Occupancy up by ~7pp (87% to 94%) in four years
The average occupancy from 2014 to 2018 was just shy of 90% (lower than comparable peers) and it bottomed in H1'19 at ~87%. Since then, one of the (new) management team's key focus areas has been to increase occupancy through old-fashioned hard work with boots on the ground. This has clearly paid off, and Stendörren is now at a 94% occupancy rate, up an impressive 7pp in four years. Not only does this drive top-line estimates and cash flow generation, but in combination with high like-for-like rental income growth (14% y-o-y in Q1, re-negotiated rents up 17%), the NOI margin has increased from ~66% in 2019 to ~75% LTM (up 9pp). The Q1 report showed positive net letting for the seventh consecutive quarter.
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