Swedish Logistic Property (SLP) Q2 2024 earnings summary

Executive summary

• Achieved strong profit and rental income growth in H1 2024, with high satisfaction despite a challenging macro environment.

• Maintained robust demand for logistics properties, with occupancy rates near 95% and average tenancy periods of 6 years.

• Surpassed 2025 sustainability targets early, achieving 50% certified area and 72% sustainable financing.

• Continued focus on acquisitions and development, expanding the portfolio to 105 properties valued at SEK 12 billion.

• Earnings per share after dilution reached SEK 1.45, up from SEK 0.65 year-over-year.

Financial highlights

• Rental income increased by 19% year-over-year to SEK 335 million, driven by acquisitions, CPI indexation, and property management.

• Net operating income rose by 23% to SEK 286 million, with comparable holdings up 8% from the previous year.

• Profit from property management increased by 26% to SEK 182 million.

• Net asset value per share grew by 7% to SEK 26.97 in the first half.

• Value changes for investment properties totaled SEK 217 million.

Outlook and guidance

• Major ongoing projects to be completed by year-end, expected to add SEK 80 million in annual net operating income starting Q1 2025.

• Continued focus on acquisitions, development, and sustainability to drive NAV and profit growth.

• Updated sustainability and financial goals to be presented during the year.