Kungsleden’s third-quarter: profitable growth
• Profit after financial items was SEK 628 (304) m and net profit was SEK 1,020 (346) m, equivalent to SEK 26.90 (9.10) per share.
• Kungsleden’s rental revenues increased to SEK 1,258 (1,061) m and operating net increased by 19 per cent to SEK 911 (763) m.
• In the period, 25 properties were divested for SEK 1,186 m generating profits of SEK 206 m and cash flow of SEK 248 m; 215 properties were acquired for SEK 6,090 m.
• Resolution on a SEK 1,001 m rights issue.
• An SEK 5.5 billion property holding was acquired after the end of the interim period.
• Kungsleden is reiterating its forecast of profit for calculating dividends of SEK 800 m for the financial year.
Jens Engwall, Kungsleden’s Chief Executive, commented: “Since publishing our half-year Interim Report on 16 August, Kungsleden has resolved on a new issue, and as a consequence of last week’s SEK 5.5 bn acquisition, we’ve already put the proceeds from this issue to work. The acquisition lifts our operating net by 25 per cent, or SEK 357 m, to SEK 1,755 m, unequivocally demonstrating that there are still attractive deals to be done. The acquisition also enhances our scope for new deals, in the acquired and existing holdings. We also note sustained healthy prospects to acquire properties with public sector tenants, mainly retirement homes, care and education properties.”