Press release,
JANUARY-SEPTEMBER 2023 (JANUARY-
- Rental income increased by 17% to
SEK 635 million (541) and net operating income increased by 24% toSEK 509 million (412). -
Income from property management increased by 1% to
SEK 234 million (232). -
Net letting during the period amounted to a total of approximately
SEK 7.3 million and new lease agreements with an annual rental value of approximatelySEK 97 million were signed (includes both renegotiated leases and leases with new tenants). - Lease agreements that were renegotiated during the period led to an increase in rental values of 24% on a weighted average basis.
-
Cash flow from operating activities amounted to
SEK 246 million (266), corresponding toSEK 8.67 per share (9.36). -
Realized and unrealized changes in value of the property portfolio for the period amounted to
SEK -284 million (210). -
Profit for the period amounted to
SEK -65 million (547), corresponding toSEK -3.84 per share (17.78) before dilution and -3.84 per share (17.75) after dilution.
SIGNIFICANT EVENTS DURING THE THIRD QUARTER
- In July, Stendörren signed a lease agreement with Stockholms Stadsmission regarding logistics premises of 3,161 sqm in Brunna, Upplands Bro.
-
In
September 2023 , Stendörren established a Green Finance Framework and issued green bonds at a nominal amount ofSEK 500 million with a tenor of 3.25 years at a floating rate of Stibor 90 plus 5.25%. In connection with this, an outstanding bond ofSEK 700 million , with final maturity inApril 2024 , were redeemed.
SIGNIFICANT EVENTS AFTER THE PERIOD
- Stendörren signed a ten-year lease agreement with
Advania Sverige AB for a 9,500 sqm logistics facility at the Stenvreten 8:37 property in Enköping, with possession of the premises expected to take place onJanuary 1, 2025 . After signing the lease withAdvania Sverige AB , the facility is fully let. A building permit has been obtained and preparatory work ahead of new construction has already begun.
"We are proud to continue to deliver increased rental income and net operating income, by 17 and 24 percent, respectively, despite a downturn in the economy. In addition, we continue to increase rents through renegotiations, by a total of 24 per cent for the renegotiated leases, despite the fact that we have already made substantial inflation-related rent increases at the beginning of the year.
We have also had strong progress in our project development operations, where we have completed seven projects totaling approximately 35,000 sqm, most of which are fully let. Ongoing and recently completed projects that have not yet generated revenue are expected to add approximately
We have continued to strengthen our financial position. We repurchased part of a hybrid bond during the first quarter and during this quarter we refinanced a bond with a new green bond, albeit at a lower volume, with the effect that we reduced our capital market funding by approximately half a billion during the year. At the same time, we continue to have strong liquidity, which provides us with flexibility, both to develop our business and, if necessary, to take measures to reduce financial risk."
Erik Ranje, CEO
Webcast
Link to webcast: https://www.finwire.tv/webcast/stendorren-fastigheter/q3-2023/
The presentation will be available at www.stendorren.se after the webcast.
For more information, please contact: Erik Ranje, CEO, +46 (0)70-308 52 09, erik.ranje@stendorren.se or Per-
This information is information that Stendörren is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-11-08
Stendörren
Stendörren
For more information about Stendörren
https://news.cision.com/stendorren-fastigheter-ab/r/interim-financial-report-jan-sep-2023-stendorren-fastigheter-ab--publ-,c3871247
https://mb.cision.com/Main/13243/3871247/2414737.pdf
https://mb.cision.com/Public/13243/3871247/b61e61c401542d14.pdf
https://news.cision.com/stendorren-fastigheter-ab/i/cision-q3-2023-eng,c3236584
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