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Interim report January – September 2024: Continuous development ensures value creation

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In the first nine months of the year, SLP retained its high rate of activity and acquisitions, while operations made strong progress on a stable financial foundation.

  • Rental income increased by 20%, amounting to SEK 516 m (430).
  • Net operating income increased by 23%, amounting to SEK 445 m (362).
  • Profit from property management increased by 26% and amounted to SEK 286 m (228).
  • Earnings per share amounted to SEK 1.73 (1.44).
  • Net asset value (NAV) per share increased by 13% in the period and amounted to SEK 28.64.
  • Value changes in investment properties totalled SEK 289 m (137).
  • Sustainable financing amounted to SEK 4,458 m (2,390) at the end of the period, corresponding to 75% (50) of the loan portfolio.
  • The output from installed solar panel systems totalled 16.9 MWp (10.6) at the end of the period.  
  • The company completed a directed new share issue of Class B shares totalling approximately SEK 1,100 m, and a new issue of Class B shares in connection with an acquisition totalling approximately SEK 36 m.
  • SLP has, ahead of time, refinanced loans totalling approximately SEK 1,400 m, corresponding to approximately 25 percent of the total loan portfolio. The loans, which would have matured in the second quarter of 2025, now run for a further 3 years. As a result, the average margin on the total loan portfolio decreased by 3 points from 1.50 to 1.47 percent.
  • Eight properties, of which one comprises a building right, were acquired and taken into ownership, with a lettable area of 102,200 square metres and a property value of SEK 971 m (1,108).
  • 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.
  • Net rental income amounted to SEK 23.5 m (71.8) and the letting ratio to 95.9% (94.3).

“We continue to maintain a steady rate of acquisitions, i.e. one per month on average. The conditions for continuing to acquire logistics properties with development potential remain excellent. We continuously evaluate potential transactions and are well prepared for completing further acquisitions in the near future. Despite the continuous expansion of operations, administration costs remain at the same level, which makes a positive contribution to profit from property management and illustrates our efficiency and cost consciousness,” 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 17 October 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://edge.media-server.com/mmc/p/wscxjp33/lan/en

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. 1,075,000 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 17-10-2024 08:00 CET.

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In the first nine months of the year, SLP retained its high rate of activity and acquisitions, while operations made strong progress on a stable financial foundation.
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We continue to maintain a steady rate of acquisitions, i.e. one per month on average. The conditions for continuing to acquire logistics properties with development potential remain excellent. We continuously evaluate potential transactions and are well prepared for completing further acquisitions in the near future. Despite the continuous expansion of operations, administration costs remain at the same level, which makes a positive contribution to profit from property management and illustrates our efficiency and cost consciousness.
Tommy Åstrand, CEO of SLP.