Interim report January – June 2024: Continued strong profit and high rate of acquisitions

During the period, operational and financial progress remained strong due to rent increases, new development projects, new and extended rental contracts and positive acquisition effects.

• Rental income increased by 19%, amounting to SEK 335 m (280).
• Net operating income increased by 23%, amounting to SEK 286 m (232).
• Profit from property management increased by 26% and amounted to SEK 182 m (145).
• Earnings per share amounted to SEK 1.45 (0.65).
• Net asset value (NAV) per share increased by 7% in the period and amounted to SEK 26.97.
• Value changes in investment properties totalled SEK 217 m (22).
• Sustainable financing amounted to SEK 4,084 m (2,166) at the end of the period, corresponding to 72% (45) of the loan portfolio. In May, the goal of 70% sustainable financing was reached ahead of time. At the beginning of 2023, SLP set the target of achieving 70% sustainable financing by 2025.
• The output from installed solar panel systems totalled 16.3 MWp (7.4) at the end of the period.
• Decision to revise the financial risk limitation for the loan-to-value ratio from 60% to 55% and for the equity/assets ratio from 35% to 40%.
• Six properties, of which one a building right, were acquired and taken into ownership, with a lettable area of 81,500 square metres and a property value of SEK 843 m (1,003).
• One new construction project was taken into ownership, with a lettable area of 11,000 square metres and a property value of SEK 208 m.
• An agreement was signed with an existing tenant relating to an extension of 3,000 square metres. The new fully indexed rental agreement runs from 1 May 2025 and spans a period of 11 years, which implies an extension of just over 10 years. The agreement is conditional on planning permission being obtained.
• Net rental income amounted to SEK 21.6 m (9.1).

“In the quarter, we completed a further five acquisitions. In the first half year, we completed acquisitions with a total area of 92,500 square metres and a property value of approximately SEK 1,050 m. The investments made in existing properties continuously generate positive returns and create value for our tenants and shareholders. This is clearly reflected in our property costs which are unchanged during the period January-June compared to last year, despite a larger property holding. In addition to a optimized net operation income, the property development we carry out also generates sustainable assets with sustainable financing,” comments Tommy Åstrand, CEO of SLP.

This disclosure contains information that Swedish Logistic Property is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 11 July 2024, 08:00 a.m. CEST.

The interim report will be presented via a recorded audiocast today at 10:00 a.m. CEST. Tommy Åstrand, CEO, and Matilda Olsson, CFO, will comment on the results and operations. The presentation material (images + audio) will be available at:
 

https://slproperty.se/en/ir/reports-and-presentations/

https://ir.financialhearings.com/slp-q2-report-2024-2

For further information, please contact:
Tommy Åstrand, CEO of SLP, telephone: +46 705 455 997
 

About SLP – Swedish Logistic Property
Swedish Logistic Property - SLP – is a Swedish property company that acquires, develops, and manages logistic properties with sustainability in focus. Value growth is created through development of the properties which are located in Sweden’s most important logistic hubs. The property portfolio comprises a lettable area of approx. 1,050,000 sqm. SLP is a partner that takes responsibility and through this creates value for both tenants as well as for the company and its shareholders. SLP’s share of series B is listed at Nasdaq Stockholm Mid Cap. For further information about SLP: slproperty.se

This disclosure contains information that Swedish Logistic Property is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 11-07-2024 08:00 CET.

Tags: