The Board of Genova Property Group AB (publ) has set new growth targets for the operations. The company has extended the business plan to cover the period up to the end of 2025. The company has also revised its operational targets upwards and, as of 2022, shall increase ongoing construction of own-produced residential units to 1,500 per year from the previous figure of 750, and increase the share of rental income from residential and community service properties to at least 70% of Genova’s total rental income by the end of 2023, from the previous figure of 60% by the end of 2024. The company’s financial targets, risk limitations and dividend policy will remain unchanged.
The operational and financial targets are based on Genova’s business plan with the overall objective of creating value for the company’s shareholders. Value creation is measured over a business cycle as growth in both long-term net asset value and income from property management per ordinary share.
Operational targets
- Rental income from residential and community service properties shall account for at least 70% of Genova’s total rental income by the end of 2023.
- Ongoing construction of own-produced residential units shall amount to at least 1,500 per year from 2022.
This entails higher and earlier targets for the share of rental income from residential and community service properties (previously 60% by the end of 2024) and a higher number of residential units under construction per year (previously 750 from 2021).
Financial targets
- Achieve an average annual growth of at least 20% in long-term net asset value per ordinary share (including any value distributions to ordinary shareholders) over a business cycle.
- Achieve an average annual growth of at least 20% in income from property management per ordinary share over a business cycle.
For further information, please contact:
CEO, Michael Moschewitz, mobile +46 (0)707 13 69 39, michael.moschewitz@genova.se
This information is such information that Genova Property Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 15 January 2021 at 11.00 a.m. CET.
ABOUT GENOVA
Genova Property Group AB (publ) is a modern property company with a personal touch that owns, manages and develops properties with a focus on Greater Stockholm and the Uppsala Region. On 30 September 2020, the value of the company’s property portfolio amounted to approximately SEK 5.2 billion with a lettable area of approximately 187,000 sqm and the company held 5,777 building rights for residential units. Genova’s preference shares and ordinary shares have been listed on Nasdaq Stockholm since 12 June and 30 June 2020, respectively.
Genova Property Group – Smålandsgatan 12 – SE-111 46 Stockholm – www.genova.se