Sweden's Eastnine property portfolio grows 27% after Warsaw deal

By Reuters News


Overview

  • Sweden-based office landlord's property portfolio grew 27% in Q3 compared with the previous quarter after Warsaw acquisition

  • Rental income for Jan–Sep was flat yr/yr; comparable portfolio revenue rose 1.4%

  • Profit from property management and net income declined for Jan–Sep vs prior year


Outlook

  • Eastnine expects The Bridge property to be fully occupied in Q4 2027

  • Company expects profit per share from property management to rise to EUR 0.36 upon full occupancy

  • Company anticipates surplus ratio to reach 93.2% and yield 6.2% at full occupancy


Result Drivers

  • WARSAW ACQUISITION - Co said purchase of The Bridge in Warsaw drove portfolio growth and is expected to provide long-term cash flows

  • COMPARABLE PORTFOLIO GROWTH - Rental income in comparable portfolio rose 3% in Q3, supported by high occupancy and stable demand

  • PROPERTY MANAGEMENT COSTS - Establishment of in-house property management weighed on property expenses


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

9M Rental Income

EUR 46.15 mln

9M Net Income

EUR 26.39 mln

9M Operating Income

EUR 42.05 mln

9M Profit From Property Management

EUR 23.44 mln


Reuters Recommended Reads

  • Oct 21 - Sweden's Wihlborgs 9-month rental income rises on new leases, projects and renegotiation

  • Oct 21 - Sweden's Neobo Q3 profit from property management rises on lower costs

  • Oct 21 - Fabege Q3 profit rises on residential development


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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