Heba strengthens income from property management in H1 2024
Heba is reporting stronger income from property management in the first half of 2024. Income from property management increased by 10% to SEK 112.8m (102.8), excluding commonhold apartment income from jointly controlled entities in the same period in 2023.
The NOI margin for the period increased to 71.6% as compared to 69.8% in the preceding period. Comprehensive income for the interim reporting period remains negative, mainly due to adverse changes in the value of properties. The change in the value of properties was SEK -51.4m (-647.3) for H1 2024, corresponding to -0.4% (-4.1), but there was no change in value in Q2.
Heba signed agreements during the quarter to acquire a senior living facility comprising 54 apartments in Täby and to exit two residential properties in Midsommarkransen. The close of both transactions is planned for September 2024.
Once again, Heba’s H1 performance is a sign of strength and evidence that we are doing things the right way. The acquisition of another public building in Täby is aligned with our target to increase the share of net operating income generated by public buildings. We have an outstanding project portfolio and will begin building a couple of these projects this year, says Heba Fastighets AB CEO Patrik Emanuelsson.
Key figures for the interim reporting period, January-June 2024:
• The loss for the interim reporting period was SEK -22.6m (-388.6), corresponding to SEK -0.14 (-2.35) per share.
• Income from property management increased by 10% to SEK 112.8m (102.8) excluding commonhold apartment income from jointly controlled entities.
• Rental income amounted to SEK 276.2m (289.3).
• Net operating income (NOI) was SEK 197.7m (201.9).
• The change in the value of properties was SEK -51.4m (-647.3).
Heba will present results for the first half of 2024 in a pre-recorded video. The video will be published on ir.hebafast.se after the report is released.