Prisma Properties AB (publ) (PRISMA) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome everyone to today's presentation of our Q1 in 2025, where Martin and I will take you through the key events and financial highlights from this quarter. We kicked off 2025 with strong momentum. Our strategy continues to deliver results and we've grown in both scale and quality. If we look at our highlights, after closing the quarter, we'll enter into an agreement to acquire three properties from MP3 for a total of 463 million SEC, further strengthening our footprint in key regional cities with good growth, grocery and discount retail. In Q1, we continue to see strong rental income growth with 20% increase year over year. Our rental income reached 113 million SEC, up from 94 million. This growth was driven by acquisitions, completed projects and CPI adjusted leases. Net operating income increased with 16%, reaching 94 million compared to 81 million in Q1-24. Property costs were temporarily high in the quarter due to provision for bad debt, a minor non-core tenant and increased cost in our property in Häggvik in connection with a transition to in-house management. Adjusted profit from property management increased to 45 million, up from 25 million last year, an increase of 80%. Property valuation yield remained unchanged compared to December-24, an unrealized value change amounted to 56 million, reflecting the continuing strength of our portfolio. We made acquisitions of total 108 million during the quarter, and this involved five properties with dinners as tenants and the acquisition in Lycksele. This quarter we have continued to sign several new long lease agreements, strengthening our presence in both Sweden and Denmark, and netletting this quarter amounted to 17 million. WALT decreased slightly from 8.7 to 8.4 years, and our occupancy rate remained strong at...