Annual Report 2018

In the Annual Report, you’ll find the most relevant information of our business operations, operating environment and strategy progress. In addition, we describe our corporate culture and report on our work related to corporate responsibility.

Kojamo is Finland’s largest private residential real estate company and a frontrunner in rental housing business. Our mission is to create better urban housing. We want to be the pioneer in housing and the number one choice for our customers. Our Lumo brand offers rental housing and new services for urban living. We operate in Finland’s largest growth centres, responding to increasing rental demand in the Helsinki region in particular, with 50 years of experience. We actively develop the value and number of our investment properties by developing new properties and our existing property portfolio. Kojamo’s share is listed on the official list of Nasdaq Helsinki.

The implementation of our strategy took significant steps forward during the year.

Our listing on the Nasdaq Helsinki stock exchange in June was the largest in the Nordics. The objective of the listing was to pursue our growth strategy and to increase our strategic flexibility. We offer our shareholders a unique combination of growth and profitability.
I am proud of our staff, who have worked closely together to drive Kojamo forward. Our values – Happy to serve, Strive for success and Courage to change – are present in our daily work. Throughout our history, we have always aspired to develop our operations and services on our customers’ terms while also renewing our industry. As we celebrate our 50th anniversary this year, we will take even bigger steps in our operations towards delivering the best customer experience in housing.

Jani Nieminen, CEO

Business operations in 2018

2018 was a very good year for Kojamo and we improved our performance on all our financial targets. During the year, the operating environment has been characterised by large construction volumes, which have kept the volume of new development high. Despite this, we have been able to improve the financial occupancy rate from the previous year, grow and improve our profitability. At the same time, we continued to focus on Finland’s seven growth centres and the Lumo rental apartments.

Key figures 2018

Total revenue,
EUR million


(EUR 337.0 million)


Net rental income,
EUR million


(EUR 216.0 million)


Profit before taxes,
EUR million


(EUR 266.7 million)


Funds from operations,
EUR million


(EUR 107.8 million)


Fair value of investment properties, EUR million


(EUR 4,710.2 million)


Gross investments,
EUR million


(EUR 367.3 million)


Corporate culture

In 2018, we worked with our personnel to develop our corporate culture which is built on creating an excellent customer experience.

Strive for success

"When the goals are clear, things will be carried forward vigorously."

Heikki Hirvonen, Project Director

Happy to serve

"The strength comes from a skilled team full of service-oriented people."

Elise Hasselgren, Service manager

Courage to change

"Our industry does not yet realise the disruption it is headed towards."

Teemu Suila, Chief Development Officer