SLP reported Q1 results last Thursday, with revenues and NOI broadly in line with our expectations, while IFPM came in ~4% above. The report led us to raise our IFPM estimates by 4–7%, supported by lower-than-expected interest costs and revised assumptions for excess cash deployment. We have also increased our property value assumptions, now modelling annual value growth of 1.5–2.0% over the coming years, reflecting the company’s track record and development potential. Furthermore, we assume tha ....
