Increased rental income and record high return on projects
- Rental income increased to SEK 614m (546). In an identical portfolio, income rose byapproximately13 per cent.
- Net operating income increased to SEK 439m ((379). In an identical portfolio, net operating income rose by approximately 17 per cent.
- The surplus ratio was 72 per cent (69).
- Profit from property management increased with 27 per cent to SEK 274m (216).
- Realised and unrealised changes in value amounted to SEK 2,783m (833)
- Net lettings during the period totalled SEK 9m (21).
- After-tax profit for the period amounted to SEK 2,539m (882), corresponding to SEK 13.36 per share (5.33).
- ”Growth in rental income and management results continued during the first quarter through completion of projects and rent increases that gradually yields rising revenue. During the quarter, several transactions on the Stockholm market have shown that business can be done at new record levels. In addition to a very strong value growth in the project portfolio, we report continued value changes in the management portfolio as a result of both rising rental rates and continued falling yields”, commented Christian Hermelin, CEO
-”The year got off to a good start, and market conditions are consistently healthy. As long as the economic situation remains good, which it is expected to in 2018, I anticipate a persistently strong year with high net lettings, rising revenue and falling interest expenses. The major transaction of the quarter paves the way for continued investment in new, exciting projects. We have high ambitions and are continually striving to improve. Fabege is well positioned to capitalise on the business opportunities that lie ahead”, says Christian Hermelin, CEO.
Fabege AB (publ)
Presentation of the report
Today at 09:00 CET Christian Hermelin, CEO and Åsa Bergström, CFO present the report on Operaterrassen Stockholm. The presentation can be followed via webcast. An English conference call will also be held at 11:00 CET. Follow it via webcast or phono: UK +44 20300 89 801, US +1 8557532 236, Swe +46 8 56 64 26 97
More information is available from:
Christian Hermelin, CEO, +46 8 555 148 25 or +733 87 18 25
Åsa Bergström, CFO, +46 8 555 148 29 or +46706 66 13 80
This information is information that Fabege AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 24 April 2018.
Fabege is a property company focusing on city district development and commercial properties. We develop attractive and sustainable districts with modern offices, housing and a broad range of services - together with strategic partners. Both our perspective and approach to ownership are long term and our passion is creating the right conditions for all those living, working and visiting our areas. We have a presence in a limited number of high-growth submarkets in the Stockholm region. Fabege’s shares are listed on Nasdaq Stockholm, in the Large Cap segment. For more information, www.fabege.com