Castellum: High level of activity and stable earnings

Rhea-AI Summary

Castellum reported a strong financial performance for Q1 2021, with total income reaching MSEK 1,502, up from MSEK 1,476. Net income surged to MSEK 3,840 from MSEK 482 year-on-year, translating to SEK 13.90 per share. The EPRA NRV increased by 14%, reaching SEK 220 per share. However, income from property management declined by 3%, totaling MSEK 779. The company engaged in significant property sales, totaling SEK 10 billion, to optimize its portfolio in response to market conditions. Share repurchase plans were initiated to enhance shareholder value.

Positive

• Net income for Q1 2021 increased to MSEK 3,840 from MSEK 482, representing substantial growth.
• EPRA NRV rose by 14%, reaching SEK 220 per share, indicating strong asset value.
• The company executed major property sales worth SEK 10 billion, positioning itself favorably in the market.

Negative

• Income from property management decreased by 3% to MSEK 779, suggesting challenges in this segment.
• Net lettings for the period significantly dropped to MSEK 40 from MSEK 99.

GOTHENBURG, Sweden, April 21, 2021 /PRNewswire/ --

• Income for the period January–March 2021 totalled MSEK 1,502 (1,476).
• Income from property management amounted to MSEK 779 (794), equivalent to SEK 2.82 (2.91) per share – a change of –3%.
• Change in value on properties amounted to MSEK 1,607 (3) and on derivatives to MSEK 19 (–167).
• Net income for the period amounted to MSEK 3,840 (482), corresponding to SEK 13.90 (1.76) per share.
• Long-term net reinstatement value (EPRA NRV) amounted to SEK 220 per share (193), an increase of 14%.
• Net investments amounted to MSEK –9,014 (643) of which MSEK 177 (75) pertained to acquisitions, MSEK 688 (568) to new construction, extensions and reconstructions, and MSEK –9,879 (0) to sales.
• Net lettings for the period were MSEK 40 (99).
• In order to promote increased shareholder value, the Board has after the end of the period decided to repurchase own shares by virtue of the authorisation from the 2021 Annual General Meeting.

"We have started the year with a high level of activity in the property portfolio for the purpose of streamlining and meeting customers' increasing demands, primarily in the warehouse and logistics segment. Our strategy behind the major sales in logistics has been to benefit from the drastically lowered yields, to sell older properties for SEK 10 billion in two transactions and to make major valuation gains.", says Henrik Saxborn, CEO at Castellum AB.

Annex: Interim report January-March 2021

This information is information that Castellum AB is obligated to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below at 8:00 a.m. CET on 21 April 2021.

For further information, please contact:

Henrik Saxborn, CEO Castellum AB, +46 706-94 74 50

Ulrika Danielsson, ekonomi- och finansdirektör Castellum AB, +46 706-47 12 61

About Castellum

Castellum is one of the Nordic region's largest listed real estate companies with a property value of approximately SEK 96 billion. We are active in 14 Swedish growth regions as well as in Copenhagen and Helsinki. Every day, 250,000 people go to work in our premises. We develop flexible workplaces and logistics solutions with a lettable area of 3.8 million square meters. One of our sustainability goals is to be entirely climate neutral by 2030. Castellum is the only Nordic real estate company selected by the Dow Jones Sustainability Index (DJSI). The Castellum share is listed on the Nasdaq Stockholm Large Cap.

Beyond expectations.

www.castellum.se

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https://news.cision.com/castellum/r/high-level-of-activity-and-stable-earnings,c3328641

The following files are available for download:

https://mb.cision.com/Main/8364/3328641/1404597.pdf	Castellum_Interim_report_Q1_2021
https://mb.cision.com/Public/8364/3328641/ada073ef49bb859c.pdf	Press release 210421

View original content:http://www.prnewswire.com/news-releases/castellum-high-level-of-activity-and-stable-earnings-301273456.html

SOURCE Castellum

FAQ

What was Castellum's net income for Q1 2021?

Castellum's net income for Q1 2021 was MSEK 3,840, significantly up from MSEK 482 in the previous year.

How did Castellum's property management income change in Q1 2021?

Income from property management decreased by 3% to MSEK 779 in Q1 2021.

What is Castellum's EPRA NRV for Q1 2021?

The EPRA NRV for Castellum stood at SEK 220 per share, reflecting a 14% increase year-on-year.

What significant transactions did Castellum undertake in Q1 2021?

Castellum completed significant property sales totaling SEK 10 billion to optimize its portfolio.