Backaheden Fastighets (BACKA) Q2 2024 earnings summary

Executive summary

• Rental income including service charges rose to 33,595 tkr for Jan–Jun 2024, up from 25,380 tkr year-over-year.

• Net operating income increased to 28,418 tkr from 19,377 tkr year-over-year.

• Result for the period improved to 4,810 tkr from -1,917 tkr year-over-year, despite a Q2 loss of -1,733 tkr.

• 100% occupancy rate as of June 30, 2024, with major tenants including Santa Maria and Hedin Group.

• No significant events occurred during or after the reporting period.

Financial highlights

• Rental income for Q2 2024 was 16,118 tkr, up from 12,162 tkr in Q2 2023.

• Net operating income for Q2 2024 reached 14,576 tkr, up from 9,092 tkr in Q2 2023.

• Result per share for Jan–Jun 2024 was 0.95 kr; adjusted for unrealized value changes, 3.43 kr.

• Market value of properties as of June 30, 2024, was 1,045,949 tkr, up from 824,000 tkr year-over-year.

• Cash flow from operations for Jan–Jun 2024 was 13,925 tkr; investments in properties totaled -71,938 tkr.

Outlook and guidance

• Ongoing tenant adaptations at Hede 3:122 expected to complete by year-end 2024.

• Construction at Sparrhornet 3 progressing as planned, with tenant move-in approaching.

• Long-term earnings capacity per share estimated at 7.37 kr as of July 1, 2024.