Fabege, which during the third quarter has taken new bond loans for 3.1 billion, is pleased that the interest rate situation has started to decline.
"Our average interest rate has fallen slightly to 3.16 percent. We expect it to continue to fall during the end of the year", writes CEO Stefan Dahlbo in an interim report.
"A disappointment"
Rental income is decreasing to 847 million kronor in the third quarter, from 854 a year earlier. Net letting is at minus 11 million and the occupancy rate in the portfolio is decreasing to 89 percent, from 91 percent a year earlier.
"A disappointment", says Dahlbo about the increasing vacancies.
Unrealized changes in property values in the third quarter have also turned upwards and amount to plus 244 million, compared to minus 1.6 billion during the third quarter last year.
The management result is decreasing, to 353 million from 410 million a year earlier. And the result before tax is at 71 million – which can be compared to minus 1.2 billion a year earlier.
"Started to turn around"
Hans Wallenstam is also trying to focus on the positive signs.
"After a challenging time last year for Wallenstam, I can conclude that most things have started to turn around in 2024 and this report shows that the development continues", he says in a press release.
"Our management result and operating net are increasing again, the average interest rate has fallen even this quarter and on the balance sheet date the average interest rate is 2.95 percent, and the solidity is still strong", he adds.
Wallenstam's result before tax in the third quarter becomes a loss of 292 million, compared to a profit of 214 million a year earlier. Among other things, write-downs of property values by 22 million and write-downs of financial instruments and options by an additional 455 million are weighing down.
