Backaheden Fastighets (BACKA) Q3 2024 earnings summary

Executive summary

• Rental income including service charges rose to 49,603 tkr for Jan–Sep 2024, up from 38,205 tkr year-over-year.

• Net operating income reached 43,049 tkr for the period, compared to 30,559 tkr last year.

• Net profit for Jan–Sep 2024 was 16,602 tkr, up from 10,196 tkr year-over-year.

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

• New property completed and tenants Hedin Helsingborg Bil AB and Dekra Automotive AB moved in during Q3.

Financial highlights

• Q3 2024 rental income including service charges was 16,008 tkr, up from 12,825 tkr in Q3 2023.

• Q3 net operating income was 14,632 tkr, up from 11,182 tkr year-over-year.

• Q3 net profit was 11,792 tkr, slightly down from 12,113 tkr in Q3 2023.

• Adjusted EPS for Jan–Sep 2024 was 5.14 kr (5.87 kr), and for Q3 1.71 kr (1.89 kr), excluding unrealized value changes.

• Market value of properties as of September 30, 2024, was 1,073,285 tkr, up from 984,000 tkr year-over-year.

Outlook and guidance

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

• Long-term rental agreements in place, with Santa Maria's lease running for eight more years and Hedin Group for about twelve.

• Rolling 12-month earnings capacity per share estimated at 8.08 kr as of October 1, 2024.