Interim Financial Report Jan-Sep 2023 Stendörren Fastigheter AB (publ)

Press release, November 8, 2023

JANUARY–SEPTEMBER 2023 (JANUARY-SEPTEMBER 2022 IN PARENTHESIS)

• Rental income increased by 17% to SEK 635 million (541) and net operating income increased by 24% to SEK 509 million (412).
•  Income from property management increased by 1% to SEK 234 million (232).
• Net letting during the period amounted to a total of approximately SEK 7.3 million and new lease agreements with an annual rental value of approximately SEK 97 million were signed (includes both renegotiated leases and leases with new tenants).
• Lease agreements that were renegotiated during the period led to an increase in rental values of 24% on a weighted average basis.
• Cash flow from operating activities amounted to SEK 246 million (266), corresponding to SEK 8.67 per share (9.36).
• Realized and unrealized changes in value of the property portfolio for the period amounted to SEK -284 million (210).
• Profit for the period amounted to SEK -65 million (547), corresponding to SEK -3.84 per share (17.78) before dilution and -3.84 per share (17.75) after dilution.

SIGNIFICANT EVENTS DURING THE THIRD QUARTER

• In July, Stendörren signed a lease agreement with Stockholms Stadsmission regarding logistics premises of 3,161 sqm in Brunna, Upplands Bro.
• In September 2023, Stendörren established a Green Finance Framework and issued green bonds at a nominal amount of SEK 500 million with a tenor of 3.25 years at a floating rate of Stibor 90 plus 5.25%. In connection with this, an outstanding bond of SEK 700 million, with final maturity in April 2024, were redeemed.

SIGNIFICANT EVENTS AFTER THE PERIOD

• Stendörren signed a ten-year lease agreement with Advania Sverige AB for a 9,500 sqm logistics facility at the Stenvreten 8:37 property in Enköping, with possession of the premises expected to take place on January 1, 2025. After signing the lease with Advania Sverige AB, the facility is fully let. A building permit has been obtained and preparatory work ahead of new construction has already begun.

“We are proud to continue to deliver increased rental income and net operating income, by 17 and 24 percent, respectively, despite a downturn in the economy. In addition, we continue to increase rents through renegotiations, by a total of 24 per cent for the renegotiated leases, despite the fact that we have already made substantial inflation-related rent increases at the beginning of the year.

We have also had strong progress in our project development operations, where we have completed seven projects totaling approximately 35,000 sqm, most of which are fully let. Ongoing and recently completed projects that have not yet generated revenue are expected to add approximately SEK 80 million to net operating income in following leasing and completion.

We have continued to strengthen our financial position. We repurchased part of a hybrid bond during the first quarter and during this quarter we refinanced a bond with a new green bond, albeit at a lower volume, with the effect that we reduced our capital market funding by approximately half a billion during the year. At the same time, we continue to have strong liquidity, which provides us with flexibility, both to develop our business and, if necessary, to take measures to reduce financial risk.”

Erik Ranje, CEO

Webcast
Link to webcast: https://www.finwire.tv/webcast/stendorren-fastigheter/q3-2023/

The presentation will be available at www.stendorren.se after the webcast.

For more information, please contact: Erik Ranje, CEO, +46 (0)70-308 52 09, erik.ranje@stendorren.se  or Per-Henrik Karlsson, CFO, +46 (0)72-158 70 92, per-henrik.karlsson@stendorren.se, or visit www.stendorren.se/en/
 

This information is information that Stendörren is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-11-08 07:00 CEST.
 

Stendörren Fastigheter AB (publ)

Stendörren Fastigheter AB (publ) is an expansive property company listed on Nasdaq Stockholm Mid Cap. Our business concept is to create profitable growth in net asset value by managing, developing and acquiring properties and building rights within logistics, warehouse and light industry in Nordic growth regions. When commercially viable, we rezone such existing properties and thereby create residential building rights for further development and management, mainly in Greater Stockholm and the rest of the Mälardalen region.

For more information about Stendörren Fastigheter AB (publ), see: http://www.stendorren.se/en/