Fabege Ab · OMXSTO:FABG

Fabege Ab — Q3 2021 Earnings Presentation

21 slides from Fabege Ab's earnings presentation, October 2021

  1. Slide 1: Fabege's Interim Report Jan-Sep 2021

    Fabege’s Interim Report Jan-Sep 2021 Stefan Dahlbo, CEO Åsa Bergström, CFO

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. Slide 10: Slide 10

  11. 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

  12. 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

  13. Slide 13: rpmereerr :

    rpmereerr : NOE cae : ae |

  14. 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

  15. 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

  16. 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

  17. 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

  18. 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

  19. 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

  20. 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

  21. Slide 21: Questions

    Questions Our vision The success factor for a new era 21

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