Slide 1: Interim Report January-March 2024
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Slide 2: Summary Q1 2024
Summary Q1 2024 ● Increased rental income SEK 867m (829) ● Unchanged gross profit SEK 620m (620) ● Surplus ratio 71 per cent (72) ● Negative value changes in the property portfolio SEK -1,381m (-2,110) ● Net letting SEK -36m (-12) ● Result after tax -699 (-1,584) 2
Slide 3: Condensed income statement
Condensed income statement SEKm 2024 Jan-Mar 2023 Jan-Mar Rental income 867 829 Sales residential projects 141 187 Other income - - Net sales 1,008 1,016 Property expenses -248 -231 Residential projects expenses -140 -165 Gross profit 620 620 • Rental growth in identical Central administration -29 -
Slide 4: Property valuation Q1 2024
Property valuation Q1 2024 Property value SEK 77.4bn of which management portfolio SEK 62.8bn Q1 2024 Q4 2023 Q3 2023 Q2 2023 Externally 70% 70% 55% 60% valued Value change SEK -1,381m SEK -2,415m SEK -1,591m SEK -1,715m Yield 4.51% 4.43% 4.25% 4.17% Breakdown of value SEKm changes 2024 Projects (yi
Slide 5: Sensitivity analysis – Property values
Sensitivity analysis – Property values Chane in value Impact on Equity per Equity/ratio Loan-to-value earnings after tax share 31/03/2024 SEK 123 47% 43% 5% SEK -3,071m SEK 110 45% 46% 10% SEK -6,142m SEK 101 43% 48% 15% SEK -9,213m SEK 91 41% 51% 20% SEK -12,284m SEK 82 39% 54% Based on property va
Slide 6: Key ratios, March 2024
Key ratios, 31 March 2024 2024 2023 Jan-Mar Jan-Mar Target Equity per share, SEK 123 137 EPRA NRV, SEK per share 146 166 Total return properties, % -1.0 -1.7 Surplus ratio, % 71 72 75 Equity/assets ratio , % 47 48 >35 Loan-to-value ratio, % 43 40 <50 Debt ratio, multiple 13.8 15.4 <13 Interest cover
Slide 7: Financing
Financing Over view Activities during Q1 2024 Total debt SEK 33.6bn Increased banbk debt, net SEK 0.5bn Issued SEK 1.0bn in 3 year bond, margin 145bp , Undrawn credit facilities SEK 6.0bn* Repaid bond maturities SEK 1.2bn Loan-to-value 43% Increased outstandning commercial pappers by SEK 0.4
Slide 8: Maturity profile March 2024
Maturity profile 31 March 2024 SEKm 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 CP MTN Credit Facilities 2023: 2025: Maturity: CP SEK 2,0bn (extended on average 3 months) Q1: MTNs SEK 0.7bn Maturity: MTNs SEK 1.9bn Q3: MTNs SEK 1.6bn Bank facilities SEK 3.0bn Q3: MTNs SEK
Slide 9: Fixed-rate period 31/03/2023
Fixed-rate period 31/03/2023 Maturity Swaps Cancellable FXD Total Average interest rate swaps MTN & Loan % 2024 2,100 6,000 285 8,385 4 2025 2,200 400 2,600 3 2026 2,700 400 3,100 2 2027 2,800 450 3,250 1 2028 2,300 976 3,276 0 2029 2,000 2,000 2030 800 800 56 per cent of the portfolio fixed 2031
Slide 10: Transactions on our market
Transactions on our market Klassrummet 1, Lilla Bantorget 1,130 sqm office, buyer Bonnier Fastigheter SEK128m, approx. 4.50% yield Smultronet 6, Fleminggatan 11,500 sqm office, buyer Niam SEK 975m Orgelpipan 4, Klarabergsgatan 4,200 sqm office, buyer Folksam SEK 570m, 4.5% yield Brädstapeln
Slide 11: Stockholm office market
Stockholm office market Source: CityMark Rental development last ten years, SEK 2000 7000 6000 5000 4000 3,000 aa 1 000 2013 2014 2016 2016 2017 2018 2019 2020 2021 2022 2023 CBD — Inner city —= North of Sthim 1 —=South of Sthim 182 Number of employees in office-intensive industries Stockholm, Solna
Slide 12: Stable customers with long agreements
Stable customers with long agreements Approx 700 customers Customer Share of Year of total rent expiry 25 largest customers represents 42% SEB 6.7% 2037 of rental value ICA Fastigheter Sverige 3.9% 2030 Average contract length 4.7 years Convendum 3.7% 2034 Telia Company 3.7% 2031 Share of to
Slide 13: Net letting Q1 2024
Net letting Q1 2024 Net letting 2012-2023 SEKm Q1, 2024 Q1, 2023 SEKm 275 250 225 200 New lettings 52 48 175 150 125 Terminations -88 -60 100 75 Net letting -36 -12 50 25 0 -25 Target 2024 > SEK 80m -50 -75
Slide 14: Renegotiations Jan-Mar 2024
Renegotiations Jan-Mar 2024 Lease maturity structure Renegotiations Annual rent, Maturity, year No. of leases SEKm Percentage, % • SEK 84m extended on 2024¹ 453 418 13% unchanged terms 2025 359 559 17% 2026 286 596 18% • SEK 25m -0.9% 2027 175 520 16% 2028 65 198 6% • SEK 253m has already been ren
Slide 15: Occupancy rate 31/03/2024
Occupancy rate 31/03/2024 Management portfolio • Economic occupancy rate 90% 96 94 Development portfolio 92 • Relates to properties that are partly or fully vacated for project development, lettings are made for short-term 90 contracts without a right of possession 88 • In total approximately 23
Slide 16: Rental development existing lease portfolio 31/03/2024
Rental development existing lease portfolio 31/03/2024 SEKm 900 865 867 855 860 851 855 848 850 827 800 750 700 650 600 550 500 450 400 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 The graph is not a forecast, but instead aims to show the rental trend for the existing lease portfo
Slide 17: Investments
Investments Investments 2014-2023 SEKm Capex 3 500 2023 2024, Q1 2024E SEKm 3 000 Project- & developments 2,094 455 properties 2 500 Management 1,007 190 2 000 properties 1 500 Total 3,101 645 2,800 1 000 500 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 17
Slide 18: Project portfolio 31/03/2024
Project portfolio 31/03/2024 Estimated capex: SEK 4.9bn Investment Jan-Mar 2024: SEK 645m Estimated Lettable Occupancy rate, % Book value, investment, of which Property listing Category Area Completed area, sqm space¹ Rental value² SEKm SEKm spent, SEKm Regulatorn 4 Workshops etc Flemingsberg Q2
Slide 19: Birger Bostad
Birger Bostad Several construction starts are moved forward, the planning work continues In Upplands Väsby, 18 terraced houses are under production 2024 start of the next stage in Haga Norra • 288 apartments, of which 78 rental apartments. 19
Slide 20: Sustainability on the agenda
Sustainability on the agenda Energy consumption • Q1 equivalent to the same period last year • Target 70 kWh/sqm Started recertification of 24 management properties Separaton 1, in Flemingsberg achieved BREEAM-SE excellent Fabege included in the OMX Sweden Smal Cap 30 ESG Responsible index 2
Slide 21: Priorities 2024
Priorities 2024 1. Increase the occupancy rate in the management portfolio 2. Cost control 3. Enable future projects 4. Refinance bond maturities and secure access to capital 5. Continue to be at the forefront of ESG 21
Slide 22: Questions
Questions Our vision The success factor for a new era 22