Press release
JANUARY-
- Rental income increased by 5% to
SEK 223 million (212) and net operating income increased by 7% toSEK 168 million (157). -
Income from property management amounted to
SEK 78 million (63). -
Net letting during the period amounted to a total of approximately
SEK 1.4 million and new lease agreements with an annual rental value of approximatelySEK 17 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 9% on a weighted average basis.
-
Cash flow from operating activities amounted to
SEK 46 million (80), corresponding toSEK 1.63 per share (2.80). -
Realized and unrealized changes in value of the property portfolio for the period amounted to
SEK -56 million (-3). -
Profit for the period amounted to
SEK 57 million (44), corresponding toSEK 1.52 per share (0.91) before dilution and 1.52 per share (0.91) after dilution.
SIGNIFICANT EVENTS DURING THE FIRST QUARTER
- In
January 2024 , the rating institute Nordic Credit Rating (NCR) published an updated rating of Stendörren. Just like last year, the rating was BB- but now with an upgraded outlook, from stable to positive. -
In
March 2024 , Stendörren divested the industrial and warehouse property Botkyrka Varvet 1 to theSwedish Transport Administration forSEK 202 million . The property has a total lettable area of approximately 14,825 sqm and will be affected by theSwedish Transport Administration's road plan, the SödertörnCrosslink . The agreed property value in the transaction is in line with the latest valuation.
SIGNIFICANT EVENTS AFTER THE QUARTER
- No significant events after the quarter.
"Despite a weaker economy, we have delivered strong growth in net operating income and profit from property management, positive net letting and continued progress in project development.
During the quarter, we both started a project and completed a project, and on a rolling four quarter basis we completed seven new projects totaling more than 30,000 square meters with a high occupancy rate. Ongoing and recently completed projects are expected to add approximately
We have recently raised our sustainability ambitions as we have already achieved, or are about to achieve ahead of time, several of our most important sustainability targets. The new and updated targets are more ambitious, clearer and more measurable. But above all, we have added the overall goal of net zero carbon emissions across our entire operations by 2040.
In dialogue with our banks, we increased our available liquidity, in the form of cash and credit facilities, to approximately
Erik Ranje, Chief Executive Officer
The presentation will be broadcasted via webcast
Link to the webcast: https://www.finwire.tv/webcast/stendorren-fastigheter/q1-presentation-2024/
The presentation and webcast will be available at www.stendorren.se after the conference call.
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 2024-05-03
Stendörren
Stendörren
For more information about Stendörren
https://news.cision.com/stendorren-fastigheter-ab/r/interim-report-jan-mar-2024-stendorren-fastigheter-ab--publ-,c3972477
https://mb.cision.com/Main/13243/3972477/2775659.pdf
https://mb.cision.com/Public/13243/3972477/80abf1ebaddcf371.pdf
https://news.cision.com/stendorren-fastigheter-ab/i/q1-2024-eng,c3296299
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