Interim report January–September 2022: SLP’s portfolio consists of sustainable logistics properties with stable financing
Since the company started, SLP’s business model has built stable operations. The emphasis on logistics properties with a focus on sustainability, long term relationships with strong tenants and secured bank financing gives the company security amid continued market uncertainty.
- Rental income increased by 59%, amounting to SEK 301 m (190).
- Profit from property management excluding listing expenses increased by 65% and amounted to SEK 169 m (103).
- Profit for the period was impacted by non-recurring costs of SEK 25 m (0) related to the IPO.
- Earnings per share after dilution amounted to SEK 2.1 (3.7).
- Net asset value (NAV) per share after dilution increased by 18% in the period and amounted to SEK 21.6.
- Net rental income in the period amounted to SEK 9.4 m (19.7).
- Nine properties and an area of land were acquired and taken into possession with a total lettable area of approximately 73,100 square meters and a property value of SEK 734 m (729).
- Retail property in Malmö sold with an agreed property value of approximately SEK 144 m, over 20% above the latest external market valuation.
- SLP has renegotiated approximately 40% of the existing loan portfolio into so called green loans.
- Joined three leading initiatives for sustainable business: UN Global Compact, Sweden Green Building Council and LFM 30.
- Trading of the Company’s Class B shares on Nasdaq Stockholm commenced 23 March with a significantly oversubscribed public offering of new Class B shares of SEK 750 m.
“In an unstable market, we have continued to create values in our properties. Despite raising our return requirement in our valuation during the third quarter, we continue to see positive value changes. This is due to strong net rental income, investments made and a reduced vacancy rate. The remaining tenancy period is 6.2 years. This rental period is the same as for the two most recent quarters.” comments Peter Strand, 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 October 2022, 08:45 a.m. CEST.
The interim report will be presented via a recorded audiocast today at 10:00 a.m. CEST. Peter Strand, CEO, and Tommy Åstrand, 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/ and https://tv.streamfabriken.com/slp-q3-rapport-2022
For further information, please contact:
Peter Strand, CEO of SLP, telephone: +46 705 881 661
About SLP – Swedish Logistic Property
SLP – Swedish Logistic Property – is a Swedish real estate company with a focus on logistics properties. Since its inception, the company has maintained a high pace and in a short time has completed several high-profile acquisitions. SLP has a high ambition regarding sustainability and works responsibly from environmental perspectives. The company’s property portfolio comprises a lettable area of approximately 690,000 square meters. SLP’s share of series B is listed on Nasdaq Stockholm. For further information: 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 24-10-2022 08:45 CET.
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