Period January-
- Rental income amounted to
SEK 141.8m (110.6), an increase of 28%. -
Net operating income amounted to
SEK 104.2m (84.9), an increase of 23%. -
Income from property management1 increased 69% to
SEK 34.8m (20.6), of which income from property management attributable to ordinary shareholders wasSEK 11.0m (0.4), corresponding toSEK 0.28 (-0.01) per ordinary share. -
Net income after tax amounted to
SEK 263.8m (231.0), corresponding toSEK 6.06 kr (6.84) per ordinary share. -
Long-term net asset value attributable to ordinary shareholders increased 53% to
SEK 2,563.0m (1,675.3), corresponding toSEK 64.76 (54.53) per ordinary share.
Quarter April-
- Rental income amounted to
SEK 78.2m (56.6), an increase of 38%. -
Net operating income amounted to
SEK 58.7m (44.9), an increase of 31%. -
Income from property management1 increased 95% to
SEK 23.2m (11.9), of which income from property management attributable to ordinary shareholders wasSEK 9.9m (1.4), corresponding toSEK 0.25 (0.05) per ordinary share. -
Net income after tax amounted to
SEK 160.4m (40.4), corresponding toSEK 3.71 (0.97) per ordinary share. Asides from increased income from property management, the increase is the result of higher value changes during the quarter compared with the year-on-year quarter.
1) Since Q4 2020, currency effects are no longer included in income from property management and are presented on a separate line in the income statement where the comparative figures have been restated.
Significant events during and after the end of the period
Second quarter
In April,
Genova announced that the company had proposed a redemption of outstanding preference shares in accordance with the redemption clause in the Articles of Association, as set out in the Notice convening the Annual General Meeting.- Also in April,
Genova published a prospectus and applied for admission of its green capital securities to trading on Nasdaq Stockholm. -
In May, a new green rental agreement was signed with the
Swedish Police Authority for six years and an extension with Botkyrka Municipality for three years. The agreements, which relate to properties in Tumba, cover almost 9,000 sqm with a total annual rental value of approximatelySEK 13.6m . Rental levels in the new agreements have been increased by an average of 25% with rents up toSEK 1,600 /sqm. -
In May,
Genova successfully issued a further tranche of green capital securities ofSEK 200m under its outstanding green framework. -
In May, an agreement was signed to acquire a green project property for warehouse and logistics purposes in Uppsala. The property is strategically located and upon completion will comprise approximately 14,000 sqm of lettable area for warehouse and logistics purposes. The total investment for
Genova when completed will amount toSEK 210m (SEK 15,000 /sqm) before deductions for deferred tax. Accession is scheduled forAugust 2021 . -
In May, the Annual General Meeting of
Genova resolved on the redemption of all preference shares in the company in accordance with the redemption clause in the company's Articles of Association. The record date for the redemption was set as9 June 2021 . 7 June was the last day of trading inGenova's preference shares. -
In May, the Annual General Meeting resolved to issue a maximum of 400,000 warrants. Each warrant entitles the holder to subscribe for one new ordinary share in the company for
SEK 125.10 per ordinary share during the period from20 June 2024 until the date that follows 30 calendar days thereafter. All employees have been offered to participate in the programme and in June the staff subscribed for 400,000 warrants. -
In June, an agreement was signed to acquire properties with development potential in Täby at an underlying property value of
SEK 92m . Annual rental income amounts to approximatelySEK 5.5m with initially expected net operating income of approximatelySEK 4.7m . The total lettable area is approximately 4,400 sqm with a total land area of approximately 6,300 sqm.Genova deems that future residential building rights will amount to approximately 16,000 sqm gross lighted floor area. Accession is scheduled for1 September 2021 . -
In June, an agreement was signed to acquire properties with development potential in Uppsala at an underlying property value of
SEK 97m . Annual rental income amounts to approximatelySEK 6.9m with initially expected net operating income of just overSEK 4.8m . The total lettable area is approximately 4,900 sqm with a total land area of approximately 9,200 sqm.Genova deems that future residential building rights could amount to approximately 23,000 sqm gross lighted floor area. Accession is scheduled for1 September 2021 . -
In June,
Genova published a prospectus and applied for admission to trading on Nasdaq Stockholm of its green capital securities issued inMay 2021 .
Events after the end of the period
In July, a new two-year rental agreement was signed with Cytiva for 2,000 sqm in the Boländerna 9:11 property in Uppsala. The annual rental value is approximately
SEK 2.1m .
CEO's statement
In the first half of the year 2021,
Increased ongoing production
During the first half of the year, we significantly accelerated the production pace of sustainable rental apartments for own long-term management by starting the construction of projects in Knivsta and Enköping, and expanding the area in our ongoing project in Norrtälje.
With these projects totalling about 60,000 sqm, we will strengthen our rental income by over
Acquisitions with stable cash flow and potential
Through acquisitions of investment properties with development potential, we are strengthening our earnings and acquiring the potential to create new building rights. During the second quarter, we acquired two properties in Täby and Uppsala that have potential for future residential development. These properties are strategically situated with stable cash flows in attractive growth communities where we own several other properties.
Green finance
All of
Growth and sustainability in focus
June marked one year since
Michael Moschewitz, VD
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