Interim report January-September 2024

“Under the period January-September net operating income totalled SEK 5,134 M, corresponding to an increase of 3.9 per cent. With a strong financial position, a robust cash flow and a good financing market, we have all the conditions for once again becoming a significant player in the Nordic investment market,” says Joacim Sjöberg, Chief Executive Officer of Castellum AB.

January–September 2024

• Income totalled SEK 7,405 M (7,328), of which SEK 64 M (0) pertained to estimated indemnity. In the like-for-like portfolio, rental income increased 2.8 per cent (8.6), excluding currency effects.
• New leases have been concluded for 206,000 square metres (228,000) and an annual rent of SEK 399 M (437). Net leasing totalled SEK -10 M (-16) for the period and SEK -61 M (-8) for the last 12 months.
• Net operating income totalled SEK 5,134 M (4,939), corresponding to an increase of 3.9 per cent. Net operating income in the like-for-like portfolio increased 4.7 per cent (9.1), excluding currency effects.
• Income from property management totalled SEK 3,735 M (3,343), corresponding to an increase of 11.7 per cent.
• Net investments totalled SEK -327 M (-1,063), of which SEK 1,588 M (2,321) pertained to new construction, extensions and reconstructions, SEK 54 M (327) to acquisitions and SEK -1,969 M (-3,711) to sales.
• Changes in value of investment properties for the period totalled SEK -1,632 M (-8,230), corresponding to -1.2 per cent (-6.0). The value of the property portfolio amounted to SEK 135.8 Bn (137.6) at the end of the period.
• The loan-to-value ratio was 36.6 per cent (37.4).
• The interest coverage ratio for the latest twelve-month period was 3.3 (3.0) and interest-rate hedging was applied to 71 per cent (73) of the loan portfolio at the end of the period.

July–September 2024

• Income totalled SEK 2,428 M (2,415). In the like-for-like portfolio, rental income increased 3.2 per cent (7.4), excluding currency effects.
• New leases have been concluded for 78,000 square metres (67,000) and an annual rent of SEK 136 M (117). Net leasing totalled SEK -16 M (16).
• Net operating income totalled SEK 1,743 M (1,717), corresponding to an increase of 1.5 per cent. Net operating income in the like-for-like portfolio increased 3.3 per cent (10.1), excluding currency effects.
• Income from property management totalled SEK 1,300 M (1,250), corresponding to an increase of 4.0 per cent.
• Net investments totalled SEK 147 M (774), of which SEK 564 M (752) pertained to new construction, extensions and reconstructions, SEK 2 M (327) to acquisitions and SEK -419 M (-305) to sales.
• Changes in value of investment properties for the period totalled SEK -56 M (-1,612), corresponding to -0.0 per cent (-1.1).

Annex: Interim report January–September 2024

For further information, please contact:
Joacim Sjöberg, Chief Executive Officer, Castellum AB, +46 8 503 052 00
Jens Andersson, Chief Financial Officer, Castellum AB, +46 (0)76 855 67 02