Fabege Ab · OMXSTO:FABG
Fabege Ab — Q3 2021 Earnings Presentation
21 slides from Fabege Ab's earnings presentation, October 2021
Slide 1: Fabege's Interim Report Jan-Sep 2021
Fabege’s Interim Report Jan-Sep 2021 Stefan Dahlbo, CEO Åsa Bergström, CFO
Slide 2: Condensed income statement
Condensed income statement SEKm Jan-Jun 2021 Jan-Jun 2020 Rental income 2,143 2,103 Property expenses -527 -519 Net operating surplus 1,616 1,584 Central administration -85 -69 Net financial items -365 -346 • Rental growth in identical Ground rents -26 -22 portfolio: approx. 1% Share in profits of a
Slide 3: Key ratios, Jan - Sep 2021
Key ratios, Jan - Sep 2021 2021 2020 Jan-Sep Jan-Sep Target Equity per share, SEK 134 124 EPRA NRV, SEK per share 164 153 Total return properties, % 5.3 4.8 Surplus ratio, % 75 75 75 Equity/assets ratio , % 51 52 >35 Loan-to-value ratio, % 35 35 <50 Debt ratio, multiple 14.0 12.9 <13 Interest covera
Slide 4: Financing
Financing Key performance indicators 30/09/2021 Activities during third quarter • Total facilities: SEK 37.4bn • Total loans: SEK 28.4bn • Refinancing of bank loans according to plan • of which bonds: SEK 11.3bn • Net bond issues: SEK 357m • of which commercial paper: SEK 2.1bn • Fixed rate: SEK 1.2
Slide 5: Rental market
Rental market Stable rent levels, heightened activity with more enquiries, viewings and contract completions Continued uncertainty about impact on future office space needs and office design Jan-Sep 2021 • Net lettings: SEK 130m (4) • 101 new leases (73), rental value SEK 231m (115) • Lease te
Slide 6: Alfa Laval moves to Flemingsberg
Alfa Laval moves to Flemingsberg Approx. 17,000 sqm with option to increase 22-year lease term Annual rental value: approx. SEK 45m Estimated investment: SEK 670m, excluding land acquisition Moving in Q2, 2025 6
Slide 7: Occupancy
Occupancy Occupancy rate 90% • Reduction refers to areas in Nationalarenan 8 (formerly Telia) that are already leased with access during the spring Management portfolio 90% No structural vacancies in the portfolio Upcoming vacancy in Nöten 4, Solna Strand 7
Slide 8: Stable customers with long agreements
Stable customers with long agreements Approx. 660 customers • SEB 2037, Telia Company 2031, ICA 2030, Swedbank 2029 25 largest customers represents 43% of rental value Segments • Office 83% • Retail 5% • Industry/warehouses 4% • Other 8% 8
Slide 9: Project portfolio 30/09/21
Project portfolio 30/09/21 Area: 58,600 sqm Occupancy rate: 85% Investments: SEK1,458m • Of which SEK 1,00m in the project portfolio • Of which SEK 358m in the management portfolio Unrealized value change: SEK 772m 9
Slide 10: Slide 10
Slide 11: Commercial building rights
Commercial building rights Approx. 785,000 Locations: • Solna 50% • Flemingsberg 34% • Hammarby Sjöstad 9% • Inner city 4% • Other 3% 11
Slide 12: Haga Norra stage 2 & 3
Haga Norra stage 2 & 3 Stage 2 • Block 1, 4 and 5 • 28,000 sqm office and 360 apartments • Apartments preliminary moved in, Q4 2024 Stage 3 • Block 2 and 3 • 20,000 sqm office and 160 apartments • Appartments preliminary moved in, Q4 2026
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Slide 14: Acquisition of SHH Bostad
Acquisition of SHH Bostad Purchase consideration: SEK 880m Bringing skills, experience and projects in housing development Our strategy, focusing on Stockholm, will also be the basis for the residential and local authority property businesses. SHH will continue as a subsidiary, with its own
Slide 15: SHH Bostad
SHH Bostad Completed over 40 real estate projects, equivalent to approx. 2,100 homes. 11 ongoing projects in production, equivalent to approx. 570 homes (48,000 sqm Gross Floor Area), incl. an old people’s home (Huddinge). • The sales ratio in ongoing projects is 96% SHH works with affordabe h
Slide 16: Residential building rights Fabege
Residential building rights Fabege Area Gross Legal Booked value, floor, binding, SEK/sqm sqm % Inner city 1,000 0 0 Solna 267,000 50 9,900 Flemingsberg 272,000 0 5,500 Summa 540,000 25 7,600
Slide 17: Fabege and SHH's portfolios
Fabege and SHH’s portfolios The portfolios (housing development rights) are a good match in terms of both implementation time and geographically Around two-thirds of SHH’s future development rights are located within Greater Stockholm The majority of Fabege’s housing development rights are sli
Slide 18: Sustainability in everything we do
Sustainability in everything we do 100% Green financing 100% Sustainability certified management portfolio 100% Sustainability certified projects 100% Review of strategic suppliers 96% Renewable energy 79% Green leases of total area GRESB 2021, 93 points 18
Slide 19: Sustainability - clear targets
Sustainability - clear targets Energy performance average max. 77 kWh/sqm* • Outcome 2020, 74 kWh/sqm* • Outcome Q3 2021, 55 kWh/sqm Carbon neutral management portfolio 2030 (Scope 1 & 2) Indirect emissions (Scope 3) to be halved by 2030. *Atemp 19
Slide 20: Collaboration to create safe and attractive areas
Collaboration to create safe and attractive areas Focus on education, spare time, health and work Help with homework in Flemingsberg Talent Academy in Huddinge Support to Changer’s Hub in Huddinge Support to Stadsmissionen Street Gallery Support to local sports clubs Pep Parks Suppor
Slide 21: Questions
Questions Our vision The success factor for a new era 21