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Stendörren: Occupancy up and positive net leasing - ABG

• NOI increased 28% y-o-y, +6% vs. ABGSCe
• Value changes -1.2% vs ABGSCe at -1.0%
• Earnings capacity (NOI) +2% q-o-q

Adj. income from property management +28% vs ABGSCe
Q2'23: Total income SEK 219m (1% vs ABGSCe 216m), NOI 178m (6% vs ABGSCe 168m), Recurring PTP 101m (43% vs ABGSCe 71m), CEPS 3.01 (50% vs ABGSCe 2.00), Reported EPRA NRV 188.5 (0% vs ABGSCe 188.3). Adjusted for electricity support of SEK 10m, the NOI amounted to SEK 168m (0% vs ABGSCe at SEK 168m), and the NOI margin expanded 3.2 pp to 80.4% (77.2%) vs ABGSCe at 77.7%. Moreover, net interest includes SEK 43m in FX gains and interest rate swaps. NOI in the earnings capacity increased ~2% q-o-q to SEK 679m (666m in Q1’23). The occupancy rate continues to increase and now amounts to 95% (94% in Q1’23 & 91% in Q2'22). Management notes that ongoing and recently completed projects that not yet have contributed amounts to SEK 80m in NOI, or ~15% of 2022 NOI. New leases renegotiated in Q2 had a rent increase of 39% (17% in Q1'23). Net leasing was positive for the eight consecutive quarter, and amounted to SEK 8m (17m).
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