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5/3/2024 | 8:00 AM (CEST)

Interim Report January–March 2024


“In the wake of the struggle against inflation, we are seeing a more hesitant rental market. However, Castellum’s net leasing was positive during the quarter, income from property management increased by 13.2 per cent and net operating income by 5.3 per cent. We are prepared for a tougher rental market and have the financial muscle to offset fluctuations in the business cycle. Following the rights issue, profit generation and property sales, Castellum has repaid debt of just over SEK 16 Bn and now has a loan-to-value ratio of 38.2 per cent and available liquidity of SEK 25 Bn. This provides the company with resilience and the possibility of acting on profitable investment opportunities that we see in our own large development portfolio for many years to come,” says Joacim Sjöberg, Chief Executive Officer of Castellum AB.

January–March 2024

  • Income totalled SEK 2,449 M (2,451). In the like-for-like portfolio, rental income increased 2.9 per cent (10.7).
  • New leases have been concluded for 64,000 square metres (69,000) and an annual rent of SEK 128 M (131). Net leasing totalled
    SEK 3 M (-52) for the period and SEK -12 M (84) for the last 12 months.
  • Net operating income totalled SEK 1,618 M (1,536), corresponding to an increase of 5.3 per cent.
  • Income from property management totalled SEK 1,148 M (1,014), corresponding to an increase of 13.2 per cent.
  • Net investment totalled SEK 235 M (413), of which SEK 448 M (708) pertains to new construction, extensions and reconstructions,
    SEK 33 M (6) to acquisitions and SEK -246 M (-301) to sales.
  • Changes in value of investment properties for the period totalled SEK -1,019 M (-5,968), corresponding to -0.7 per cent (-3.9). The value of the property portfolio amounted to SEK 137.2 Bn (137.6) at the end of the period.
  • The loan-to-value ratio was 38.2 per cent (37.4).
  • The interest coverage ratio for the latest twelve-month period was 3.2 (3.4) and interest-rate hedging was applied to 64 per cent (73) of the loan portfolio at the end of the period.

Annex: Interim report January–March 2024

For further information, please contact:
Joacim Sjöberg, Chief Executive Officer, Castellum AB, +46 8 503 052 00
Jens Andersson, Chief Financial Officer, Castellum AB, +46 (0)76 855 67 02

Documents and files

Castellum Interim Report Jan March 2024 (PDF)

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