Corem Property Group Ab Class A · OMXSTO:CORE_A
Corem Property Group Ab Class A — Q1 2024 Earnings Presentation
12 slides from Corem Property Group Ab Class A's earnings presentation, Apr 23, 2024
Slide 1: Interim Report Q1 2024
Interim Report Q1 2024 23 April 2024
Slide 2: Corem is a commercial real estate company with sustainable and locally based property management
Corem is a commercial real estate company with sustainable and locally based property management. The property portfolio is focused to attractive locations in major cities and growth regions SEKbn Other 16% Office 49% 25 Retail 10% 20 15 Logistics 25% 10 Lettable area by type 5 0 *incl. Borås **incl
Slide 3: Summary January – March 2024
“Strong net letting and continued focus on optimizing the business for Summary January – March 2024 new market conditions” 940 2,387 5.9 57 1,7 Income, Lettable area, Average yield, Property ICR SEKm tsq.m % value, SEKbn 215 3 17,46 55 4.5 Profit from Income increase, NAV per ordinary LTV, Average p
Slide 4: Net letting, Rental value per sq.m, Contract maturity
Net letting Rental value per sq.m Contract maturity SEKm SEK SEKm 140 2 000 1200 120 1 800 100 1 600 1000 80 1 400 800 60 1 200 40 1 000 600 20 800 0 600 400 -20 400 200 -40 200 -60 – 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 2022 2023 Q1 2024 2025 2026 2027 2028-
Slide 5: Property transactions
Transactions, sq.m Property transactions t.sq.m 2 550 2 250 1 950 Transactions are an integral part of Corem’s business model, providing means to focus, improve, 1 650 and adapt the portfolio to market conditions 1 350 1 050 Divestments made/agreed for, 2024 to-date 750 • 30 properties 450 Underlyin
Slide 6: Average yield and market value since peak levels
Average yield and market value since peak levels SEKm SEK 90000 7,0% 80000 6,0% 5,9% 70000 5,8% 5,3% 5,4% 5,5% 5,0% 5,2% 60000 4,9% 5,0% 5,0% 50000 4,0% 40000 3,0% 30000 2,0% 20000 1,0% 10000 0 0,0% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Market value SEKm Yield 7
Slide 7: Financial position
Financial position Proactive transaction activities has enabled reduction of debt and financial risk, now showing effect Interest-bearing liabilities • Divestments made, or agreed 2024 to date, of properties SEKbn with market value of approx. SEK 2.5 billion 50 40 • Interest-bearing liabilities redu
Slide 8: Financing
LTV Equity ratio* Financing % % 70 50 45 60 40 41 50 35 40 30 25 30 20 20 15 10 10 5 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 2022 2023 2024 2022 2023 2024 *Adjusted equity ratio Average interest rate % Interest coverage ratio 6,0 3,5 5,5 3 5,0 4,5 2,5 4,0 2 3,5 3,0 1,5 2,5 1 2,0 0,5
Slide 9: Outstanding bond volumes
Outstanding bond volumes, at 2024-04-30 Outstanding bond volumes Breakdown of Interest-bearing liabilities 14 000 16% 15% 2% 14% 15% 15% 15% 12 000 21% 14% 14% 10 000 Unsecured bonds 13% Bank loans 8 000 77% Commercial paper 11% 12% 6 000 Bond maturity 11% SEKm 3 000 4 000 2 500 10% 2 500 2 018 2 00
Slide 10: A leader in sustainable property management
SUSTAINABILITY A leader in sustainable property management For Corem, sustainability means combining economically sustainable business operations with high business ethics, social responsibility and environmental consideration. Working with suppliers as well as tenants we strive to be a positive inf
Slide 11: Focus and future outlook
Focus and future outlook • Continued focus on strengthening the balance sheet with focus on long-term sustainable financing, using strategic transactions as a tool • Optimizing property management, improving occupancy rate and operating margin • Focus on ICR, liquidity, reduction of debt and securin
Slide 12: Questions
Questions 13