July – September
- Rental income increased by 19.5 percent to SEK 221.7 million (185.5), SEK 53.9 million (38.1) of which came from properties acquired in 2021 and 2022.
- Profit from property management increased to SEK 122.8 million (108.6), an increase of SEK 14.2 million. For more information see page 11.
- Changes in the value of properties amounted to SEK -38.1 million (1,044.4). For more information see page 11.
- After-tax profit for the quarter amounted to SEK 121.8 million (927.1). Earnings per Class A and Class B share amounted to SEK 0.65 (note 1) and per Class D share SEK 0.50 (note 1).
- Total acquisitions and investments in the quarter amounted to SEK 1,124.5 million (112.8).
- The fair value of the property portfolio at the end of the quarter was SEK 19,729.2 million (17,797.4).
1) No diluting instruments exist.
The CEO’s comments
In the third quarter of 2022, the company continued to adapt to the new global environment and market situation. The strength of Intea's defensive assets with long leases with public-sector tenants entails relative advantages in an uncertain market environment with rising tenant and credit losses. Continuing to acquire properties as below, with high quality in the company's core areas even during an economic downturn is important to maintain quality and profitable growth in the portfolio. The value of the property portfolio is approaching a long-awaited milestone of SEK 20 billion and amounted to SEK 19.7 billion at the end of the period. Rental income of SEK 674.7 million increased by 25% year on year, while profit from property management increased to SEK 383.7 million.
Two deals were completed during the quarter. In July, Rönneholm Castle was acquired, including the Ringsjön prison, a class 3 women's prison with 40 places, and 180,000 sqm of land. The underlying property value was SEK 42.9 million and the contractual annual rental value amounts to SEK 5.9 million.
Another acquisition was completed in September, this time through a majority stake in a company that owns properties
with tenants that include the University of Skövde and Skövde municipality. The total lettable area of the two properties is
27,700 sqm. The contractual annual rental value amounts to SEK 42.3 million per year and the share of public-sector tenants is 98.5 percent.
The work to prepare the company for an IPO on Nasdaq Stockholm's main list is still on hold due to the current market situation.