Pope Leo XIV is starting his pontificate with a complicated arithmetic problem.

The Vatican has been running a 50 million to 60 million euro structural deficit for years and is facing a 1 billion euro pension fund shortfall, according to The Associated Press, one of the new pope’s biggest challenges among many.

But the Chicago-born math major, who graduated from Villanova University in suburban Philly in 1977 with a Bachelor of Science in Mathematics, was given some numbers recently that made his problem a bit easier to solve.

The office that manages Vatican investments and real estate on Monday reported a profit of 62 million euros (around $63 million) in 2024, up 16 million euros from 2023.

It’s one of the best results in years, according to the AP.

The Administration of the Patrimony of the Apostolic See (APSA) moved 46 million euros of the profit to fund the Holy See’s operating costs.

Around 10.5 million euros in profit came from positive returns on investments, while its real estate profits equaled its 2023 results, the report said.

For sure, the Vatican isn’t lacking for real estate, with 4,234 properties in Italy and 1,200 more in London, Paris, Geneva and Lausanne, Switzerland, although all of that comes with an asterisk.

Only about one-fifth are rented at fair market value, the story said, and another 70% generate no income because they house Vatican or other church offices, negating any potential profit.

The remaining 11% are rented at reduced rents to Vatican employees.

Vatican PopeFaithful kneel in prayer proper to the start of Pope Leo XIV’s Angelus noon prayer in St. Peter’s Square at the Vatican, Sunday, July 27, 2025. (AP Photo/Gregorio Borgia)AP

In 2024, these properties only produced 35 million euros in profit, basically equal to the profit of 2023.

That’s unlikely to improve, at least in the short term. While financial analysts have long identified the undervalued real estate as a source of potential revenue, APSA hasn’t had the money to invest in renovations that would allow for higher rents.

At the same time, maintaining the properties is costing more as they age. In 2024, APSA spent 3.8 million euros just on maintenance.

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