Increased rental income and a strong result from property management
- Rental income increased to SEK 718m (546). In an identical portfolio, income rose by approximately 19 per cent.
- Net operating income increased to SEK 509m (439). In an identical portfolio, net operating income rose by approximately 19 per cent.
- The surplus ratio was 71 per cent (72).
- Profit from property management increased with 33 per cent to SEK 366m (274).
- Realised and unrealised changes in value amounted to SEK 1,324m (2,783)
- Net lettings during the period totalled SEK -107m (9) after the Swedish Tax Agency terminated its agreement for the property Nöten 4.
- After-tax profit for the period amounted to SEK 1,148m (2,539), corresponding to SEK 3.47 per share (7.86).
-“The year began with rising rental income, improved profit from property management and continued value growth, primarily via projects and higher rent levels. I see no signs of a slowdown at this time. The rental market in Stockholm is still characterized by low vacancies and increasing rents. The negative net lettings during the period were the result of the decision by the Swedish Tax Agency to move to new premises, commented Christian Hermelin, CEO
-” Fabege has every opportunity to continue its successful value-creating development. Stockholm is strong and growing, which provides excellent prospects for Fabege’s continued growth. Fabege is well-positioned and can offer office space in attractive, modern and sustainable districts in Greater Stockholm - both north and south. Our value-generating projects continue to contribute to Fabege’s total performance. We are intensively working on completing more scheduled development rights to offer to office customers on the Stockholm market,” 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 10:30 CET. Follow it via webcast or phono: UK: +44333300 92 65, US: +1833526 8 380, Swe +46 8505 583 66
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 12 April 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 12 April 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