Sweden's Eastnine property portfolio grows 27% after Warsaw deal
Sweden's Eastnine property portfolio grows 27% after Warsaw deal
Overview
Sweden-based office landlord's property portfolio grew 27% in Q3 compared with the previous quarter after Warsaw acquisition
Rental income for Jan–Sep was flat yr/yr; comparable portfolio revenue rose 1.4%
Profit from property management and net income declined for Jan–Sep vs prior year
Outlook
Eastnine expects The Bridge property to be fully occupied in Q4 2027
Company expects profit per share from property management to rise to EUR 0.36 upon full occupancy
Company anticipates surplus ratio to reach 93.2% and yield 6.2% at full occupancy
Result Drivers
WARSAW ACQUISITION - Co said purchase of The Bridge in Warsaw drove portfolio growth and is expected to provide long-term cash flows
COMPARABLE PORTFOLIO GROWTH - Rental income in comparable portfolio rose 3% in Q3, supported by high occupancy and stable demand
PROPERTY MANAGEMENT COSTS - Establishment of in-house property management weighed on property expenses
Company press release: ID:nWkrc5ln3Q
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
9M Rental Income |
| EUR 46.15 mln |
|
9M Net Income |
| EUR 26.39 mln |
|
9M Operating Income |
| EUR 42.05 mln |
|
9M Profit From Property Management |
| EUR 23.44 mln |
|
Reuters Recommended Reads
Oct 21 - Sweden's Wihlborgs 9-month rental income rises on new leases, projects and renegotiation
Oct 21 - Sweden's Neobo Q3 profit from property management rises on lower costs
Oct 21 - Fabege Q3 profit rises on residential development
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)