Corem Property Group Ab Class A · OMXSTO:CORE_A
Corem Property Group Ab Class A — Q2 2024 Earnings Presentation
14 slides from Corem Property Group Ab Class A's earnings presentation, Jul 12, 2024
Slide 1: Half Year Report Q2 2024
Half Year Report Q2 2024 12 July 2024
Slide 2: Corem is a commercial real estate company with sustainable 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 51% 25 Retail 10% 20 15 Logistics 23% 10 Lettable area by type 5 0 *incl. Borås **incl
Slide 3: Summary January – June 2024
“Positive net letting and continued focus on a long-term strong Summary January – June 2024 balance sheet” 1 882 2,317 5.9 56 1,9 Income, Lettable area, Average yield, Property ICR SEKm tsq.m % value, SEKbn 517 4 17,28 55 4.7 Profit from Income increase, NAV per ordinary LTV, Average property compar
Slide 4: New lettings
New lettings Q2 2024 • Linköping • Gothenburg 4 600 sq.m 3 500 sq.m Polismyndigheten Kustbevakningen • New York • Gothenburg 2 350 sq.m 1 500 sq.m 5 leases Freemelt
Slide 5: 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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017 2018 2019 2020 2021 2022 2023 Q2 2024 2025 2026 2027 2028-
Slide 6: Investments
Investments, 3.1 SEKbn 2.8 SEKbn 2.9 SEKbn 2.0 SEKbn trailing 12 months 2020 2021 2022 2023 3500 3000 2500 2000 1500 Continued 1000 downward trend 365 500 SEKm, 0 Q2 2024 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 Q2 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2
Slide 7: 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 • 33 properties 450 Underlyin
Slide 8: Average yield and market value since peak levels
Average yield and market value since peak levels SEKm SEK 90000 6,0% 5,9% 5,9% 80000 5,8% 5,8% 70000 5,6% 60000 5,4% 5,5% 50000 5,4% 5,3% 5,2% 40000 5,2% 5,0% 30000 5,0% 5,0% 4,8% 20000 10000 4,6% 0 4,4% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Market value SEKm Yield
Slide 9: 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 2.7 billion 50 40 • Interest-bearing liabilities redu
Slide 10: Financing
LTV Equity ratio* Financing % % 70 50 45 60 40 42 50 35 40 30 25 30 20 20 15 10 10 5 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2017 2018 2019 2020 2021 2022 2023 Q2 2023 2024 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 1.9 3,0 1,5 2,5 1 2,0 1,
Slide 11: Outstanding bond volumes
Outstanding bond volumes Outstanding bond volumes Breakdown of Interest-bearing liabilities 14 000 16% 1% 15% 14% 15% 15% 12 000 15% 20% 14% 14% 10 000 Unsecured bonds Bank loans 13% 79% Commercial paper 8 000 11% 12% Bond maturity 6 000 SEKm 11% 2 500 2 247 4 000 2 000 1 634 10% 1 500 1 250 1 050 2
Slide 12: 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 13: Focus and future outlook
Focus and future outlook • Focus on taking our new, slightly smaller Corem into an improved business climate • Continued focus on strengthening the balance sheet with focus on long-term sustainable financing, using strategic transactions as a tool • Optimizing property management, improving occupanc
Slide 14: Questions
Questions 14