Castellum Ab · OMXSTO:CAST
Castellum Ab — Debt Investor Presentation (August 2024)
16 slides from Castellum Ab's debt investor presentation, August 2024
Slide 1: Debt Investor Presentation 2024
DEBT INVESTOR PRESENTATION 2024
Slide 2: Disclaimer
Disclaimer The information and the opinions in this presentation have been prepared by Castellum AB (Castellum) solely for use at meeting(s) regarding a proposed transfer of securities (originally issued by Kungsleden AB) to Castellum (the Transfer). This presentation and its contents are strictly c
Slide 3: Castellum in brief
Castellum in brief 30 June 2024 ▪ Largest listed property company in the Nordic region Helsinki ▪ Property value SEK 156 Bn* Oslo ▪ Office, public properties, warehouse Stockholm and light industry incl. logistics – Vertically integrated organization ▪ 5.4 million sq. m. lettable area Gothenburg ▪ Y
Slide 4: Our strategy
Our strategy ▪ Overall financial target is a return on equity of at least 10 per cent per year over a business cycle ▪ Nordic platform focusing on office, public properties, warehouse and light industry incl. logistics ▪ Long term property owner – Increasing the quality of the property portfolio by
Slide 5: Summary January-June 2024
Summary January-June 2024 Income NOI Income from property Changes in property management values +1.3%* +5.2%* +16.3%* - 1.1%** SEK 4,977 M SEK 3,391 M SEK 2,435 M SEK – 1,576 M Net leasing Total contract value Economy occupancy Property sales rate SEK 6 M SEK 9,612 M 91.3% SEK 1,550 M * Compared wit
Slide 6: Castellum's tenants
Castellum’s tenants 30 June 2024 Contract Contract value, value, A selection of tenants in our well-diversified customer base Largest tenants SEK M % The Swedish Police Authority 226 2.4 AFRY 189 2.0 ABB 160 1.7 The Swedish Social Insurance Agency 156 1.6 The Swedish National Courts Administration 1
Slide 7: Sustainability highlights
Borgarfjord 5, Stockholm Sustainability highlights energy efficiency, like-for-like -2.9% portfolio, LTM (normalised) of property value 64% sustainability-certified 99% share of non-fossil energy, % 7 CASTELLUM Aug 2024 CREDIT INVESTOR PRESENTATION
Slide 8: Credit protective measures taken after rating downgrade in 2022
Credit protective measures taken after rating downgrade in 2022 Tightened financial policy: interest coverage ratio > 300 percent (200) and LTV < 40 % (50) Policy Q4 2022 update LTV now defined as net debt divided by balance sheet total, previously defined as net debt divided by property value. Q4 2
Slide 9: Highest yield gap since 2021
Highest yield gap since 2021 -The difference between Castellum valuation yield and the swedish 5y government bond yield currently at 3.81% Per cent 6 5,62 5,62 5,63 5 5,16 5,19 5,01 5,16 4,90 4,80 4,70 4,70 4,70 4,75 4,70 4 3 3,09 2,77 2,45 2,53 2,37 2,36 2,20 2 2,01 1,85 1,18 22 August 2024: 1 1.81
Slide 10: Development of operating income
Development of operating income 30 June 2024 vs 30 June 2023 2024 2023 Change, Development of income, SEK M Jan-Jun Jan-Jun % Increase in NOI, SEK M Like-for-like portfolio 4,383 4,271 2.6% Development properties 389 303 Transactions 57 245 Like-for-like portfolio 166 Coworking 134 134 Group elimina
Slide 11: Operational development over time
Operational development over time -Stable net leasing and low level of bankruptcies despite tougher financial conditions % MSEK 400 100 90 300 80 70 200 60 100 50 40 0 30 20 -100 10 -200 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Bankruptcies Net leasing, R12 Economic ocupancy rat
Slide 12: Largest completed projects 2023
Godsfinkan 1, Malmö 27 000 sq. m 20 year lease 1,4 bn investment Largest completed projects 2023 Sjustjärnan, Malmö 32 000 sq. m 12 year lease 1,4 bn investment CASTELLUM
Slide 13: Largest ongoing projects
Tullen 8, Örebro Largest ongoing projects 30 June 2024 Rental Remaining Area, value, Econ. occ. Total inv., to invest, Property Category Location Completed sq. m. SEK M rate , % SEK M SEK M Tusenskönan 2 P Mölndal Q1-25 10,600 27 100 349 124 Tullen 8 P Örebro Q1-25 8,200 17 100 108 53 Backa 20:5/20:
Slide 14: Credit ratings in the Nordics
Credit ratings in the Nordics Strong credit ratings for the Nordic countries… Supported by solid relationship with Nordic banks Nykredit DNB Denmark Norway AA- S&P AA- S&P N/A Moody’s Aa2 Moody’s A Fitch N/A Fitch AA+ Handelsbanken Nordea AAA S&P S&P Sweden Finland Aa1 Aaa Moody’s AA- S&P AA- S&P Mo
Slide 15: Highlights financing 30 June 2024
Highlights financing 30 June 2024 (31 December 2023) LTV ICR Average interest rate Interest-bearing liabilities 37.5% 3.3 3.0% SEK 59,222 M (37.4) (3.0) (3.0) (61,671) Average debt maturity Average fixed Net debt/EBITDA Credit rating interest rate term 4.2 years 3.5 years 9.0 Baa3 Positive (4.2) (3.
Slide 16: Well diversified funding mix
Well diversified funding mix 30 June 2024 12,000 SEK 26.7 Bn Storebrand Realkredit Niam 2% 2% in cash and 4% unutilised 10,266 credit 9,952 SHB 10,000 Danske Bank facilities 20% 6% 8,635 8,169 8,000 DNB 8% 6,418 6,000 4,528 SEB 3,949 11% 4,000 Nykredit 2,910 18% 2,575 2,000 1,605 213 Nordea , 14% 20