Nivika Fastigheter (NIVI) Q6 2024 summary

Executive summary

• Rental income increased by 17% to 188 MSEK in Q4, with net operating income up 18% to 130 MSEK and property management profit rising 47% to 56 MSEK.

• Economic occupancy rate remained high at 95% for commercial and 96% for residential properties.

• The company acquired or agreed to acquire multiple properties valued at about 300 MSEK, with three taken over.

• New financing agreements totaling about 3 billion SEK were signed, including refinancing and an expanded RCF facility.

• The board proposes a dividend of 0.64 SEK per share, distributed over four payments.

Financial highlights

• Property value increased to 11,788 MSEK (+11% year-on-year).

• Net operating income for the 16-month period was 655 MSEK; rental income totaled 923 MSEK.

• Earnings per share for the period was 2.08 SEK, up from -4.39 SEK last year.

• Net loan-to-value ratio improved to 46.9%; interest coverage ratio at 2.0x.

• Surplus ratio for the period was 71%.

Outlook and guidance

• Current earnings capacity for the next 12 months is estimated at 760 MSEK in rental income and 258 MSEK in property management profit.

• Ongoing projects are expected to add 38 MSEK in rental income and 34 MSEK in net operating income.

• Focus remains on acquiring high-yielding properties and improving cash flow and earnings per share.

• Letter of intent signed for a new production facility in Gislaved, to be completed autumn 2026.

• Property management profit per share is expected to increase to 2.69 SEK.