Q3 2024 Wihlborgs Fastigheter AB Earnings Call Transcript
Key Points
- Wihlborgs Fastigheter AB (FRA:1EJ) achieved a new record in rental income for Q3, amounting to 1,043 million SEK.
- Rental income increased by 7% to 3,150 million SEK for the first nine months of 2024.
- The company signed new leases worth 96 million SEK in the last quarter, marking a record high level for a third quarter.
- The occupancy rate remains strong at 93% across their portfolio, indicating stable demand.
- Wihlborgs Fastigheter AB (FRA:1EJ) has a robust pipeline of ongoing projects and future investments, indicating potential for growth.
- Higher financing costs have increased by 2.5 times, impacting the financial net.
- The equity assets ratio has slightly decreased compared to 12 months ago.
- The interest cover ratio has decreased to 2.5 times, reflecting the impact of higher interest rates.
- There is a potential for increased vacancy rates due to new projects and acquisitions.
- The company faces challenges in the current economic environment, with some businesses struggling.
So welcome to the presentation of the Wihlborgs nine month '24.
Our tenants continue to need development and as long as we continue to develop, at least at the same pace, we will continue to be relevant.
A really good volume of the rental business also in Q3 and Q4 has already started in a good way, but nothing is done by itself and now it's important for several businesses to be persistent every day has new challenges and new opportunities. I love the Japanese expression, Kaisen and of course, I love Wihlborgs. Let's go to our report and a summary of Q3, a new record in rental income for one quarter, 1,043 million net letting positive and record gross letting for third quarter. The demand for good quality in good location continues higher financing costs by 2.5 times and average into trade declining quarter on quarter and we continue with our investments for future growth. The results for nine months, '24 rental income increased by 7% to 3,150 million and operating surplus also increased by 7% to 2,244 million.
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