Recurring PTP of SEK 70m, 8% above ABGSCe
Rental income was SEK 160m in Q2, in line with ABGSCe. NOI was SEK 124m (115m), 4% above our estimates. On the back of the NOI margin in recent quarters, we lower our forecasts for operational expenses as we believe Stendörren’s overlook of its portfolio in the last 1.5 years is paying off in terms of efficiency improvements. With central admin slightly below, and net financials slightly above, our estimates, recurring PTP was SEK 70m, representing 13% y-o-y growth and 8% above ABGSCe. SEK 24m in new + renegotiated leases in Q2 makes H1 (SEK 53m) the most active half year for this metric since we started to measure in 2018. The large SEK -17m default of the tenant Exploria – anticipated for a while, but realised in Q2 – led to negative net leasing of -4m.
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