Fleming Properties (FLMNG) Q3 2024 earnings summary

Executive summary

• Revenue for Jan–Sep 2024 was TEUR 5,745, up from TEUR 5,520 year-over-year.

• Net operating income for the period was TEUR 4,559, compared to TEUR 4,384 last year.

• Profit from property management declined to TEUR 2,423 from TEUR 3,038 due to higher financing costs.

• Profit/loss for the period improved to TEUR -1,729 from TEUR -2,199 year-over-year.

• Loan-to-value ratio decreased to 47% (from 63%) after refinancing and debt reduction.

Financial highlights

• Q3 2024 revenue was TEUR 1,929, slightly up from TEUR 1,902 in Q3 2023.

• Q3 net operating income was TEUR 1,583, up from TEUR 1,553 year-over-year.

• Q3 profit from property management dropped to TEUR 391 from TEUR 1,089.

• Q3 profit for the period was TEUR 329, down from TEUR 831 in Q3 2023.

• Unrealised changes in property value for Jan–Sep 2024 were TEUR -4,655.

Outlook and guidance

• Tenant adaptations for a new 15-year lease are progressing, with completion expected by year-end.

• Lettings market remains challenging, but management is cautiously optimistic about new tenant discussions.

• After the period, a new five-year lease was signed for 438 sqm, occupancy in March 2025.