Rec PTP -3% vs ABGSCe, driven by topline
New swap agreements of ~SEK 835m
Share to trade slightly below the sector
Q3 Rec PTP -3% vs ABGSCe
Fastpartner delivered a Q3 report with NOI -3% vs ABGSCe and +4% y-o-y. Net financial expenses came down by ~3% sequentially and was lower than our forecast, mitigating part of the NOI miss. Occupancy was flat q-o-q at 92.5% (92.6% adjusted for projects). We believe the topline miss versus our estimates partly is driven by delayed project completions. Projects such as a 4,500 sqm rebuild for Ahlsell ("Robertsfors 3") and a datacenter newbuild of 4,000 sqm for Conapto ("Stensätra 19") were scheduled for completion during Q3, but contribution now seems to be pushed into Q4. Management notes a cautious rental market where focus is on cost savings rather than expansion. In addition, FPAR has suffered no less than 16 tenant bankrupcties during the year.