Interim Report 1 January–31 March 2023: Stable performance despite challenging market
Wednesday, 26 April 2023
Akademiska Hus increases its net operating income compared with the previous year and the management result has improved. The company’s assessed property value was adjusted downwards in the quarter by SEK 354 million in response to rising interest rates and market uncertainty.
The Interim Report in brief:
- Rental revenue was SEK 1,897 million (1,701).
- Net operating income totalled SEK 1,341 million (1,259).
- Net interest income amounted to SEK -166 million (-93) and changes in the value of financial instruments amounted to SEK -99 million (657).
- The management result was SEK 1,128 million (1,117).
- Changes in the value of properties for the quarter totalled SEK -354 million (3,529).
- Profit before tax for the period amounted to SEK 675 million (5,303).
- Investments in redevelopment, extensions and new construction totalled SEK 424 million (647).
- Properties with a carrying amount of SEK 91 million (-) were sold during the quarter. The capital gain amounted to SEK 4 million (-).
- The yield, excluding properties under construction and expansion reserves, was 4.8 per cent (4.8) over the past 12 months.
“Despite a challenging market with rising yield requirements and falling property values, Akademiska Hus has delivered a stable performance. We continue to focus on driving sustainable development and creating value for the higher education institutions, our owner and society. We are developing our project operations and have taken several decisions to carry out renovations in 2023. We are also maintaining the planned pace of maintenance activities, while continuing to develop our existing portfolio,” says Caroline Arehult, CEO of Akademiska Hus.