Q3 PFPM came in 4% below Infront consensus, with the miss driven by net financials. Key items included positive property revaluations (0.1% q/q), higher economic occupancy (0.6pp q/q, to 95.3%), positive net letting (SEK 0.6m), and earnings capacity (PFPM), which was down 1.5% in nominal terms but unchanged q/q on a per-share basis due to buybacks completed during the quarter. We expect minor CEPS revisions and see a neutral reaction in the shares as warranted.
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