Q1 2025 Fabege AB Earnings Call Transcript
Key Points
- Fabege AB (FBGGF) maintains a strong focus on the Stockholm area, which is considered the engine of the Swedish economy.
- The company continues to believe in the future of office spaces, with increasing office occupancy and the role of offices as dynamic meeting places.
- Fabege AB (FBGGF) reported a positive net letting of SEK6 million for the first quarter of 2025.
- The company has a strong balance sheet with an unchanged equity asset ratio of 46% and a loan-to-value ratio of 43%.
- Fabege AB (FBGGF) has good access to financing, with successful bond issuances and undrawn revolving credit facilities totaling SEK6 billion.
- Rental income for the first quarter decreased by SEK20 million on a like-for-like basis, equivalent to a 2.7% decline.
- The surplus ratio was slightly impacted by nonrecurring items, resulting in a decrease to 69%.
- The company experienced negative changes in property values, with unrealized changes amounting to minus SEK565 million.
- The occupancy rate in the management portfolio decreased to 87%, reflecting challenges in the rental market.
- The Stockholm office rental market has been weak, with increasing vacancy rates in all submarkets.
Welcome to Fabege Q1 report 2025. (Operator Instructions)
Now I will hand the conference over to the speakers. Please go ahead.
Welcome to our presentation of Q1 2025. As usual, I have our CFO, Asa Bergstrom with me. And after our review, there will be as usual, the opportunity to ask questions. So first slide, please or next slide, please.
As you know, we have a modern portfolio with focus on Stockholm. I don't have to repeat that too much, I think. But what's new on this slide is that we only have 99 properties since we have been setting up hanging on this (technical difficulty) but then the quarter, property value of almost SEK80 billion. And but what's important here is that all the focus on the Stockholm areas are the sectors sub areas. So next slide, please.
With all this happening now in the world, we're all the turbulence with from day to day, you don't know really what will happen. We said that we thought we're coming from a tough 2024, we really had a tough
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