Fizzy Living is set to make a loss of £9.5 million in 2023, according to the build-to-rent developer and operator’s latest annual accounts.

The accounts and consolidated financial statements of the company, which was founded by housing association Metropolitan Thames Valley Housing (MTVH) and sold to US property giant Greystar in 2021, were published on the Companies House website on Monday (12 August).^th).

These show that Fizzy, which owns a portfolio of ten blocks with a total of 974 apartments, recorded an average occupancy rate of 96.8% across its entire portfolio.

The company’s forecast rental income was £12.3 million in 2023. This is down from the forecast rental income of £21 million in Fizzy’s last Companies House accounts, which covered the final nine months of 2022.

The main difference in rental income was due to a decrease in expected income from leases over one year from £5 million to £68,000.

The accounts also show that Fizzy posted a loss of £9.5 million in 2023. In the shorter, nine-month accounting period last year, Fizzy made a profit of £24.5 million.

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The interest paid by the company, which the report says is one of the biggest macroeconomic uncertainties, amounted to £12.1 million in 2023. In the last nine months of 2022, Fizzy paid £7.2 million in interest.

The value of Fizzy’s assets fell to £154.6 million from £164 million at the time of publication of its last annual accounts, mainly due to “unrealised movements” in the valuation of investment properties and derivative financial instruments.

MTVH established Fizzy as a commercial subsidiary in 2012 as one of the first build-to-rent operators in the UK.