Vasakronan’s interim report January–September 2024

Stable income from property management

• Rental revenue increased 3% to a total of SEK 7,048 million (6,826). The increase was primarily due to indexation. In comparable property holdings, the increase in rental revenue was 2%.
• New lettings corresponding to 93,000 square metres (85,000) and annual rent of SEK 505 million (438) were contracted. Net lettings amounted to negative SEK 220 million (negative: 79).
• The occupancy rate was 89.3% at the end of the period and was 90.9% at the end of 2023.
• Operating surplus increased 3% to a total of SEK 5,271 million (5,110). For comparable property holdings, the increase was 2%.
• Net interest amounted to an expense of SEK 1,422 million (expense: 1,294). The increase was due to higher short market interest rates.
• The interest coverage ratio for the last 12 months amounted to a multiple of 3.6 (3.8).
• Income from property management amounted to SEK 3,607 million (3,608), primarily as a result of higher net interest income of SEK 128 million.
• The change in property value amounted to an increase of SEK 585 million (decrease: 9,160) for the period, corresponding to an increase of 0.4% since the start of the year.

“The year was characterised by high activity with many customer dialogues – companies who are looking for new premises have a lot to choose from. Many of them are inclined to optimise floorspace in favour of higher quality and efficiency as well as better locations. This benefits Vasakronan and helps us maintain a high rate of new lettings, which amounted to SEK half a billion for the period.” says Johanna Skogestig, CEO of Vasakronan.

For further information, please contact:

Johanna Skogestig
CEO of Vasakronan 
Tel: +46 (0)73 068 75 17
E-mail: johanna.skogestig@vasakronan.se

Johnny Engman
Chief Financial Officer 
Tel: +46 (0)70 355 59 27
E-mail: johnny.engman@vasakronan.se

Vasakronan is Sweden’s leading property company with a portfolio valued at around SEK 178 billion. The portfolio is focused on centrally located office and retail properties in the growth regions of Stockholm, Uppsala, Gothenburg and Malmö. In terms of city retail, Vasakronan is the largest in all regions. The property portfolio comprises 166 properties with a total area of about 2.4 million square metres. The company is owned in equal shares by the First, Second, Third and Fourth Swedish national pension funds. Our assignment is to generate a high, risk-weighted return. Though never at the expense of the environment and people. Read more at www.vasakronan.se

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