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Akademiska Hus Interim Report 1 January–30 September 2023: Strong net operating income and stable property values
Tuesday, 24 October 2023
Akademiska Hus has increased its net operating income compared with the previous year, but shows a slight decrease in income from property management as a result of lower net interest income. The yield requirement was raised, resulting in a change in value of investment properties for the quarter of SEK -611 million. The equity ratio was 48 per cent and is thus unchanged from the previous quarter.
The Interim Report in brief:
- Rental revenue was SEK 5,599 million (5,115).
- Net operating income amounted to SEK 4,176 million (3,897).
- Net interest income amounted to SEK -620 million (-296) and changes in the value of financial instruments amounted to SEK 23 million (1,324).
- Income from property management was SEK 3,411 million (3,454).
- Changes in the value of properties totalled SEK -789 million (3,357).
- Pre-tax profit for the period was SEK 2,646 million (8,135).
- Investments in redevelopment, extensions and new construction totalled SEK 1,790 million (1,742).
- Properties with a carrying amount of SEK 91 million (714) were sold.
- The yield (excluding properties under construction and expansion reserves) was 4.7 per cent (4.6) over the past 12 months.
“In line with our expectations, we have maintained our AA rating from Standard & Poor’s, a level we have held since 1996. This financial stability will enable us to develop and maintain our properties at the same high standards as before, despite challenging times,” says Caroline Arehult, CEO of Akademiska Hus.
Interim Report 3, 2023