Eastnine AB, a Swedish real estate company, recently released its Q3 2024 interim report, showcasing significant financial highlights and accomplishments. The report revealed a 21% increase in profit from property management during the quarter, reaching new record levels. This surge in profit can be attributed to positive net letting and a higher occupancy rate compared to the immediate previous quarter. The acquisition of the property Nowy Rynek E in June also contributed significantly to the earnings throughout the third quarter.
In terms of financial figures, rental income saw a 7% increase, totaling EUR 29,110k, while net operating income rose by 6% to EUR 26,983k, with a surplus ratio of 93%. Profit from property management experienced a notable 21% increase, amounting to EUR 16,038k, or EUR 0.18 per share. This increase was primarily driven by interest income and the acquisition of Nowy Rynek E. Despite some unrealized and realized value changes, the profit/loss for the period stood at EUR 6,148k, corresponding to EUR 0.07 per share.
Key events during the third quarter did not include any major developments. However, after the period ended, Eastnine achieved a five-star rating in GRESB’s sustainability comparison and secured leases with IBM and the municipality of Vilnius for properties in Vilnius.
CEO Kestutis Sasnauskas commented on the record profit levels achieved by Eastnine, emphasizing the positive net letting and rising occupancy rate. He highlighted the significant role of property acquisitions in driving the company’s success, with a particular focus on acquisitions in Warsaw.
Furthermore, Eastnine’s commitment to sustainability was underscored by its top 20% ranking in the GRESB benchmark, reflecting the company’s dedication to maintaining high-performance properties and creating inspiring workplaces. The firm continues to optimize operations towards climate-neutral practices through digital control and measurement of its property portfolio.
Looking ahead, Eastnine remains focused on the Warsaw market, where it anticipates profitable property acquisitions given the city’s strong GDP growth and robust office market. The company’s investments in Poland, particularly in Warsaw and Poznan, position it well to capitalize on the region’s economic potential.
The interim report presentation took place on October 24, 2024, and highlighted Eastnine’s strategic direction and financial performance. For more information, interested parties can visit Eastnine’s website or contact the CEO or CFO directly. Eastnine AB (publ) is listed on Nasdaq Stockholm, Mid Cap, in the Real Estate sector, with a business concept centered around providing sustainable office premises in prime locations in the Baltics and Poland.
