Q3 2024 Fastighets AB Balder Earnings Call Transcript
Key Points
- Fastighets AB Balder (BALDF) reported a property value of 215 billion with a high occupancy rate of 96%, indicating strong asset utilization.
- Rental income increased by 7% compared to the previous year, reflecting positive growth in revenue streams.
- The company received an upgraded MSCI rating to Triple B, highlighting improvements in environmental sustainability efforts.
- Net debt to total assets decreased to 49.6%, showing improved financial leverage and stability.
- The company has a diversified property portfolio across Nordic countries, balancing residential and commercial assets.
- Profit from property management decreased marginally due to higher financing costs, impacting overall profitability.
- Sustainalytics rating was adjusted from 12.3 to 14.9, indicating a slight deterioration in perceived risk.
- The company faced temporary higher cash liquidity costs due to prefinancing of upcoming maturities.
- Interest expenses remained stable despite taking on more debt, which could pressure future earnings if rates do not decrease.
- The office market remains competitive, with potential risks of vacancy and flat rental levels, particularly in Stockholm.
Hi everyone. Welcome to this call for the third quarter results. With me, I have excellent CEO and CFO and we will take you through some slides briefly and then open up for questions.
Thank you. Looking at Bell Atl, we had as of Q3, a property value of 215 billion occupancy rate 96%. We had the debt asset of 49.6. NAV stands at 85.6 per share and the portfolio is nordic exposure with a 65% residential and 45% commercial. Looking specifically at Q3 numbers, the rental income is up 7% compared to last year and the no, I also up 7% profit from property management decreased marginally to 1.36 per share. And the reason is higher financing cost compared to the same period last year, profit from property management in earnings capacity is up 4% and now at 5.'16 and we had rental growth like for like 3.6%. The next slide here shows the earnings capacity. This is a figure we show every quarter and it's just the numbers exactly for that date. So it's not the forecast. It's how it looks on those specifics, quarter end. And here you
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