Positive net leasing in both Q4'22 and 2022 Finalised divestments and more to come Net LTV of 73.5% and increasing to 77.0% in Q4'23e Rental income increased ~11% q-o-q in Q4'22 Oscar Properties reported rental income and NOI of SEK 119m and SEK 82m,...
Likely high indexation: positive for rental growth Steep interest hikes limit prospects for the share ~60-70% below peers on P/EPRA NRV ’22-‘24e Cost inflation mostly forwarded to tenants We note that ~half of OP’s property portfolio is located in electricity...
Old projects marked off – positiveLikely a net seller in the coming quarters We trim rental income and NOI by ~10-15%Positive net letting in Q2 and liquidity injection in Q3eQ2 was affected by many one-offs, most prominently ~SEK -35m from a settled ...
Net operating income -17% vs. ABGSCeIFPM in earnings capacity down ~50%Occupancy rate at 87% (88% in Q1)Negative income from property management and net profitRental income came in at SEK 105m (51m), compared to our forecast of SEK 116m. Net operating...
Top-line estimates up due to acquisitionsCEPS and NRV estimates down on higher interest rates~19x P/IFPM and ~0.40x P/EPRA NRV in 2023eAcquisition outlook relatively well offWe note that OP signed ~SEK 1.3bn of acquisitions of in Q2 when most competitors...
SEK 1.1bn acquisition announced at ~SEK 6,500 p. sqm Adds 34% to earnings capacity IFPM (gross)Debt financing secured at lower-than-average int. rateAcquired at lower price than recent Kvalitena acquisitionThis morning, Oscar Properties announced a SEK...
Positive top line revisions while lowered NOI marginBorrowing terms should improve even with higher repo‘24e P/IFPM of ~13x and P/EPRA NRV of 0.35xThe occupancy rate possibly troughed in Q1 We increase our rental income estimates based on 1) higher indexation...
Rental income +5% vs ABGSCeSome questions around higher costs~50% below peers on ’22e P/EPRA NRVEarnings capacity IFPM up 9% in absolute numbers Rental income came in at SEK 114m, 5% above our forecast of SEK 108m, while net operating income was SEK ...
Company activitiesOscar Properties approaches sustainability from three focus areas: (1) sustainable properties, (2) responsible enterprise and (3) responsibility as an employer. It aims to develop properties that will stand the test of time, both in...
Added details on the means of reaching SEK 20bnExpect acquisitions in industrial/logisticsReduced financing costs a major focus aheadBuilding blocks for 2024 target unveiled Oscar Properties targets a property value of SEK 20bn, which is ~SEK 13bn more...
Improved balance sheet metrics in Q4 and 2021We continue to see potential for lower financial costs~50% below peers on P/EPRA NRVNet financial beat due to one-off, benefits CEPS Our rental income and net operating income estimates are up due to an adjustment...
Net operating income roughly in lineNet LTV of 71% from 81% in Q3~40% below peers on ’22 and 23e P/EPRA NRVFirst quarter w/ positive income from property managementRental income came in at SEK 81m (4m) compared to our forecast of SEK 78m. Net operating...
SEK 6.7bn across Sweden, yielding ~6%We expect acquisitions to continueTrades at ~45-50% below comparable peersComing quarters will reveal its prop. management abilitiesWithina year of its strategic transition from a residential developer to a property...