be included in the Notice to the Annual General Meeting 2024.
During 2023, we have developed the My Lumo service based on wishes of our residents. In December, we announced updates made in the My Lumo service. These changes were made based on a resident survey and usability testing carried out last year, and their aim was to improve client satisfaction and retention, as well as to reduce the number of customer service contacts.
In December, we selected our Lumo-sponsored athletes for 2024. Launched in 2012, Kojamo’s Lumo sponsorship programme promotes the well-being of Finnish children and young adults through exercise.
Future events
Kojamo’s silent period starts on Tuesday, 16 January 2024. The Financial Statements Release 1 January – 31 December 2023, the Financial Statements and the Report of the Board of Directors, Corporate Governance Statement and Remuneration Statement will be published on 15 February 2024.
You can find information about future events and roadshows in Kojamo’s investor calendar.
Niina Saarto, Director, Treasury & Investor Relations, Kojamo plc, niina.saarto@kojamo.fi, tel. +358 20 508 3283
Kojamo is Finland’s largest private residential real estate company and one of the biggest investors in Finland. Our mission is to create better urban housing. Lumo offers environmentally friendly housing and services for the city dweller who appreciates quality and effortlessness. We actively develop the value of our investment properties by developing new properties and our existing property portfolio. We want to be the property market frontrunner and the number one choice for our customers. Kojamo’s shares are listed on the official list of Nasdaq Helsinki. For more information, please visit https://kojamo.fi/en/