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Castellum’s Interim report January-September 2019: 7% increase in income from property management

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  • Income for the period January-September 2019 amounted to MSEK 4,343 (MSEK 4,141 corresponding period previous year).
  • Income from property management amounted to MSEK 2,380 (2,219), corresponding to SEK 8.71 (8.12) per share, an increase of 7%.
  • Changes in value on properties amounted to MSEK 2,505 (3,150) and on derivatives to MSEK - 417 (202).
  • Net income after tax for the period amounted to MSEK 3,637 (5,051), corresponding to SEK 13.31 (18.49) per share.
  • EPRA NAV amounted to SEK 186 (168) per share, an increase of 11%.
  • Net investments amounted to MSEK 741 (3,009) of which MSEK 2,789 (1,333) were acquisitions, MSEK 2,061 (2,123) new developments, extensions and redevelopments and MSEK 4,109 (447) sales. Property value amounted to SEK 92.7 billion by the end of the period.
  • Net lease for the period amounted to MSEK - 38 (157).

“We have 7% growth in income from property management despite the sales concluded this year. Our markets are strong and driven by greater demand than supply, which creates potential for renegotiations in which, so far this year, we have renegotiated our leases upwards by 18%. This, together with the annual index adjustments, has created an increase of 5% in the rental value of the portfolio,” says Henrik Saxborn, CEO of Castellum AB. 

“We can also state that the level of gross leasing remains on a high level, and to some extent the negative net leasing should be regarded as an effect of timing, due primarily to a few major notices of termination. Moreover, Castellum’s financial position is stronger than ever; the loan-to-value ratio remains at 44% and our investor base has expanded,” says Saxborn.

Enclosure: Interim report January-September 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 a.m. CET on October 18, 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 92.7 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 2019, 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. For further information visit www.castellum.com.

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Castellum Henrik Saxborn Ulrika Danielsson Q3 2019 Interim report JanuarySeptember 2019

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We have 7% growth in income from property management despite the sales concluded this year. Our markets are strong and driven by greater demand than supply, which creates potential for renegotiations in which, so far this year, we have renegotiated our leases upwards by 18%. This, together with the annual index adjustments, has created an increase of 5% in the rental value of the portfolio.
Henrik Saxborn, CEO of Castellum AB
We can also state that the level of gross leasing remains on a high level, and to some extent the negative net leasing should be regarded as an effect of timing, due primarily to a few major notices of termination. Moreover, Castellum’s financial position is stronger than ever; the loan-to-value ratio remains at 44% and our investor base has expanded.
Henrik Saxborn, CEO of Castellum AB