Year-end report 2019
2019 was a year of sustained rental growth, record high property management earnings, declining yield requirements and higher property values. The year ended on a high with net lettings of SEK 55m in the fourth quarter following significant lettings to TietoEvry and Arbetsmiljöverket.
- Rental income increased to SEK 2,856m (2,517). In an identical portfolio, rental income rose slightly more than 14 per cent (10).
- Net operating income increased to SEK 2,144m (1,875). In an identical portfolio, net operating income rose by 16 per cent (13).
- The surplus ratio was 75 per cent (74).
- Profit from property management rose by 23 per cent to SEK 1,532m (1,246).
- Realised and unrealised changes in the value of properties amounted to SEK 5,743m (7,838).
- Net lettings in the fourth quarter totalled SEK 55m (7). Net lettings for the full year totalled SEK −37m (159).
- Profit after tax for the year was SEK 6,006m (7,699), corresponding to earnings per share of SEK 18.16 (23.28).
- The Board proposes a dividend of SEK 3.20 per share (SEK 2.65 per share) to be paid on two occasions in April and October respectively, each of SEK 1.60 per share.
- “Overall, 2019 was yet another good year for Fabege; property management earnings increased by an impressive 23 per cent, while our long-term net asset value (EPRA NAV) rose by 16 per cent to SEK 145 per share. We are seeing a persistently strong rental market and believe that average rents in Stockholm will continue to rise. Demand for acquisitions of properties in Stockholm also remains strong in both Sweden and internationally. I am confident that we will see transactions at new, record levels for individual areas. We have a robust balance sheet, which is important for implementing and leveraging opportunities in our existing portfolio and in the projects we work with and, given the right conditions, considering bolt-on acquisitions and withstanding potential fluctuations in the market”, says Stefan Dahlbo, CEO.
Fabege AB (publ)
Presentation of the report
Stefan Dahlbo, CEO, and Åsa Bergström, CFO, will be presenting the report at 2:00 pm today at Operaterrassen in Stockholm. Registration via this link. The presentation can also be followed via webcast. A telephone conference in English will be held at 11:00 am. Follow via webcast or using the following phone numbers:
UK: +44 333 300 9034, US: + 1 833 526 8395, SE: + 46 8 566 427 06
For further information, please contact:
Stefan Dahlbo, CEO, Fabege, +46 (0) 8 555 148 10, firstname.lastname@example.org
Åsa Bergström, Vice President and CFO, +46 (0) 8 555 148 29, email@example.com
This information is of the type that Fabege AB is required to disclose under the EU Market Abuse Regulation. This information was released, through the provision of the above-mentioned contact person, for publication on 5 February 2020, at 12:00 CET.
This information is also of the type that Fabege AB (publ) is required to disclose according to the Swedish Securities Market Act. The information was released for publication on 5 February 2020 at 12:00 CET.
Fabege is a property company that focuses on urban development and commercial properties. We work with strategic partners to develop attractive and sustainable city districts with modern offices, residential units and a wide range of services. We adopt a long-term perspective and approach to ownership, and we are passionate about creating the right conditions for everyone who lives, works and spends time in our areas. We have a presence in a select number of fast-growing submarkets in the Stockholm area. The Fabege share is listed on Nasdaq Stockholm, in the Large Cap segment. For further information, please visit us at www.fabege.se