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Investors House reported Q3 revenue of EUR 1.9m, 1% above our estimate, and net operating income (NOI) of EUR 0.9m, 47% above our EUR 0.6m forecast, as Real Estate posted clearly lower property costs, explained by a significantly increased share of net leases. Adjusted EBIT including associates was EUR 0.7m in Q3, 37% above our EUR 0.5m estimate. The Q3 EPRA result was EUR 0.7m and declined by 21% y/y, owing to divestments conducted in Q4 2021. The share of revenue from Services was 54%. Investors House has succeeded in streamlining its operations and balance sheet by distributing Ovaro shares and an extra dividend of EUR 1 per share, which has reduced the EPRA NRV discount further to 12%, from 40% at the end of 2021. The company is waiting for the market to stabilise before it enters new investments, as it sees further downside to valuations. Marketing material commissioned by Investors House.
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