Last Thursday, SBS released its Q1 figures, with revenues coming in 4.3% below expectations together with an IFPM of SEK 5.4m (excluding a SEK 8.3m positive one-off) vs. ARCe of SEK 6.7m. The NOI margin was 0.9 percentage points below our forecast, and like-for-like rental growth amounted to 3.3%. However, only 51% of rental agreements have been renegotiated, meaning our forward estimate revisions are not as significant. With the current amortization rate, the share issue carried out in April, a ....
