Tingsvalvet Fastighets (TINGS) Q2 2024 earnings summary

Executive summary

• Q2 2024 marked by acquisition of 7 industrial properties (SEK 133m), divestment of 2, and a switch to Nasdaq First North Growth Market.

• Rights issue of B-shares raised SEK 59.8m to reduce leverage; preference share offsetting also completed.

• Property portfolio now 40 assets, 140,650 sqm, 96.2% occupancy, average lease 7.7 years.

Financial highlights

• Revenue for Jan–Jun up 17.6% to SEK 75.8m (64.5); operating surplus up 13% to SEK 60.3m (53.4).

• Management result down 13.7% to SEK 21.6m (25.1) due to higher financing costs and share issue.

• Net profit up 24.6% to SEK 23.4m (18.8), aided by SEK 9.3m property revaluation gains.

• Long-term NAV per share SEK 41.08 (44.98); equity ratio 44.6% (43.9).

• Loan-to-value 51.6% (53.2); average interest rate 5.79% (4.55).

Outlook and guidance

• Focus remains on acquiring and developing high-yield commercial properties with strong tenants.

• Growth dependent on continued access to capital; management optimistic about future expansion.