Positive recovery in subdued market

  • Rental income increased to SEK 571 million (553)
  • Income from property management increased to SEK 355 million (297)
  • Profit for the period increased to SEK 595 million (560)
  • Property portfolio increased to SEK 21,203 million (20,479)
  • Earnings per share increased to SEK 4.93 (4.61)
  • Letter of intent signed with City of Gothenburg for development of port in Arendal.
  • Detailed development plan for Södra Änggården adopted by City Council. Appeal against the decision lodged with the Land and Environment Court.
  • Platzers and Bockasjö’s JV Sörreds Logistikpark set up.

Platzer’s CEO, P-G Persson, said:

- This report is the first reconciliation after a period that has been significantly focused on and impacted by the coronavirus crisis. We are humbled to say that against a backdrop of our relatively limited exposure to affected sectors, together with a high proportion of bank financing and tenants with strong balance sheets, the overall picture is better than we had feared.

- Despite the quarter just ended having been an abnormal one, involving more negotiations on rent discounts and rent reductions than any other quarter in my twelve years as CEO, we managed to boost our operating surplus by 5% compared with the same quarter in the previous year and by 2% compared with Q1 2020.

- In a subdued letting market we were able to agree enough leases to achieve positive net lettings for the 16th quarter in a row.

- We have opted for a cautious approach in our property valuations in view of growing uncertainty in the quarter. In this quarter we therefore did not achieve the growth in net asset value we have recorded many quarters in a row. However, compared with the same quarter in the previous year, EPRA NAV increased by 17%, which was well above our financial target of 10% a year.

 

For more information, please contact:

P-G Persson, CEO, Platzer, Tel: +46 (0)734 11 12 22
Fredrik Sjudin, CFO, Platzer, Tel: +46 (0)721 27 77 78

The information in this press release is information that Platzer Fastigheter Holding AB (publ) is legally obliged to disclose in accordance with the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was released for publication on 7 July 2020 at 08:00 CET through the agency of the contact persons shown above.
 

 

Platzer Fastigheter Holding AB (publ) owns and develops commercial properties in the Gothenburg area comprising a total lettable area of around 820,000 sq. m., worth around SEK 21 billion. Platzer is listed on Nasdaq Stockholm, Mid Cap.