“Castellum’s core business continues to deliver stable earnings. Positive net leasing during the quarter and an increase in net operating income show that in many respects, Castellum’s strategy is sustainable over the long term. Despite the slowdown in the economy, Castellum secured and renegotiated leases valued at SEK 117 M during the quarter and we noted higher levels of turnover in the office segment, with increased demand for premises in central locations. Income of SEK 7,388 M corresponds to an increase of SEK 656 M over the year-earlier period”, says Joacim Sjöberg, CEO of Castellum AB.
- Income totalled SEK 7,388 M (6,732). In the like-for-like portfolio, rental income increased 9.6 per cent (5.2).
- Net operating income totalled SEK 4,939 M (4,470), corresponding to an increase of 10.5 per cent.
- Income from property management totalled SEK 3,343 M (3,598), corresponding to a decrease of 7.1 per cent.
- Property sales of SEK 3,711 M (2,564) were concluded, in line with the carrying amounts.
- The loan-to-value ratio was 37.8 per cent (42.3).
- The interest coverage ratio totalled 3.1x (4.4) during the period, and interest-rate hedging was applied to over 64 per cent of the loan portfolio.
- During the quarter, a new bond was issued for the first time since Q2 2022, totalling SEK 1 Bn with a two-year maturity.
Attachment: Interim report January-September 2023
For further information, please contact:
Joacim Sjöberg, CEO Castellum AB, +46 8 503 052 00
Jens Andersson, CFO Castellum AB, +46 76 855 67 02