Property value changes in the quarter amounted to SEK -354m (-2.8% of property value), compared to our estimate of SEK -123m (-1.0%). The net initial yield (NOI from earnings capacity) increased ~0.6 pp q-o-q to 5.2% and the valuation yield increased 0.2 pp q-o-q to 5.90%. Total investments in new-builds, extensions and conversions amounted to SEK 196m (68m) and SEK 624m TTM (SEK 496m in Q3’22). Net LTV (ABGSC definition) amounts to 50.5% (50.1%), +0.8 pp q-o-q. The interest- and capital maturity amounts to 2.6 and 2.9 years, respectively, compared to Q3'22 at 2.7 and 3.0 years. The average interest rate increased ~0.3 pp q-o-q to 4.0% (2.3%).
Solid operational momentum
We appreciate the operational momentum in Stendörren, which has been strong in the last two years, and we think there is further potential for decreased vacancies also ahead. Add to that geographical expansion via selective acquisitions as well as a vast project portfolio, and we see the potential for sector-high growth in the coming years. The share is trading at 2023e NAV of 1.0x vs its three and five-year averages of a premium of +13% and +4%, respectively.
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