October – December
- Rental income increased by 28.1 percent to SEK 193.5 million (151.0), of which SEK 44.1 million came from acquired properties in 2020 and 2021.
- Profit from property management increased to SEK 106.5 million (39.7), an increase of 168.3 percent.
- Changes in the value of properties amounted to SEK 619.9 million (190.0). For more information see page 11.
- After-tax profit for the quarter amounted to SEK 621.8 million (200.3). Earnings per Class A and Class B share amounted to SEK 4.74 (note 1) and per Class D share SEK 0.50 (note 1).
- Total acquisitions and investments in the quarter amounted to SEK 2,609.0 million (21.1).
- The fair value of the property portfolio at the end of the quarter was SEK 17,797.4 million (10,237.9).
January – December
- Rental income increased by 33.6 percent to SEK 733.2 million (548.6), of which SEK 147.5 million came from acquired properties in 2020 and 2021.
- Profit from property management increased to SEK 167.0 million (145.3), an increase of 14.9 percent. Adjusted for cost of early termination of the management agreement (see pages 11 and 21), profit from property management amounted to SEK 332.0 million.
- Changes in the value of properties amounted to SEK 2,207.0 million (452.5). For more information see page 11.
- Profit after tax for the period amounted to SEK 1,969.3 million (412.2). Earnings per Class A and Class B share amounted to SEK 15.60 (note 1) and per Class D share SEK 1.00 (note 1).
- Total acquisitions and investments during the period amounted to SEK 5,352.5 million (414.5).
- The fair value of the property portfolio at the end of the period was SEK 17,797.4 million (10,237.9).
- The Board of Directors proposes a dividend per Class A and Class B share of SEK 0.50 (ordinary SEK 0.67, extra ordinary SEK 1.56). The Board also proposes a dividend of
SEK 2.00 per Class D share (1.50) with quarterly payments of SEK 0.50.
1) No diluting instruments exists.
The CEO’s comments
A successful year
Intea can now turn the page on a year of expansion. The value of the property portfolio in 2021 increased by 74 percent and amounted to SEK 17,797 million at year-end. This increase was driven by a number of major acquisitions of property, lower market yield requirements and an increased value of the project portfolio. Rental income increased by 33.6 percent to SEK 733.2 million and profit from property management, adjusted for the cost related to the termination of the management agreement with Intea AB, increased by SEK 186.7 million to SEK 332.0 million.
High activity in the fourth quarter
On the acquisition side, we see the trend towards sustainable business continuing, while specialist companies are finding it easier to conduct business. It is particularly gratifying that towards the end of the quarter we were able to complete the acquisition of two law enforcement properties in Helsingborg for SEK 2.5 billion. The total lettable area amounts to 37,500 sqm, with an annual rent of about SEK 102.6 million. Moreover, as a result of this acquisition we will have a more even diversification among property categories in the portfolio, which is desirable in the longer term.
During the period, extensive efforts have been dedicated to expanding and refining the company’s project portfolio. It is worth mentioning that we have concluded negotiations for a new 25-year lease agreement for both the existing and a brand new train depot in Falköping. This exciting subcategory is partly new, with operations that are closer to traditional infrastructure.
The business is constantly evolving, but with customisation and long-term rental relationships with public-sector tenants as the basis.
Since its inception, Intea has developed into a pure specialist player with extensive expertise in social infrastructure. Public-sector tenants now account for 94 percent of all tenants, which is well above our target of over 90 percent.
Work is progressing to prepare the company for a listing on Nasdaq Stockholm’s main list. In connection with a listing, a shareholder distribution will be carried out of both existing and newly issued Class B shares and of existing Class D shares. We believe that investors will appreciate Intea’s dedicated focus on public-sector tenants and customised properties, in combination with good development opportunities.