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Interim report January – June 2024: Still high profit and high acquisition rate

Posted on by darion




Significant operational and financial progress was recorded during this period, driven by rent increases, new development projects, new and extended leases and positive acquisition results.

  • Rental income increased by 19% to SEK 335 million (280).
  • Net operating income increased by 23% to SEK 286 million (232).
  • Profit from property management increased by 26% to SEK 182 million (145).
  • Earnings per share amounted to SEK 1.45 (0.65).
  • The net asset value (NAV) per share increased by 7% during the period and amounted to SEK 26.97.
  • The change in value of investment properties totalled SEK 217 million (22).
  • Sustainable financing amounted to SEK 4,084 million (2,166) at the end of the period, corresponding to 72% (45) of the loan portfolio. In May, the target of 70% sustainable financing was achieved ahead of schedule. In early 2023, the SLP set the target of achieving 70% sustainable financing by 2025.
  • The total installed capacity of solar panel systems was 16.3 MWp (7.4) at the end of the period.
  • Decision to change the financial risk limit for the loan-to-value ratio from 60% to 55% and the equity-to-assets ratio from 35% to 40%.
  • Six properties were acquired and taken over, including one with development rights, with a rental area of ​​81,500 square metres and a property value of SEK 843 m2 (1,003).
  • One new construction project was acquired with a lettable area of ​​11,000 square meters and a property value of SEK 208 million.
  • An agreement has been signed with the current tenant for an extension of 3,000 square meters. The new, fully indexed lease is effective from May 1, 2025 and covers a period of 11 years, which means an extension of just over 10 years. The agreement is conditional and requires obtaining a building permit.
  • Net rental income amounted to SEK 21.6 million (9.1).

“We completed another five acquisitions this quarter. In the first half of the year, we completed acquisitions with a total area of ​​92,500 square meters and a property value of approximately SEK 1,050 m. Investments in existing properties consistently generate positive returns and create value for our tenants and shareholders. This is clearly reflected in our property costs, which were unchanged in the January-June period compared to last year, despite the increased property holdings. In addition to the optimized net operating income, t“Our real estate development also generates sustainable assets with sustainable financing” comments Tommy Åstrand, CEO of SLP.

This disclosure contains information that Swedish Logistic Property is required to make public under the EU Market Abuse Regulation (EU No. 596/2014). The information was sent for publication via the contact person on 11 July 2024 at 08:00 CEST.

The interim report will be presented via a recorded audiocast today at 10:00 CEST. Tommy Åstrand, CEO, and Matilda Olsson, CFO, will comment on the results and operations. The presentation material (images + audio) will be available at:

https://slproperty.se/en/ir/reports-and-presentations/

https://ir.financialhearings.com/slp-raport-za-2-kw.-2024-2

For further information please contact:
Tommy Åstrand, CEO SLP, phone: +46 705 455 997

About SLP – Swedish Logistic Property
Swedish Logistic Property – SLP – is a Swedish real estate company that acquires, develops and manages logistics properties with a focus on sustainable development. Value is created by developing properties that are located in the most important logistics centers in Sweden. The real estate portfolio includes a lettable area of ​​approx. 1,050,000 sqm. SLP is a partner that takes responsibility and thus creates value for both tenants and the company and its shareholders. SLP series B shares are listed on Nasdaq Stockholm Mid Cap. For more information about SLP: slproperty.se


This disclosure contains information that Swedish Logistic Property is required to make public in accordance with the EU Market Abuse Regulation (EU No. 596/2014) and the Swedish Securities Market Act (2007:528). The information was submitted for publication via the contact person on 11-07-2024 08:00 CET.


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