Operational performance remains high
Although the Q3 report showed a sequential decline in both earnings capacity (NOI -0.3%) and vacancy rate (6% vs. 5% in Q2), operations continue to impress. The rental uplift in renegotiated volumes was ~40% in Q3 and ~24% for Jan-Sep; few, if any companies in the Swedish sector can deliver these figures. Moreover, in 2023 it has completed projects with a lettable area of ~35,000 sqm and an occupancy rate of ~85%. Looking ahead, projects with ongoing construction or with received building permits amount to ~53,000 sqm and an investment volume of ~SEK 1bn, with completions scheduled between Q4'23 and Q3'25.
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