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Caroline Arehult
070 553 80 26
Peter Anderson
CFO (Chief Financial Officer)
070 690 65 75

Akademiska Hus Interim Report 1 January–30 September 2022: Stable despite troubled times

Monday, 24 October 2022

Akademiska Hus Interim Report 1 January–30 September 2022

Akademiska Hus increases its net operating income compared with the previous year and profit before changes in value and tax improved. Rising interest rates and uncertainty in the market caused the company’s estimated property value to be adjusted downwards by SEK 1.7 billion for the quarter.

The Interim Report in brief:

  • Rental revenue was SEK 5,115 million (4,898).
  • Net operating income amounted to SEK 3,897 million (3,610).
  • Profit before changes in value and tax was SEK 3,454 million (3,210).
  • Changes in property values amounted to SEK 3,357 million (8,009). For the quarter, the changes in value amounted to SEK -1,654 million (2,092).
  • Net interest income amounted to SEK -29 million (-262) and changes in the value of financial instruments amounted to SEK 1,324 million (506).
  • Profit before tax amounted to SEK 8,135 million (11,725) and profit for the period was SEK 6,460 million (9,738).
  • Investments in redevelopment, extensions and new construction totalled SEK 1,742 million (1,937).
  • Properties worth SEK 714 million (2,264) were sold during the year. The capital gain amounted to SEK 8 million (29). Properties worth SEK 110 million (0) were acquired during the year.
  • The yield (excluding properties under construction and expansion reserves) was 4.7 per cent (4.7) over the past 12 months.

“The turbulent times continue to affect the property industry and society at large. It is therefore especially valuable to have a robust and flexible organisation that can handle the challenges that arise. We have had a price hedging strategy for a long time, in which we gradually hedge the electricity price. This strategy moderates the increase in costs, though despite this, when market prices rise, electricity prices will be affected upwards for us as well as for our customers. Like most property companies, we also have a clause in our rental agreements that entails an increase in rental prices based on inflation measured in the consumer price index (CPI). We understand that centres of education, like other tenants, can be greatly affected by these rate hikes, which make it even more important for us to support customers through efficiency improvements in our premises, as well as other areas that affect their costs,” says Caroline Arehult, CEO of Akademiska Hus.