Recurring PTP growth of -27% y-o-y, 14% below ABGSCe
In Q4’22, Fastpartner (FPAR) reported rental income of SEK 502m (469m) vs ABGSCe at SEK 521m. NOI increased 6% y-o-y to SEK 340m, -4% vs ABGSCe. Recurring PTP of SEK 180m (247m) was -14% vs ABGSCe at SEK 209m. The occupancy rate was 92.5% (92.4% in Q3’22). DPS is proposed to SEK 0.50 (2.20), vs ABGSCe at SEK 2.20 and DPS to D-shares is also cut, to SEK 2.50 (5.00). Moody's has previously put FPAR on a negative outlook, and the dividend cuts are manoeuvres to keep its Baa3 rating (Investment Grade). FPAR is working with relatively short interest maturity and is affected more than the sector average by the rapid increase in interest rates. In Q4'22, the average interest rate was 3.7% (2.9% in Q3’22 and 1.6% in Q4’21). Moreover, FPAR has adjusted its view on project development, taking a more cautious stance on new developments and instead focus on tenant adaptations.
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