Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B
Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — Q1 2025 Earnings Presentation
31 slides from Stendoerren Fastigheter Ab Class B's earnings presentation, May 7, 2025
Slide 1: First Quarter 2025
FIRST QUARTER 2025 STENDÖRREN
Slide 2: Snapshot of Stendörren
SNAPSHOT OF STENDÖRREN PROPERTY TYPE (by net operating income) GEOGRAPHY (by rental income) LIGHT INDUSTRY Warehouse and logistics, 38% Stockholm municipality, 27% LOGISTICS Rest of Stockholm, 35% Light industrial, 42% WAREHOUSE Office, 16% Rest of Mälardalen, 26% Gothenburg region, 2% Retail, 4% RE
Slide 3: Stendörren History in Short
PROPERTY STENDÖRREN HISTORY IN SHORT PROPERTY VALUE 2025 VALUE 2024 14.5 PROPERTY BN VALUE 2023 PROPERTY 14.3 PROPERTY VALUE 2022 12.6 BN 161 PROPERTIES VALUE 2021 BN PROPERTY 12.4 160 VALUE 2020 BN PROPERTIES 11.7 PROPERTY VALUE 2019 9.5 BN 151 PROPERTIES 2025 148 PROPERTY PROPERTY VALUE 2018 8.9 B
Slide 4: 4 Reasons to Invest in Stendörren
4 REASONS TO INVEST IN STENDÖRREN 1. 2. STABLE CASH FLOW SUSTAINABLE GROWTH • High yielding asset class • Growth locations - Greater Stockholm and Mälardalen region • Long leases • Rent levels increase in urban locations – increasing demand • Diversified tenant base and stable / decreasing supply •
Slide 5: Operational Highlights
OPERATIONAL HIGHLIGHTS NOI DEVELOPMENT (MSEK) STRONG GROWTH Q1 2025 vs Q1 2024 CAGR (year): 12% • 13% NOI increase, 7% in comparable portfolio 178 174 183 185 182 190 163 168 • 15% increase in income from property management 157 139 144 136 127 129 118 115 121 123 127 127 STABLE LETTING 107 111
Slide 6: Financial Highlights
FINANCIAL HIGHLIGHTS EQUITY RATIO (%) INTEREST-RATE RESILIANCE 40 41 40 40 40 40 41 43 44 43 44 42 42 41 40 39 38 37 37 39 37 36 35 • Approx 70% of interest-bearing debt hedged with a “Stibor” 35% 32 32 currently at 1.8% • Average maturity of hedges 3.4 years 20% ATTRACTIVE FINANCING CONDITIONS
Slide 7: SEK 1.5bn Acquired Last 4 Quarters
SEK 1.5BN ACQUIRED LAST 4 QUARTERS* Danish assets (two acquisitions) Uppsala Portfolio Kalliotie 2 Location Copenhagen Location Uppsala Location Tuusula, Helsinki Region Lettable area 19,200 sq.m. Lettable area 18,600 sq.m. Lettable area 13,600 sq.m. Property value SEK 253m Property value SEK 545m P
Slide 8: Completed Projects Last Four Quarters
COMPLETED PROJECTS LAST FOUR QUARTERS 51% 94% Combined 49% occ. rate Nygård 2:17 Viby 19:30 Municipality Upplands-Bro Municipality Upplands-Bro Premises Light industrial Premises Light industrial 18,900 sq m Area 2,300 sq.m. Area 1,200 sq.m. Completion Q1 2025 Completion Q1 2025 Logistics Light indu
Slide 9: Value Growth in Projects
VALUE GROWTH IN PROJECTS PROJECT PORTFOLIO WITH LARGE POTENTIAL Estimated building Estimated Possible Municipality Envisaged main use Status Zoning right sq. m.1 Construction Start 2 • Fully developed up to an Upplands-Bro Light industrial 379 000 Within current zoning 2025-2026 additional 632,000 s
Slide 10: Value Growth in Projects – Continued
VALUE GROWTH IN PROJECTS – CONTINUED ONGOING AND COMPLETED PROJECTS Q1 2025 Estimated Earliest Estimated Estimated Size remaining Occupancy rate Property Description Current Phase possible investment3 yearly NOI sq. m.2 Investment completion1 SEKm SEKm • 18,900 sqm completed SEKm Almnäs 5:23 New lig
Slide 11: Selected Ongoing Projects
SELECTED ONGOING PROJECTS ALMNÄS 5:23 ALMNÄS 5:23 Municipality: Södertälje Municipality: Södertälje Project: New light industrial Project: New logistics Area: 2,300 sq.m. Area: 17,000 sq.m. Status: Construction in progress Status: Building permit obtained BÅGLAMPAN 25 NYGÅRD 2:17 Municipality: Stock
Slide 12: Value Growth in Projects – Case Study
VALUE GROWTH IN PROJECTS – CASE STUDY ALMNÄS – TRANSFORMING AN AREA Overview Work in progress – Partly old and partly new • Located in the coming logistics hub Stockholm Syd • Close to Södertälje and ca 45km south-west of central Stockholm. Positioned close to major, e.g. E20 and E4 • Acquired 2015
Slide 13: Sustainability - Achievements
SUSTAINABILITY - ACHIEVEMENTS CLIMATE IMPACT KG CO2/SQ.M* ENERGY INTENSITY KWH/SQ.M. DISTRIBUTION OF ENERGY SOURCES 4,50 140 Renewables Non-renewables 42% 41% REDUCED CLIMATE IMPROVED ENERGY 4,00 IMPACT BETWEEN 2018- 2024 (KgCO2,e/sq.m) 130 EFFICIENCY PER SQ.M BETWEEN 2018-2024 3,50 2% 2% 3% 120 4%
Slide 14: Sustainability Strategy
SUSTAINABILITY STRATEGY OVERALL GOAL: NET ZERO CARBON EMISSIONS ACROSS OUR ENTIRE OPERATIONS BY 2040 28% Reduction of energy intensity (kvh/kvm) as of March 31, 2025, compared with base year 2020 70% Environmentally certified area out of total area, as of March 31, 1,308 KWP 2025 Total capacity of i
Slide 15: Sustainability Offering
SUSTANABILITY OFFERING Energy performance Solar panels up to 80% below required level Concrete & asphalt Recycling of with reduced CO2 construction footprint material Particle cleaning Timber frame building envelope BREEAM Geothermal certification heating Charging stations Biodiversity 15 Investor P
Slide 16: Increased Focus on Profitable Growth
INCREASED FOCUS ON PROFITABLE GROWTH • Acquire yielding single assets / small portfolios off market ACQUISITIONS • Expand in greater Stockholm and Mälardalen • Obtain critical mass in new markets • Develop existing building rights in growth areas (~632.000 sqm vs existing portfolio of ~862.000 sqm)
Slide 17: Thank You!
STENDORREN THANK YOU!
Slide 18: Appendix
APPENDIX 18 Investor Presentation Picture: Almnäs Development Phase II
Slide 19: Introduction: Business Idea, Market, Financial Objectives
INTRODUCTION BUSINESS MARKET FINANCIAL IDEA OPPORTUNITY OBJECTIVES Stendörren creates profitable growth in net The properties are strategically located in • Return on equity of at least 12 % asset value by managing, developing and growth areas (population and economic), acquiring properties mainly i
Slide 20: 4 Reasons to Invest in Stendörren
4 REASONS TO INVEST IN STENDÖRREN 1. 2. STABLE CASH FLOW SUSTAINABLE GROWTH • High yielding logistics, warehouse and light • Properties strategically located in growth areas such as Greater industrial properties with long leases Stockholm and the Mälardalen region • Diversified tenant base of both w
Slide 21: 1. Stable Cash Flow
1. STABLE CASH FLOW DIVERSIFICATION WITH FOCUS ON GREATER STOCKHOLM PROPERTY PORTFOLIO OVERVIEW • Stendörren has a property portfolio of SEK 14,500m, with a property yield of 6.4%1 as per March 31, 2025 • Rental value2 of SEK 998m with an economic occupancy rate of 92% as per March 31, 2025 • Lease
Slide 22: 1. Stable Cash Flow – Continued
1. STABLE CASH FLOW – CONTINUED DIVERSIFIED TENANT BASE LARGEST TENANTS AS PER Q1 2025 MATURITY STRUCTURE LEASE AGREEMENTS Rental Tenant income, Rental area, Share of total 468 th. sq.m. rental income SEKm 351 Fortifikationsverket 73 129 8% Åtta.45 Tryckeri AB 14 11 2% Advania 13 10 2% 322 Stockholm
Slide 23: 2. Sustainable Growth
2. SUSTAINABLE GROWTH WHY FOCUS ON THE STOCKHOLM REGION? POPULATION STOCKHOLM REGION STOCKHOLM REGION 2022 – 2040 3 000 000 Forecasted CAGR of 0.77 % • The gross regional product in Stockholm per capita is ca 40% Forecasted population 2010 – 2021 growth of 19,900 higher than the national average 2 7
Slide 24: 3. Value Growth in Projects – Case Studies
3. VALUE GROWTH IN PROJECTS – CASE STUDIES ALMNÄS – TRANSFORMING AN AREA Overview Work in progress – Partly old and partly new • Located in the coming logistics hub Stockholm Syd • Close to Södertälje and ca 45km south-west of central Stockholm. Positioned close to major, e.g. E20 and E4 • Acquired
Slide 25: 3. Value Growth in Projects – Case Studies
3. VALUE GROWTH IN PROJECTS – CASE STUDIES STENVRETEN 8:37 – “ADVANIA DREAM HOUSE” Overview Renderings of completed building • Stendörren’s existing tenant Advania decided to significantly expand their Enköping premises during the fall of 2023 • 9,700 sqm of state of the art logistics premises was c
Slide 26: 3. Value Growth in Projects – Continued
3. VALUE GROWTH IN PROJECTS – CONTINUED RESIDENTIAL CONVERSIONS TEGELBRUKET – TRAVERSEN - SKRUBBA - NYGÅRD • Identifying underutilized assets in urban locations with potential for residential development • The assets have been acquired as cash flow generating properties • As an example, the asset Te
Slide 27: 4. Finance
4. FINANCE HIGHLIGHTS FROM Q1 REPORT NET LETTING (MSEK) ECONOMIC OCCUPANCY (%) Excluding bankruptcy of second largest tenant Exploria 95 24 94 94 94 93 93 93 92 92 92 16 15 17 91 91 14 14 90 89 89 89 8 7 8 7 88 88 5 87 87 87 1 1 1 -2 -1 -2 -4 -4 -3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 28: 4. Finance – Continued: Financial Targets
4. FINANCE – CONTINUED FINANCIAL TARGETS ROE (%) NAV GROWTH (%) 37 35 26 26 29 22 25 20 22 18 16 17 18 15 14 15 13 12 12% 9 9 10 8 9 15% 11 11 10 9 9 11 7 7 7 7 8 5 1 1 4 -3 -6 -5 -5 -2 0 -1 -5 -8 -3 -4 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 29: 4. Finance – Continued: Debt Funding
4. FINANCE – CONTINUED DEBT FUNDING DEBT FUNDING OVERVIEW LOAN MATURITY INTEREST FIXING SEKm SEKm 4 500 4 103 3 500 4% 4 000 2 900 3 000 2 700 16% 3 500 3 088 2 324 3 000 2 500 2 500 2 000 2 000 1 500 1 500 810 1 000 1 000 81% 500 0 0 34 500 0 110 0 0 0 Bank debt Sr Unsecured bond Hybrid bond • Tota
Slide 30: 4. Finance – Continued: Key Equity Ratios and Ownership
4. FINANCE – CONTINUED SHAREHOLDER % OF CAPITAL % OF VOTES KEY EQUITY RATIOS AND OWNERSHIP OVERVIEW STENDÖRREN REAL ESTATE AB 38,8% 56,1% ALTIRA AB 10,2% 14,3% SEKm SEK/share SEB INVESTMENT MANAGEMENT 10,7% 6,2% 7 000 350 LÄNSFÖRSÄKRINGAR FASTIGHETSFOND 8,6% 5,0% FJÄRDE AP-FONDEN 5,0% 2,9% 6 000 300
Slide 31: 4. Finance – Continued: Assessed Earnings Capacity
4. FINANCE – CONTINUED ASSESSED EARNINGS CAPACITY AS OF APRIL 1 2025 • According to the company’s assessment, the total rental income (after deductions for vacancies and Assessed earnings capacity discounts) on a rolling 12-month basis amounts to Rental Income 998 approximately SEK 998m Total Income
Stendörren Fastigheter — Q1 2025 Earnings Presentation on 6ix