The third quarter of 2016 can be characterized more or less as solid business as usual. The acquisition of Forum earlier this year continues to boost our numbers both in terms of net rental income and economic occupancy rate. Our net rental income grew by more than 15 % and totalled EUR 143.8 million for the three first quarters (Q3/15: EUR 124.4 million). The economic occupancy rate reached 89.3% (86.2%).
The like-for-like net rental figures also prove that the underlying business is performing well despite the rather challenging market conditions in Finland – we are especially pleased with the like-for-like net rental growth in the Shopping Centre segment which was 4.7% and for the Office segment it was 0.6%.
We have reiterated our prospects for 2016 and foresee that net operating income in a range of EUR 189–194 million and the adjusted EPRA earnings in a range of EUR 111–116 million.
The market conditions remain challenging as the economy in Finland is slowly turning to a slight growth curve. On the other side the transaction market has been record high this year and is expected to continue do so for the rest of the year.
In October, Forum shopping centre was awarded the title The Best Finnish Shopping Center by the Nordic Council of Shopping Centers (NCSC) – this is an important milestone and award for Forum after the extensive renovation project that was completed last year.
We work continuously with sustainability and were pleased to maintain A- grade in the annual CDP Climate assessment. The A- grade keeps us on the best Leadership level, and this result is the best one in Finland and among the best ones in the Nordic countries in the Financials category.
Senior Vice President, Corporate Planning and IR
Writer is Sponda’s Senior Vice President, Corporate Planning and IR. Blogs amongst other things in connection with Sponda’s financial reporting. Close to the hearth properties and golf. Curious about the future and digital solutions.