Corem Property Group Ab Class A · OMXSTO:CORE_A
Corem Property Group Ab Class A — FY2023 Earnings Presentation
14 slides from Corem Property Group Ab Class A's earnings presentation, Feb 21, 2024
Slide 1: Year-end report 2023
corem | Year-end report 2023 21 February 2024
Slide 2: Corem is a commercial real estate company with a property portfolio
Corem is a commercial real estate company with a property portfolio focused to attractive locations in major cities and growth regions 25 Citicries = Office 49% 20 © Retail 10% Lunképing 18 rn Gothenburg D Janksping © Logistics 25% 10 Lettable area by type Halmstad 5 | [] ‘Copenhagen, Property value
Slide 3: January - December 2023
January - December 2023 “Proactive transactions of SEK 14.6 billion have.enabled us to continue to strengthen the balance sheet by gradually reducing debt by in total SEK 14 billion during the year. Meanwhile, we have invested SEK 2 billion in projects, complementing our strong and stable core busin
Slide 4: Summary January December 2023
Summary January December 2023 4.2 Income, SEKbn 1.2 Profit from property management, SEKbn 2,428 Lettable area, tsq.m 10 NOI increase, comparable portfolio, % 9.8 Average yield, % 17,57 NAV penordinary share of Class A/B, SEK 38 Property value, SEKbn OO LTV, % 159 4.4 Average interest rate, % corem
Slide 5: Through divestments in 2023, well equipped to meet upcoming bond and loan maturities
Through divestments in 2023, well equipped to meet upcoming bond and loan maturities - property divestments — SEK 14.6 billion. - divested shares in Klévern and Castellum — SEK 2.6 billion - reduced debt by in total SEK 14 billion Proficient property management - positive net letting - SEK 83 millio
Slide 6: Net letting Rental value per sq.m
Net letting Rental value per sq.m sn ce : — : 100 1600 80 1400 60 1200 40 1000 20 800 0 600 20 400 “0 200 -60 Ql Q2 Q3 Q4 Q1Q2 Q3 Q4.QI Q2 QS Q4 QI Q2 QS Q4 QI Q2 Q3 Q4 QI Q2.Q3.Q4 2018 2019 2020 2021 2022 2023 = Trailing12months 83 469 3,200 5,800 4,322 87 2015 2016 2017 2018 2019 2020 2021 2022 20
Slide 7: Property transactions
Property transactions Transactions are an integral part of Corem’s business model, providing means to focus, improve, and adapt the portfolio to market conditions Divested 2023 * 132 properties Underlying property value SEK 14.6 billion Divestments made/agreed for, with closing post Q4 * 6 propertie
Slide 8: Average yield and market value over years
Average yield and market value over 2 years SEKm 90000 6,0% 80000 5.8% 70000 56% 60000 5,4% 50000 5,2% 40000 5,0% 30000 20000 neh 10000 4,6% 0 44% Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 mmm Market value SEKm ——Yield corem |
Slide 9: Property value and Rental value, per sq.m
Property value and Rental value, per sq.m Property value, Rental value, SEK/sq.m SEK/sq.m 30 000 2000 27 000 1800 24 000 1600 21000 1400 18 000 1200 15 000 1000 12.000 —— 800 9 000 600 6 000 | i i 400 3 000 200 7.1 6.7 6.6 6.5 5.8 5.5 5.1 §.2 5.8 2015 2016 2017 2018 2019 2020 2021 2022 2023 Average
Slide 10: Financial position
10 Financial position Proactive transaction activities has enabled reduction of debt and financial risk, now showing effect Divestments made, or agreed, 2023 and 2024 to date, of assets with market value of approx. SEK 18.9 billion vY Properties - SEK 14.6 billion 2023, and SEK 1.6 2024 to-date Y¥_
Slide 11: 3,5 6,0 5,5 5,0 2,5 4,5 4,0 3,5 1,5 3,0 ,5 1 20 2,0
3,5 70 6,0 5,5 3 60 5,0 2,5 50 4,5 4,0 2 40 3,5 1,5 30 3,0 2,5 1 20 2,0 10 1,5 0,5 1,0 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2015 2016 2017 2018 2019 2020 2021 2022 2023 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 12: For Corem, sustainability means combining economically sustainable business operations
For Corem, sustainability means combining economically sustainable business operations with high business ethics, social responsibility and environmental consideration. We strive to be a positive influence, and work to develop sustainable properties and prosperous neighbourhoods. • • • • • • • •
Slide 13: Focus and future outlook
13 Focus and future outlook * Continued focus on proactive divestments in 2024 to strengthen balance sheet with focus on long-term sustainable financing * Focus on ICR, liquidity, reduction of debt and securing bond maturities in 2024 * Well positioned, attractive property portfolio * Strong underly
Slide 14: Questions
Questions