Wallenstam's share has fallen by 3.8 percent in afternoon trading, while Fabege is down 3.6 percent.
Fabege, which took out new bond loans for SEK 3.1 billion during the third quarter, is pleased that the interest rate level has begun to fall back.
"Our average interest rate has fallen slightly to 3.16 percent. We expect it to continue to fall by the end of the year," writes CEO Stefan Dahlbo in an interim report.
"A disappointment"
Rental income, however, fell to SEK 847 million in the third quarter, from SEK 854 a year earlier. Net letting was minus SEK 11 million, and the occupancy rate in the portfolio fell to 89 percent, from 91 percent a year earlier.
"A disappointment," says Dahlbo about the increase in vacancies.
Unrealized changes in property values in the third quarter have also turned upwards and amount to plus SEK 244 million, compared to minus SEK 1.6 billion in the third quarter last year.
The management result, however, fell back to SEK 353 million from SEK 410 million a year earlier. And the result before tax remained at SEK 71 million – which can be compared to minus SEK 1.2 billion a year earlier.
"Started to turn"
Hans Wallenstam, CEO of Wallenstam, also tries to focus on the positive signs.
"After a challenging time last year for Wallenstam, I can conclude that most things have started to turn around in 2024, and this report shows that the development continues," he says in a press release.
"Our management result and operating net are increasing again, the average interest rate has fallen even this quarter, and on the balance sheet date, the average interest rate is 2.95 percent, and the solidity is still strong," he adds.
Wallenstam's result before tax in the third quarter, however, becomes a loss of SEK 292 million, compared to a profit of SEK 214 million a year earlier. Among other things, write-downs of property values of SEK 22 million and write-downs of financial instruments and options of an additional SEK 455 million weigh heavily.
