Vasakronan’s Interim Report January–March 20222022-04-27
Strong new lettings and increased revenue
- Rental revenue increased 5% (3) to a total of SEK 1,902 million (1,818). In comparable property holdings, the increase in rental revenue was 3% (0).
- New lettings were contracted corresponding to 44,000 square metres (18,000) and an annual rent of SEK 260 million (78). Net lettings amounted to SEK 125 million (negative: 154) for the quarter.
- The price change after renegotiations averaged 7%, compared with 16% last year. Renegotiations were completed in the period corresponding to an annual rent of SEK 285 million (344).
- The occupancy rate was 91.8% (91.5) at the end of the period. Of total vacancies, 1.4 percentage points (1.8) were attributable to ongoing projects and development properties.
- Operating surplus increased 5% (4), totalling SEK 1,400 million (1,333). For comparable property holdings, the increase in operating surplus was 3% (0).
- Profit before value changes and tax increased to SEK 1,084 million (1,011).
- The change in the property value amounted to SEK 2,922 million (1,638), corresponding to a 1.6% (1) increase in value. The change in value was primarily due to the downward adjustment of yield requirements.
- The portfolio value at the end of the period amounted to SEK 185,034 million (164,819).
- The value change in financial instruments was SEK 901 million (266) as a result of the increase in long-term market interest rates.
- Profit after tax was SEK 3,895 million (2,313).
“We had a good start to the year, with several major lettings in Stockholm City and Malmö. The upward trend we saw in the fourth quarter of 2021 is continuing and the lettings market is strong. Demand for high-quality offices and premises in the best locations remains strong. This is clear in the volume of new lettings for the quarter,” says Johanna Skogestig, CEO of Vasakronan.
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