April – June
- Rental income increased by 17.3 percent to SEK 221.0 million (188.4), SEK 52.0 million (25.9) of which came from properties acquired in 2021.
- Profit from property management increased to SEK 125.5 million (-99.3), an increase of SEK 224.8 million. For more information see page 11.
- Changes in the value of properties amounted to SEK 77.8 million (265.2). For more information see page 11.
- After-tax profit for the quarter amounted to SEK 344.2 million (124.8). Earnings per Class A and Class B share amounted to SEK 2.31 and per Class D share SEK 0.50.
- Total acquisitions and investments in the quarter amounted to SEK 280.4 million (190.5).
- The fair value of the property portfolio at the end of the quar¬ter was SEK 18,642.9 million (13,411.4).
The CEO’s comments
The turbulence that marked the beginning of the second quarter of 2022 continued throughout the period. Market and world events negatively impacted Intea’s operations, although its long leases with public-sector tenants mitigate the effect on the company compared with other companies in the industry. The value of the property portfolio increased by SEK 846 million and at the end of the period amounted to SEK 18,643 million, driven mainly by an increase in the value of the project portfolio. Rental income increased by 27.9 percent to SEK 452.9 million and profit from property management improved by SEK 300.9 million to SEK 261.0 million compared with the same period the previous year.
Intea has a strategy of continuous stable growth, which we will achieve through carefully selected acquisitions combined with project development of existing and new properties. In April 2022, work began on a new building in Arninge in the municipality of Täby for the Swedish Police. The new police station is expected to have a lettable area of approximately 7,500 sqm. In May 2022, the Prison in Härnösand, which has undergone extensive renovation and reconstruction for more than a year, reopened. With the completion of the prison, Intea's share of public-sector tenants has increased to 95 percent and the average contract length of the portfolio is 6 years.
In the current market, Intea sees an increased flow of high quality property units at increasingly attractive levels and to increase the financial capacity of the company, the owners injected SEK 750 million in new capital in June 2022.
The preparations for listing the company on Nasdaq Stockholm's main list have been suspended because of the current market situation.
Read the full report below
Intea Fastigheter AB (publ) – Interim Report January - June 2022
For further information, please contact:
Henrik Lindekrantz, CEO, +46 (0) 732-08 81 02
Eva Bång, CFO, +46 (0) 702-20 14 69
Intea was founded in 2015 with a focus on long-term active ownership of social infrastructure. At 30 June 2022, the value of the company’s property portfolio amounted to SEK 18.6 billion, with a lettable area of 457,000 sqm. The portfolio consists of properties and projects with public-sector tenants in segments such as justice, higher education and health care. Find out more at www.intea.se. www.intea.se.