Kojamo Oyj, a prominent player in Finland's residential real estate market, has released its interim report for the period of January to September 2024. The report reveals that the company's total revenue increased by 3.9% compared to the same period last year, amounting to EUR 225.6 million. However, the Funds From Operations (FFO) saw a decline to EUR 68.2 million from EUR 80.5 million in the previous year.

Despite the growth in revenue, Kojamo faced increased financial and maintenance expenses, which contributed to the decrease in FFO. The company's balance sheet remains robust, with a stable debt ratio and improved interest coverage ratio.

The oversupply in the rental market continues to pose challenges, although Kojamo's occupancy rate showed improvement in the third quarter compared to the second quarter. The management has refrained from new investment decisions, focusing on maintaining financial stability and managing the existing portfolio.

Looking ahead, Kojamo's outlook for 2024 remains unchanged, with an estimated revenue growth of 2–4% and FFO between EUR 142–152 million, excluding non-recurring costs. The company's strategic focus is on addressing the challenges of the operating environment while leveraging positive signs in the rental and financing markets.

Conclusion: For investors, Kojamo's stable financial position and strategic focus on managing existing assets amidst market challenges indicate a cautious but resilient approach. The company's ability to maintain a strong balance sheet and improve key financial ratios suggests a potential for steady performance in the longer term.