* Stable occupancy and positive net letting * Cons to lower estimates (rec. PTP) by ~2% * Share to trade broadly in-line with the real estate sector today Q2 NOI -2% vs ABGSCe Stenhus delivered a Q2 report with rental income of SEK 251m (0% vs ABGSCe of SEK 252m), and NOI of SEK 194m (-2% ABGSCe of SEK 197m), the NOI margin was down 0.7pp y-o-y to 77.3%. Central administration costs and net financials was slightly higher than expected resulting in rec. PTP of SEK 96m (-6% vs ABGSCe at SEK 102m). Occupancy was down 0.4pp q-o-q to 92.4% (92.8% in Q1'25), and the WAULT amounts to 6.1 years (6.0 in Q1'25). Net letting was positive and amounted to SEK 2.6m (SEK 1m in Q1). The earnings capacity including projects, divestment and acquisitions was flat q-o-q and amount to SEK 421m (-2% vs ABGSCe). A SEK 299m acquisition was announced in late June, currently not in estimates, will increase rental income by ~2.2%. Property values +0.3%, avg interest rate down 20 bps q-o-q Unrealised and realised value changes amounted to SEK 38m (+0.3% of property value) compared to our estimate of SEK 68m (+0.5%) and the average property valuation yield was flat q-o-q at 6.12%. The average interest rate was down by 20 bps q-o-q to 4.0%, the average interest maturity flat at 1.2 years (1.2 as of Q1) and the capital maturity down slightly to 2.3 years (2.4 as of Q1). The net LTV (ABGSC definition) came down by 1pp q-o-q to 52.9%. Share to trade in-line with the sector today Q2 miss was driven by slightly higher operating costs, while central administration costs and net financial was also slightly ahead of our expectations. Net letting was positive, while the earnings capacity including projects, divestment and acquisitions was flat q-o-q and amount to SEK 421m (-2% vs ABGSCe). We expect cons to lower estimates (rec. PTP) by ~2% on the back of this report, and the share to trade broadly in-line with the sector today.
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