Interim report Jan–Mar 2024 Stendörren Fastigheter AB (publ)

Press release
May 3, 2024

JANUARY–MARCH 2024 (JANUARY–MARCH 2023 IN PARENTHESIS)

• Rental income increased by 5% to SEK 223 million (212) and net operating income increased by 7% to SEK 168 million (157).
• Income from property management amounted to SEK 78 million (63).
• Net letting during the period amounted to a total of approximately SEK 1.4 million and new lease agreements with an annual rental value of approximately SEK 17 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 9% on a weighted average basis.
• Cash flow from operating activities amounted to SEK 46 million (80), corresponding to SEK 1.63 per share (2.80).
• Realized and unrealized changes in value of the property portfolio for the period amounted to SEK -56 million (-3).
• Profit for the period amounted to SEK 57 million (44), corresponding to SEK 1.52 per share (0.91) before dilution and 1.52 per share (0.91) after dilution.

SIGNIFICANT EVENTS DURING THE FIRST QUARTER

• In January 2024, the rating institute Nordic Credit Rating (NCR) published an updated rating of Stendörren. Just like last year, the rating was BB- but now with an upgraded outlook, from stable to positive.
• In March 2024, Stendörren divested the industrial and warehouse property Botkyrka Varvet 1 to the Swedish Transport Administration for SEK 202 million. The property has a total lettable area of approximately 14,825 sqm and will be affected by the Swedish Transport Administration’s road plan, the Södertörn Crosslink. The agreed property value in the transaction is in line with the latest valuation.

SIGNIFICANT EVENTS AFTER THE QUARTER

• No significant events after the quarter.

“Despite a weaker economy, we have delivered strong growth in net operating income and profit from property management, positive net letting and continued progress in project development.

During the quarter, we both started a project and completed a project, and on a rolling four quarter basis we completed seven new projects totaling more than 30,000 square meters with a high occupancy rate. Ongoing and recently completed projects are expected to add approximately SEK 75 million in net operating income following leasing and completion – a significant addition to our current net operating income.

We have recently raised our sustainability ambitions as we have already achieved, or are about to achieve ahead of time, several of our most important sustainability targets. The new and updated targets are more ambitious, clearer and more measurable. But above all, we have added the overall goal of net zero carbon emissions across our entire operations by 2040.

In dialogue with our banks, we increased our available liquidity, in the form of cash and credit facilities, to approximately SEK 655 million during the quarter. This gives us the financial strength to increase growth by taking advantage of opportunities in the market, both within project development and acquisitions.”
 

Erik Ranje, Chief Executive Officer

The presentation will be broadcasted via webcast

Link to the webcast: https://www.finwire.tv/webcast/stendorren-fastigheter/q1-presentation-2024/

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

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 2024-05-03 07:00 CET.

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/