Genova updates operational targets

As part of the Board's annual evaluation for Genova, the Board has decided to update the company’s operational targets for ongoing construction of own-produced residential units and the percentage of rental income from residential and community service properties.

 

Genova's target is to continue to deliver organic growth through new production for own long-term management. Considering the prevailing uncertainty and changed market conditions, however, Genova acts with increased caution regarding starting construction of planned projects. The previous target of 1,500 own-produced residential units per year in ongoing production is therefore updated to 1,000 own-produced residential units per year by the end of 2024.

 

The target for the percentage of rental income from residential and community properties of 70 percent at the end of 2023 is changed to 55 percent at the end of 2023. The Board concludes that the new target provides increased flexibility in the mix of residential and commercial premises with inflation-adjusted rents, and thus a better balance given today's market conditions. The revision is also in line with the consolidation of the property company Järngrinden on 31 December 2022, which results in an increased share of rental income from commercial properties.

 

Operational targets

• Ongoing construction of own-produced residential units shall amount to at least 1,000 residential units per year by the end of 2024.
• Rental income from residential and community service properties shall account for at least 55% of Genova’s total rental income by the end of 2023.

 

For further information, please contact:

CEO, Michael Moschewitz, mobile +46 (0)70-713 69 39, [email protected]

 

This information is inside information that Genova Property Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publi- cation, through the agency of the contact persons set out above, on 21 February 2023 at 18.00 CET.

 

About Genova

Genova Property Group AB (publ) is a modern property company with a personal touch that owns, manages and develops properties with focus on Greater Stockholm area and Uppsala Region. On 30 September 2022, the value of the company's property portfolio amounted to approximately SEK 9.0 billion with a lettable area of approximately 299,700 sqm and the company held approximately 7,000 building rights for residential units. Genova's share has been listed on Nasdaq Stockholm since June 2020.

Genova – Smålandsgatan 12 – SE-111 46 Stockholm – www.genova.se