Stendörren: Solid NOI margin, net interest miss - ABG

NOI increased 21% y-o-y, +2% vs. ABGSCe
Value changes -1.0% vs ABGSCe at -0.8%
Earnings capacity (NOI) -0.3% q-o-q


Adj. rec. PTP -9% vs ABGSCe

Q3'23: Total income SEK 215m (0% vs ABGSCe 214m), NOI 174m (2% vs ABGSCe 171m), Recurring PTP 69m (-17% vs ABGSCe 84m), CEPS 1.91 (-21% vs ABGSCe 2.42), Reported EPRA NRV 185.9 (-1% vs ABGSCe 187.6). The NOI margin expanded 2.7 pp y-o-y to 80.9% (78.3%) vs ABGSCe at 79.7%. Moreover, net interest includes SEK 7m in EO items. Thus, adjusted recurring PTP was 9% below ABGSCe. NOI in the earnings capacity decreased 0.3% q-o-q to SEK 677m (679m in Q2’23). The occupancy rate decreased to 94% (95% in Q2’23 & 91% in Q3'22). Management notes that ongoing and recently completed projects that not yet have contributed amounts to SEK 80m in NOI, or ~15% of 2022 NOI. New leases re-negotiated in Q3 had a rent increase of 40% (39% in Q2'23). Two larger terminations (~SEK 13m in total) affected the quarter negatively, net leasing summed up to SEK -0.9m (4m).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/stendorren/Equity-research/2023/11/stendorren---solid-noi-margin-net-interest-miss/