Stendörren: Strong occupancy trend continues - ABG

NOI increased 22% y-o-y, +7% vs. ABGSCe
Basically no property value changes
Earnings capacity (NOI) +3.3% q-o-q


Recurring PTP +6% vs ABGSCe

Q1'23: Rental income SEK 212m (3% vs ABGSCe 206m), NOI 157m (7% vs ABGSCe 147m), Recurring PTP 64m (6% vs ABGSCe 60m), CEPS 1.62 (+10% vs ABGSCe 1.48), Reported EPRA NRV 191 (+2% vs ABGSCe 187). NOI in the earnings capacity increased ~3% q-o-q to SEK 666m (645m in Q4’22). The occupancy rate continues to increase and now amounts to 94% (92% in Q4’22 & 90% in Q1'22). Management notes that Stendörren has been able to push through the full expected CPI indexation, and new leases re-negotiated in Q1 had a rent increase of 17%. Although small, the Q1 net letting was positive yet again.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/stendorren/Equity-research/2023/5/stendorren---strong-occupancy-trend-continues/