First take on Q4 figures
Stenhus delivered a Q4 report with rental income of SEK 235m (+113% y-o-y, +9% vs ABGSCe). The NOI margin during the quarter was 71.5% (-6.9 pp y-o-y, -4.5 pp vs ABGSCe) which took the NOI to SEK 168m (+3% vs ABGSCe). Central administration costs and income from JV's were broadly in line with estimates, meaning rec EBIT was +2% vs ABGSCe, while net financial expenses came in slightly below our forecast at -SEK 77m (ABGSCe at -SEK 81m), which drove IFPM to SEK 80m (ABGSCe at SEK 73m). The occupancy increased by 50 bps q-o-q to 95.8% and the WAULT was 6.2 years (6.0 in Q3'22). In line with previous communication, Stenhus has settled the 2023 bond in Q1'23, and the interesting upcoming "maturity" will be its current bridge debt (~SEK 560m as of Q4'22). Stenhus note that it has received additional credit facilities in Q1'23.
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