Swedish Logistic Property (SLP) Q3 2024 earnings summary

Executive summary

• Rental income increased by 20% to SEK 516m for Jan–Sep 2024, with net operating income up 23% to SEK 445m and profit from property management up 26% to SEK 286m.

• Net asset value (NAV) per share rose 13% year-over-year to SEK 28.64.

• Earnings per share after dilution reached SEK 1.73, up from SEK 1.44 last year.

• SLP completed SEK 971m in property acquisitions, adding 113,000 m² of lettable area and SEK 84m in rental value.

• 100% of new production is environmentally certified, and 75% of financing is classified as sustainable.

Financial highlights

• Property value at period end was SEK 12,446m, up from SEK 9,534m a year earlier.

• Value changes in investment properties totaled SEK 289m, all unrealized.

• Interest coverage ratio improved to 3.1x, and the equity/assets ratio is 41.7%.

• High cash position (SEK 1,016m) supports future investments.

• Sustainable financing reached SEK 4,458m, 75% of the loan portfolio.

Outlook and guidance

• Strong demand for logistics properties continues, with indexed rental agreements and a robust pipeline for further acquisitions.

• Management expects continued growth in profit from property management and NAV per share, supported by ongoing acquisitions and development projects.

• Falling market interest rates and lower margins are expected to further improve financial results.

• SLP is well positioned for continued growth, supported by secured bank financing and ongoing sustainability initiatives.