2024 opens with a new record level in profit from property management, in spite of lower occupancy rate and higher financing expenses. This improvement, compared to the first quarter of 2023, is attributable to interest income.
January-March 2024
- Rental income is materially unchanged, amounting to
EUR 9,064k (9,051). -
Net operating income was
EUR 8,359k (8,376), corresponding to a surplus ratio of 92 percent (93) . -
Profit from property management increased by 17 per cent to
EUR 5,326k (4,549), corresponding toEUR 0.24 per share (0.20). The increase is primarily due to interest income. -
Unrealised value changes amounted to
EUR 2,250k (-18,115). Of these changes,EUR 1,534k (-16,811) is attributable to real estate andEUR 716k (-1,304) to derivatives. Unrealised value changes in properties corresponded to 0.3 per cent. -
Realised value changes and dividends were zero (
EUR 444k ). -
Profit/loss for the period amounted to
EUR 5,032k (-11,708), corresponding toEUR 0.23 per share after dilution (-0.53). -
Net letting amounted to
EUR -263k (65). The economic occupancy rate was 92.7 percent (93.1) . -
The property value was
EUR 576m (574) at the end of the period.
Key events during the first quarter
- The property
Uptown Park inVilnius has received the sustainability certification LEED Platinum for an existing building. 100 per cent of Eastnine's property portfolio is now sustainability-certified. -
Bank loans totalling
EUR 62m have been refinanced during the quarter. After refinancing, there are now remain onlyEUR 23m of bank loans to refinance in 2024. -
The lease agreement with
Danske Bank for around 14,500 sq.m. in S7-3 inVilnius has been extended for five years. It now expires inFebruary 2030.
CEO comment
Profit from property management at new record level
Eastnine has had a strong beginning to 2024, presenting a profit from property management exceeding every previous quarter. This is a fact in spite of a hesitant market and with a policy rate remaining at the highest level since 2008.
New record level earnings
Eastnine's profit from property management increased by 17 per cent compared to the same period last year, resulting in the highest quarterly earnings ever - in spite of a somewhat hesitant rental market. Rental income has been positively impacted by an annual index adjustment of slightly more than 3 per cent, but has also been negatively affected by a lower occupancy rate. The occupancy rate at the end of March, at 92.7 per cent, is 0.4 percentage points lower than at the turn of the year, and 3.9 percentage points lower than in
Financing and important key figures
During the quarter, Eastnine has refinanced the majority of the loans maturing in 2024. Only
Stable property values
Unrealised value changes in Eastnine's property portfolio amounted to
Entire property portfolio certified
During the quarter, Eastnine has reached its long-term goal of obtaining sustainability certifications for the entire portfolio. The property
Focus on Poland
Ten years ago, Eastnine acquired its first property, and over the past five years the property portfolio has doubled in size. The entire portfolio is located in
Report presentation
The interim report is presented on Thursday
An investor presentation will be available at www.eastnine.com. A recording of the webcast will also be available afterwards on the company's website.
For more information contact:
Visit www.eastnine.com
This information is information that
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