Strong earnings
Q2 profit from property management of EUR 7.8m was above our estimate of EUR 6.5m. Administrative costs were not as high as we had expected. Included was a non-recurring advisory fee of EUR 0.2m, while we expected EUR 0.5m. In the financial net there was a non-recurring item related to the refinancing which took place during the quarter of EUR 2.8m, where we expected EUR 3m. A large part of the earnings beat was explained by lower than expected non-recurring items and the impact on the long-term estimates is small, and therefore our estimates are largely unchanged following the report.
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