Interim Report January – December 2023: Continued sustainable and profitable expansion and a strong financial position

Our growth journey continued during the fourth quarter. SLP can report another strong quarter driven by continued acquisitions, new construction projects, and new and extended rental agreements with satisfied tenants.

• Rental income increased by 42%, amounting to SEK 585 m (411).

• Net operating income increased by 49%, amounting to SEK 487 m (327).

• Profit from property management increased by 36% and amounted to SEK 303 m (222).

• Earnings per share after dilution amounted to SEK 1.55 (2.39).

• Net asset value (NAV) per share after dilution increased by 15% in the period and amounted to SEK 25.26.

• Value changes for investment properties totalled SEK 236 m. This was despite an increase in the average direct return requirement in the external valuation of 30 b.p.

• Sustainable financing amounted to SEK 2,598 m (1,700) at the end of the period, corresponding to 53% (41) of the loan portfolio.

• The output from installed solar panel systems totalled 14.2 MW (4.4) at the end of the period.

• Twelve properties were acquired where SLP has now taken ownership, with a total lettable area of 223,000 square metres and a property value of SEK 1,504 m (1,288).

• Acquisition of a new construction project in Katrineholm with an area of 11,000 square metres along with a 15-year rental agreement. Since ownership is conditional on obtaining a building permit and approval of the land acquisition from the municipality, it is not shown in the Year-end Report.
• The former CFO Tommy Åstrand was appointed new CEO of SLP and started in his new role after the AGM on 26 April 2023. Former CEO Peter Strand was appointed Head of Transactions and Deputy Chairman. Matilda Olsson, the former Finance Director, was simultaneously appointed CFO.
• In May and November, the company carried out directed new share issues of Class B shares for a total of SEK 1,100 m. The two share issues increased the number of shares in SLP by 42 million.
• Warrants of series TO1-4 have been fully exercised which contributed SEK 12.2 m to SLP. The exercise of the warrants increased the number of shares in SLP by 1.95 million.

“We carried out a directed new share issue during the fourth quarter totalling SEK 550 m to enable further expansion while maintaining a balanced risk profile. Net asset value per share increased by 15 percent in 2023, and we have reported positive value changes for our properties in each quarter, despite a 30 b.p. increase in the average return requirement during the year,” comments Tommy Åstrand, CEO of SLP.

This disclosure contains information that Swedish Logistic Property is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 15 February 2024, 08:00 a.m. CET.

The Year-end report will be presented via a recorded audiocast today at 10:00 a.m. CET. Tommy Åstrand, CEO, and Matilda Olsson, CFO, will comment on the results and operations. The presentation material (images+audio in Swedish) will be available at:
 

https://slproperty.se/ir/rapporter-och-presentationer/ and
https://ir.financialhearings.com/slp-q4-report-2023

For further information, please contact:
Tommy Åstrand, CEO of SLP, telephone: +46 705 455 997
 

About SLP – Swedish Logistic Property
Swedish Logistic Property - SLP – is a Swedish property company that acquires, develops, and manages logistic properties with sustainability in focus. Value growth is created through development of the properties which are located in Sweden’s most important logistic hubs. The property portfolio comprises a lettable area of approx. 970,000 sqm. SLP is a partner that takes responsibility and through this creates value for both tenants as well as for the company and its shareholders. SLP’s share of series B is listed at Nasdaq Stockholm Mid Cap. For further information about SLP: slproperty.se

This disclosure contains information that Swedish Logistic Property is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 15-02-2024 08:00 CET.