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Third party research

Fastpartner: Major vacancy to hit in 2025 - ABG

Fastpartner

This is a third party research report and does not necessarily reflect our views or values

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Rec. PTP 4% below ABGSCe
CEPS est. down by 3-4% for '25-'26e
Share trading at ~10% premium on '25e P/CEPS


Minor miss on most items

Fastpartner reported Q1 rental income of SEK 579m (-1% vs. ABGSCe at SEK 584m), and lower-than-expected NOI at SEK 384m (-3% vs. ABGSCe at 397m), with a 1.2pp weakening of the NOI-margin y-o-y to 66.3%, on account of increased heating and heavy snow removal costs. Thus, recurring PTP was -4% vs ABGSCe. Albeit that occupancy came down ~30bps q-o-q to 92.6%, this was the first quarter since Q2'22 with positive value changes of SEK 119m (0.4% of property values vs ABGSCe at -0.4%), mainly on the back of a large signed lease and due to divestments above book value. Net LTV (ABGSC definition) declined 0.8pp q-o-q to 48.5%.
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