The first quarter for Swedish real estate giant Castellum in short:
# Income for the period January-March 2019 amounted to MSEK 1,433 (MSEK 1,352 corresponding period previous year).
# Income from property management amounted to MSEK 726 (665), corresponding to SEK 2.66 (2.43) per share – an increase of 9%.
# Changes in value on properties amounted to MSEK 689 (231) and on derivatives to MSEK -121 (- 7).
# Net income after tax for the period amounted to MSEK 1,341 (765), corresponding to SEK 4.91 (2.80) per share.
# Long term net asset value amounted to SEK 178 (154) per share – an increase of 16%.
# Net investments amounted to MSEK - 726 (502) of which MSEK 2,518 (38) were acquisitions, MSEK 777 (696) new constructions, extensions and reconstructions and MSEK 4,021 (232) sales. Property value amounted to SEK 89.2 billion by the end of the period.
# Net lease for the period amounted to MSEK - 7 (48).
“Income from property management increased 9 percent, which means that with our existing portfolio, we nearly reached our goal of 10 percent this quarter as well. Net sales are assessed as temporarily impacting growth over the forthcoming quarters, but I believe that we will create shareholder value in 2019 as well,” says Henrik Saxborn, CEO.
“As regards the rental market, I noted in our last report a few signs of weakness, but I still believe in an underlying strength in the rental market, which for Castellum can be seen in our increased occupancy rate and continued rental growth of approximately 5 percent in the like-for-like portfolio,” adds Saxborn.