Stendörren Fastigheter

Press release
February 18, 2025

JANUARY–DECEMBER 2024 (JANUARY–DECEMBER 2023 IN PARENTHESIS)

• Rental income increased by 7% to SEK 902 million (843) and net operating income also increased by 7% to SEK 718 million (672).
• Income from property management amounted to SEK 308 million (287).
• Net letting during the period amounted to a total of SEK 29 million and new lease agreements with an annual rental value of approximately SEK 103 million were signed (includes both renegotiated leases and leases with new tenants).
• Lease agreements that were renegotiated during the period led to an increase in rental values of 6% on a weighted average basis.
• Cash flow from operating activities amounted to SEK 217 million (307), corresponding to SEK 7.52 per share (10.79).
• Realized and unrealized changes in value of the property portfolio for the period amounted to SEK 225 million (-355).
• Profit for the period amounted to SEK 327 million (-246), corresponding to SEK 9.70 per share (10.54) before dilution and 9.69 per share (-10.54) after dilution.
• The Board proposes to the Annual General Meeting that no dividend shall be paid, and any profit instead be reinvested in the business.

EVENTS DURING THE FOURTH QUARTER AND AFTER THE END OF THE QUARTER

• In October, Stendörren signed a lease agreement in Högdalen for premises totaling approximately 4,500 sqm with a term of nearly 11 years.
• In October, Stendörren carried out a directed new share issue of 2,630,208 Class B shares, raising approximately SEK 505 million before issue costs​​.
• In November, Stendörren signed a lease agreement for a newly constructed light industrial building of 2,250 sqm in Uppsala. The agreement has a five-year term.
• In November, Stendörren acquired a light industrial property in the Oslo region for SEK 245 million.
• In November, Stendörren signed a lease agreement for over 4,100 sqm in Bromma, Stockholm​.
• In December, Stendörren acquired two warehouse and light industrial properties in Gothenburg for SEK 127 million​.
• In December, Stendörren signed a lease agreement in Upplands-Väsby for approximately 3,000 sqm with a term of 3 years​.
• In December, Nordic Credit Rating upgraded Stendörren’s long-term credit rating from BB- to BB with a stable outlook​​.
• In December, Stendörren acquired two warehouse and light industrial properties in Södertälje for SEK 80 million, with a total lettable area of 4,000 sqm​​.
• Stendörren acquired in February, through two separate transactions, two warehouse and light industrial properties in Helsinki and Copenhagen for the equivalent of SEK 92 million.

 “The previously announced increase in the growth rate has been fulfilled. During the second half of the year, after a period without acquisitions, we completed acquisitions which, together with completed projects, entail investments of SEK 1,453 million at a return of 7.2 percent. Through several of these acquisitions, we are also strengthening our presence in our new markets.

The increased growth rate has had positive financial effect, and I can proudly report increased net operating income by 11 percent for the fourth quarter and 7 percent for the full year 2024. What is particularly pleasing is that we have positive net letting for the full year, where net lettings for the fourth quarter represent the highest net letting ever.

We are very satisfied with what we have achieved in 2024 and look forward to continued high and profitable growth.”

Erik Ranje, Chief Executive Officer

The presentation will be broadcasted via webcast

Link to the webcast: https://www.finwire.tv/webcast/stendorren-fastigheter/bokslutskommunike-2024/

The presentation and webcast will be available at www.stendorren.se after the conference call.

For more information, please contact: Erik Ranje, CEO, +46 (0)70-308 52 09, erik.ranje@stendorren.se or Per-Henrik Karlsson, CFO, +46 (0)72-158 70 92, per-henrik.karlsson@stendorren.se, or visit www.stendorren.se/en/
 

This information is information that Stendörren is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-02-18 07:00 CET.

Stendörren Fastigheter AB (publ)

Stendörren Fastigheter AB (publ) is an expansive property company in logistics, warehouse and light industrial in Nordic growth regions. The company is listed on Nasdaq Stockholm Mid Cap. The business concept is to create profitable growth in net asset value. This is achieved through value-creating acquisitions, capitalising on the positive rental growth that follows the urbanisation of metropolitan regions and by developing existing assets, including the company's extensive and unique building rights portfolio.

For more information about Stendörren Fastigheter AB (publ), see: http://www.stendorren.se/en/.