Property value changes were flat in the quarter (at SEK 3.4m, or <0.1% of property value) compared to our estimate of SEK -145m (-0.4%). Net LTV remained steady at 47.8% vs. the Q1'24 levels of 47.7%, and the average interest rate decreased 20bps q-o-q to 4.5%.
Conclusion
While operating margins continue on their softening trend, occupancy remains at ~93% which is high for Fastpartner historically speaking. With a high share of floating interest debt, Fastpartner is well positioned to reap the rewards of a more favourable interest rate environment, evidenced by average rate improving by 20bps q-o-q. We note that all three projects which were planned for completion in Q2'24 have been delayed to now be completed in Q3'24, albeit with the total sqm in ongoing projects being up-sized from 3.7% of total sqm in Q1'24 to 5.1% in Q2'24.
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