The HFF is not sitting on rentable properties
In spite of regular monthly reports, which contain detailed statistics about the HFF’s property portfolio, it has been repeatedly stated that the fund is sitting on multiple rentable properties and does not show efforts to put them up for rent. This false interpretation may be caused by misunderstanding, perhaps along with wishful thinking that there is more rentable housing available than is the case.
The Fund is of course responsible for making sure that the statistical information provided is put forward in a way that is clear and easily understood. Thus from this point forward the monthly report will feature a new modified layout of the property overview table. A specific “for sale” column will be introduced. The overall information will be unchanged but this modified version gives a more distinct overview, e.g. showing that at the end of December, 243 properties were empty, half of which were in the Southern Peninsula.
It should be reiterated that an empty property does not equal rentable property, for there are strict legal requirements on the condition of rental housing. The Fund spends a maximum of ISK 1.5 million on renovations per property to meet these requirements and make them available for rent. Therefore empty and rentable properties are most often only a fraction of the overall property portfolio.