Logistea publishes Interim report for Q1 2023

Logistea AB (publ) has today published its Interim report for the first quarter of 2023.

Summary January – March 2023

  • Rental income increased by 91 per cent and amounted to SEK 95 million (50).
  • Net operating income increased by 101 per cent to SEK 66 million (33).
  • Profit from property management increased to SEK 24 million (13).
  • Profit before tax amounted to SEK 4 million (192), as changes in the value of properties affected earnings by SEK -14 million (179).
  • Earnings per share amounted to SEK 0.02 (1.60).
  • Net asset value per share increased to SEK 16.4 (13.8).
  • Two properties in Gothenburg were acquired in January, with 18,000 square metres of lettable area and an annual rental income excluding surcharges of SEK 19 million, at a total property value of SEK 292 million.
  • New framework agreement signed with FREYR Battery regarding the development of the zoning plan and planning process for the potential battery factory in Svenljunga municipality.
  • Logistea has repurchased SEK 86.3 million in its own issued unsecured bond with a nominal amount of SEK 500 million.
  • During the first quarter, an agreement was signed for a divestment of the project property Kungälv Tråget 1, at an agreed property value of SEK 22.8 million. Closing is scheduled to April 2023.

Significant events after the end of the balance sheet date

  • During April, Logistea signed new interest rate swaps of a nominal amount of SEK 500 million and adjusted the barrier to 4.25 percent for all previously owned performance swaps in order to reduce the company’s interest rate risk and create better protection against rising market interest rates. After the measures, the interest rate hedge ratio increased from 48 per cent to 69 per cent and the fixed interest rate maturity from 2.1 years to 2.7 years.

“Logistea reports increased revenues, net operating income but also an increased profit from property management, both compared to the previous quarter and to the comparison quarter in 2022. In the comparable portfolio, rental income increased by around 10 percent, with indexation of rental contracts being the largest contributing factor. Completed repurchases in our own issued bond loan and work with our interest rate portfolio have resulted in both a reduced interest rate and refinancing risk,” says CEO Niklas Zuckerman.

A presentation of the report is available on Logistea’s website (link)