Q2 2024 Neobo Fastigheter AB (publ) Earnings Call Transcript
Key Points
- Rental income increased by 7.3% in the like-for-like portfolio due to rent increases and reduced vacancies.
- Net operating income increased to SEK229 million, reflecting a 3.4% rise in the like-for-like portfolio.
- Successful divestment of a retail property in Falun at a price 18% higher than the most recent external valuation, generating a positive earnings effect of SEK10 million.
- Refinanced and extended bank loans for over SEK1 billion at a lower margin, indicating a strong financial position and improving market sentiment.
- Continued positive development of rental income and a positive outlook for the next year, with higher rents expected to take full effect in the third quarter.
- Unrealized value changes amounted to minus SEK216 million, representing a decrease of 1.5% during the period.
- Profit from property management decreased to SEK68 million due to higher property and financing costs.
- Property costs increased by SEK16 million, driven by higher costs for operations and property administration.
- Central administration costs amounted to SEK38 million, with SEK5 million attributed to items affecting comparability due to preparations for a Nasdaq Stockholm main list switch and reorganization.
- High maintenance costs last year led to a significant decrease in maintenance expenses this year, but property management costs are up by SEK6 million.
()-
Good morning, everyone, and welcome to the presentation on Neobo's interim report January to June 2024. My name is Ylva Sarby Westman. And with me here today, I have our CFO, Maria Strandberg.
Operations are continuing to develop positively, and rental income has increased by 7.3% in the like-for-like portfolio as a result of rent increases and reduced vacancies. Net operating income increased to SEK229 million, which corresponds to plus 3.4% in the like-for-like portfolio, and profit from property management totaled SEK68 million. Unrealized value changes amounted minus SEK216 million, which is a decrease of 1.5% during the period.
The fundamental objective of everything we do is to create attractive and sustainable living environments that people can thrive and feel secure. Sweden needs more residentials that people can afford to live in. And by managing and refining our properties and adapting them to people's needs, we want to contribute to a more sustainable residential property
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
