The real estate company Corem Property reports a lower income from property management in the third quarter of 2024, compared to the same quarter last year.

Rental income fell to SEK 898 million (1,007), a decrease of 10.8 percent compared to the previous year.

Net operating income decreased to SEK 585 million (707), down 17.3% year-on-year.

Profit from property management fell to SEK 219 million (306), a decrease of 28.4 percent compared to the previous year.

Total changes in value in the property portfolio amounted to SEK 12 million (-2,912). Total changes in the value of derivatives amounted to SEK -440 million (14). Changes in the value of financial assets amounted to SEK 25 million (30) and impairment of goodwill to SEK -14 million (-188).

The result before tax was SEK -198 million (-2,751).

The result after tax was SEK -274 million (-2,205).

Earnings per share amounted to SEK -0.36 (-2.16).

Net asset value was SEK 16.56 per share (20.37) on September 30.

Net lettings amounted to SEK 13 million (40) in the third quarter.

During the first three quarters of the year, Corem has vacated 32 properties with an underlying property value of SEK 2.6 billion.

- "Given the further interest rate cuts that are predicted to come, we have a positive view of future developments and our strategy; to own and develop properties in metropolitan areas and growth locations through local and sustainable management," comments CEO Rutger Arnhult in the interim report.

Corem, SEKmQ3-2024 Q3-2023 Change in
Rental income 898 1 007 -10,8%
Net operating income 585 707 -17,3%
Profit from property management 219 306 -28,4%
Changes in value of real estate, total 12 -2 912
Total changes in value of derivatives-440 14
Result before tax-198 -2 751
Net result-274 -2 205
Earnings per share, SEK-0,36 -2,16
Net asset value per share, SEK 16,56 20,37 -18,7%