Castellum’s Interim report January-March 2019: Strong rental growth promotes 9% increase in income from property management
- Income for the period January-March 2019 amounted to MSEK 1,433 (MSEK 1,352 corresponding period previous year).
- Income from property management amounted to MSEK 726 (665), corresponding to SEK 2.66 (2.43) per share – an increase of 9%.
- Changes in value on properties amounted to MSEK 689 (231) and on derivatives to MSEK -121 (- 7).
- Net income after tax for the period amounted to MSEK 1,341 (765), corresponding to SEK 4.91 (2.80) per share.
- Long term net asset value amounted to SEK 178 (154) per share – an increase of 16%.
- Net investments amounted to MSEK - 726 (502) of which MSEK 2,518 (38) were acquisitions, MSEK 777 (696) new constructions, extensions and reconstructions and MSEK 4,021 (232) sales. Property value amounted to SEK 89.2 billion by the end of the period.
- Net lease for the period amounted to MSEK - 7 (48).
“Income from property management increased 9%, which means that with our existing portfolio, we nearly reached our goal of 10% this quarter as well. Net sales are assessed as temporarily impacting growth over the forthcoming quarters, but I believe that we will create shareholder value in 2019 as well,” says Henrik Saxborn, CEO.
“As regards the rental market, I noted in our last report a few signs of weakness, but I still believe in an underlying strength in the rental market, which for Castellum can be seen in our increased occupancy rate and continued rental growth of approximately 5% in the like-for-like portfolio”, says Saxborn.
Enclosure: Interim report January-March 2019
This information is information that Castellum is obliged to make public pursuant to the EU Market Abuse. The information was submitted for publication, through the agency of the contact persons set out below, at 8:00 am CET on April 24, 2019.
For further information contact:
Henrik Saxborn, CEO, Castellum AB, + 46 (0)31-60 74 50
Ulrika Danielsson, CFO, Castellum AB, +46 (0)706-47 12 61
Castellum is one of the largest listed real estate companies in Sweden. Property values amount to SEK 89.2 billion and holdings comprise office, warehousing/logistics and public sector properties, covering a total leasable area of 4.2 million square metres.
The real estate portfolio is owned and managed under the Castellum brand through a decentralized organization with strong and clear local presence in 20 cities in Sweden and also in Copenhagen and Helsinki.
In 2018, Castellum received two awards for sustainability efforts; designated Number One in the world by GRESB for the offices-and-logistics sector, as well as the Level Gold award for sustainability reporting from the EPRA (European Public Real Estate Association). In addition, Castellum is the only Nordic real-estate and construction company elected to the Dow Jones Sustainability Index (DJSI), joining a select group of companies in the world who perform best on sustainability issues.
The Castellum share is listed on Nasdaq Stockholm Large Cap.
Castellum AB (publ), Box 2269, 403 14 Gothenburg, Sweden | Corp.Id.no. 556475-5550 | Phone +46 (0)31-60 74 00 | www.castellum.com