Interim report January – March 2024: Strong net rental income and continued expansion with the acquisition of our 100th property
In the first quarter of the year, our strong operational and financial progress continued as a result of annual rent increases, development projects, positive effects from completed acquisitions, and new and extended rental contracts with satisfied tenants.
- Rental income increased by 24%, amounting to SEK 166 m (134).
- Net operating income increased by 27%, amounting to SEK 137 m (108).
- Profit from property management increased by 29% and amounted to SEK 89 m (69).
- Earnings per share after dilution amounted to SEK 0.70 (0.22).
- Net asset value (NAV) per share after dilution increased by 3% in the period and amounted to SEK 25.95.
- Value changes for investment properties totalled SEK 73 m (6).
- Sustainable financing amounted to SEK 3,210 m (1,910) at the end of the period, corresponding to 65% (43) of the loan portfolio.
- The output from installed solar cell systems totalled 15.3 MWp (5.1) 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%.
- One property was acquired where SLP has now taken ownership, with a lettable area of approximately 7,000 square metres and a property value of SEK 99 m (548).
- SLP took ownership of one new construction project, with a lettable area of approximately 11,000 square metres and a property value of SEK 208 m.
- SLP signed a 5-year rental agreement for an area of 4,800 square metres with a new tenant in Malmö. To enable the property to be let, SLP is relocating its office to another development property that it owns.
- Net rental income amounted to SEK 20 m (8.4).
“In the quarter, we completed our first acquisition in Gothenburg, our 60th acquisition overall. Alongside our organic growth, we have acquired one property per month on average since the company’s foundation in 2019. The transaction meant that, at the end of the quarter, our portfolio comprised 100 properties with a total value of just over SEK 10 bn and an area of 1,000,000 square metres. In the quarter we also took ownership of a new construction project in Katrineholm over 11,000 square metres, and we eagerly look forward to following the progress of this project during the year, as well for our other ongoing construction projects,” 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 24 April 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-q1-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. 980,000 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). The information was submitted for publication, through the agency of the contact person, on 24-04-2024 08:00 CET.
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