Increased rental income, improved management result and continued value growth
- Rental income increased to SEK 1,1449m (1,237). In an identical portfolio, income rose by approximately 19 per cent.
- Net operating income increased to SEK 1,063m (439). In an identical portfolio, net operating income rose by approximately 20 per cent.
- The surplus ratio was 73 per cent (73).
- Profit from property management increased with 33 per cent to SEK 366m (274).
- Realised and unrealised changes in value amounted to SEK 3,122m (5,366)
- Net lettings during the period totalled SEK -87m (123). The second quarter net lettings totalled SEk 20m. Average rental increase in renegotiation 20 per cent (29).
- After-tax profit for the period amounted to SEK 2,790m (5,175), corresponding to SEK 8.44 per share (15.64).
- “The positive trend of rising rental income, improved management result and continued growth in value continued during the second quarter. The sale of Pelaren 1 at Globen Arena showed that the yield requirements continued to decline, which also had a positive effect on the valuation of several of our properties”, commented Christian Hermelin, CEO
- ”The market outlook has not changed since the last quarter. Stockholm is strong and has a long-term growth forecast, which provides good conditions for Fabege's continued growth. Fabege is well-positioned and can offer office space in attractive, modern and sustainable districts in Greater Stockholm - both on the north and south side. The interest rate change we have seen in the last quarter has not yet had an impact on our values and I expect we will see a continued downward pressure on the yield requirements in the coming quarters” 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 Swedish presentation can be followed via webcast. An English conference call will also be held at 11:00 am CET. Follow it via webcast or phono: UK: +44333300 92 60, US: +1833526 8 383, Swe +46 8505 583 59
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 07:30 CET on 5 July 2019.
This information is also such information that Fabege AB is obliged to publish in accordance with the Swedish Securities Market Act. The information was submitted for publication on 5 July 2019, at 07:30 CET.
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