In This Article:
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Portfolio Value: Increased to 14.2 billion after recent acquisitions.
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Occupancy Rate: Increased to 97.1% from 96.9% in the previous quarter.
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NRV per Share: Reported at 15.4, with an adjusted figure of 15.7 excluding FX losses.
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Loan to Value (LTV): Stable at 48.3%.
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Revenue: Increased to 248 million, slightly below analyst estimates of 255 million.
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Operating Margin: Increased to 88%, with an adjusted margin of 94% excluding rent supplements.
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Net Operating Income (NOI): Increased by 177% due to an expanded property portfolio.
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Income from Property Management: Increased by 54% per share compared to Q1 2024.
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Interest Cover Ratio: 2.2 times for the last 12 months, with an estimated 2.4 times on the balance sheet day.
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Interest Hedging Ratio: Increased from 67% to 74% during the quarter.
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Net Initial Yield: Stable at 6.8%.
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Average Cost of Debt: 4.8%, with new financing in Sweden at approximately 4%.
Release Date: May 07, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Logistea AB (FRA:1OL1) reported a significant increase in income from property management, with a 54% rise per share compared to the previous year.
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The company's portfolio value increased to 14.2 billion, reflecting successful acquisitions and growth.
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Occupancy rates improved slightly to 97.1%, indicating strong demand for their properties.
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The company maintains a low loan-to-value (LTV) ratio of 48.3%, showcasing a healthy balance sheet.
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Logistea AB (FRA:1OL1) has a strong pipeline of investment opportunities in the Nordic market, suggesting potential for future growth.
Negative Points
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Revenue for the first quarter was below analyst estimates, primarily due to lower rent supplements and negative FX impacts.
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The like-for-like portfolio saw a 2% drop in revenue, attributed to a lower economic occupancy rate.
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The company experienced a minor negative letting for the quarter, with a reported loss of 1 million SEK.
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There was a negative impact from FX rates, affecting the NRV per share and overall financial performance.
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Bankruptcy of a tenant led to a decrease in rental income, although the impact was anticipated and managed.
Q & A Highlights
Q: Can you explain the decrease in rental income from the fourth quarter to the first quarter despite positive effects from indexation and shipping? A: The decrease to 230 million in income, excluding rent supplements, is due to both FX loss and a slightly lower occupancy rate in the like-for-like portfolio, which was affected by a bankruptcy in the third quarter of 2024. - Philip Lofgren, CFO