Top-line miss weighs on Q2 numbers
FastPartner delivered Q2 results with rental income and net operating income both 2% below our forecast. Combined with slightly higher central administration costs and net financials, this resulted in rec. PTP 7% below our expectations for Q2. The occupancy rate was down slightly q-o-q at 91.3% (91.7% in Q1), and 91.8% (92.0% in Q1) adjusted for projects. In conclusion, the weaker top-line is the main driver behind our estimate revisions, while lower interest rate assumptions represent a positive offsetting factor, resulting in negative CEPS revisions of 1-3% for our forecast period.
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