Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B

Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — Pareto Securities Nordic Corporate Bond Conference 2017

30 slides from Stendoerren Fastigheter Ab Class B's conference presentation, Mar 7, 2017

  1. Slide 1: Pareto Securities Nordic Corporate Bond Conference

    MARCH 7, 2017 PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE

  2. Slide 2: Agenda

    AGENDA PART 1 – STENDÖRREN FASTIGHETER PART 2 – MARKET DATA PART 3 – GROWTH PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017

  3. Slide 3: Part 1 Stendörren Fastigheter

    PART 1 STENDÖRREN FASTIGHETER

  4. Slide 4: Business idea and objectives

    STENDÖRREN FASTIGHETER BUSINESS IDEA AND OBJECTIVES BUSINESS IDEA Stendörren Fastigheter creates long-term growth and value creation by acquiring, developing and managing properties within the greater Stockholm region, with focus on the segments warehouse and light industrial. OVERALL OBJECTIVES Ste

  5. Slide 5: Property portfolio

    STENDÖRREN FASTIGHETER PROPERTY PORTFOLIO Uppsala 80% WITHIN THE GREATER STOCKHOLM REGION Enköping Västerås Storstockholm Eskilstuna Stockholm Södertälje Flen Nynäshamn PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017

  6. Slide 6: Organisation created for growth

    ”HAVING STAFF IN-HOUSE STENDÖRREN FASTIGHETER HELPS US CREATE LONG- TERM RELATIONSHIPS WITH OUR TENANTS AND ORGANISATION - CREATED FOR GROWTH ENSURES THE DELIVERY” 30 BOARD CEO co-workers MANAGEMENT TEAM MARKETING AND LEASING DEPARTMENT PROPERTY DEPARTMENT FINANCIAL DEPARTMENT PROJECT MANAGEMENT ASS

  7. Slide 7: 2014 - 2016

    STENDÖRREN FASTIGHETER 2014 - 2016 Q4 2016 Q4 2015 Q2 2015 Q3 2014 Market value, MSEK 5 817 4 889 4 428 1 962 No. properties 95 81 75 27 Lettable area, sq m 612 000 585 000 544 000 252 000 NOI running 12m*, MSEK 316 302 - 307 280 135 Equity, MSEK 2 054 1 489 1 284 724 Senior debt, MSEK 2 653 2 621 2

  8. Slide 8: Financial report: property portfolio distribution and top 10 tenants

    FÖRDELNING UTHYRBARYTA GEOGRAFISK F COOP Sverige Fastigheter AB, 12 % Silex Microsystems AB, 5 % Finisar Sweden AB, 3 % FINANCIAL REPORT Exploria AB, 2 % DHL Exel Supply Chain (SWE) AB, 2 % PROPERTY PORTFOLIO FÖRDELNING UTHYRBARYTA GEOGRAPHICAL GEOGRAFISK FÖRDELNING Åtta.45 Tryckeri AB, 2 % DISTRIBU

  9. Slide 9: Project development

    STENDÖRREN FASTIGHETER PROJECT DEVELOPMENT - APPROX. 520 MSEK ”OUR PORTFOLIO OF CASH FLOW YIELDING PROPERTIES CAN SUPPORT A PROJECT 10 % FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING PORTFOLIO OF BETWEEN 60 % 5 - 15% OF TOTAL PORTFOLIO VALUE” DISTRIBUTION

  10. Slide 10: Key property ratios

    STENDÖRREN FASTIGHETER KEY PROPERTY RATIOS JAN–DEC JAN–DEC 2016 2015 Lettable area, ’000 sq m 612 585 No. of properties 95 81 Market value, MSEK 5 817 4 889 Occupancy*, % 92 91 Economic occupancy*, % 92 91 Yield running 12m, % 5,7 6,2 Lease duration, years 5,1 5,0 Average rent, SEK/sq m 799 805 *The

  11. Slide 11: Income build-up Q1 - Q4 2016

    STENDÖRREN FASTIGHETER INCOME BUILD-UP Q1 - Q4 2016 Rental value Vacancy Property expenses Central admin Financing costs Value changes Taxes Net income 800 700 600 136 500 607 400 42 300 609 481 NOI 299 141 200 55 100 Prop Mgmnt 138 106 0 PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7,

  12. Slide 12: Portfolio build up - actuals

    STENDÖRREN FASTIGHETER PORTFOLIO BUILD UP - ACTUALS 6 000 9,0% Property value 55 37 56 09* 53 80 Annual NOI earning capacity NOI yield excl. non-earning 48 89 8,0% 5 000 48 26 NOI yield 44 96 7,0% 6,8% 6,8% 7,0% 4 000 6,4% 6,2% 6,4% 6,1% * 6,2% 6,3% 6,0% 3 000 5,8% 5,6% 5,6% * 5,0% 2 000 4,0% 1 000

  13. Slide 13: Key financial ratios

    STENDÖRREN FASTIGHETER KEY FINANCIAL RATIOS JAN–DEC JAN–DEC 2016 2015 Excess Ratio (NOI/Rental income), % 68 69 ROE (average), % 35 24 Avrg. Interest fixing, years 2,2 2,8 Avrg. Debt maturity, years 3,5 3,1 Equity Ratio, % 34 30 LTV, % 57 64 LTV (property level), % 46 54 ICR, x 2,3 2,2 PARETO SECURI

  14. Slide 14: Key financial ratios

    Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 3,0 STENDÖRREN FASTIGHETER 50 2,5 KEY FINANCIAL RATIOS 35% 40 2,0 30 1,5 20 1,0 0,5 10 AVERAGE RETURN ON EQUITY 0,0 0 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 EQUITY RATIO, % ICR, x ROE (AVERAGE), % 40 3,0 50 2,5 40 30 2,0 30 1,5 20

  15. Slide 15: Key metrics over time

    STENDÖRREN FASTIGHETER KEY METRICS OVER TIME 75,0% 3,00 ICR (right hand scale) NOI Excess Ratio NOI Excess Ratio 2,80 LTV 65,0% LT V 2,60 LTV (property level) LT V ( p ro p ROE er t y leve 2,40 55,0% l) Equity Ratio 2,20 45,0% 2,00 RO E 1,80 35,0% 1,60 Equity Ratio 1,40 25,0% 1,20 ICR (right hand sc

  16. Slide 16: Debt funding overview

    FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING STENDÖRREN FASTIGHETER DEBT FUNDING OVERVIEW MATURITY AND INTEREST PROFILE Senior debt, 77 % Bond, 22 % 1 800 Seller notes, 1 % STÖRSTA HYRESGÄSTERNA 1 600 1 400 FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING DISTRIBUTION 1 200 FÖRDELNING UTHYRBARYTA GEOGRA

  17. Slide 17: Key equity ratios

    STENDÖRREN FASTIGHETER KEY EQUITY RATIOS JAN–DEC JAN–DEC 2016 2015 Share price, SEK 68,5 50,0 Equity per share, SEK 74,3 53,9 EPRA NAV per share, SEK 83,2 60,1 Cashflow per share, SEK 4,2 4,7 Market cap, MSEK 1 892 1 381 Other ratios Average number of employees during the period 30 10 PARETO SECURIT

  18. Slide 18: Share value

    STENDÖRREN FASTIGHETER SHARE VALUE 2 500 83,22 Book equity 77,85 80,02 EPRA NAV / Share 73,50 72,25 74,36 Book Equity / Share 70,02 2 000 68,75 68,50 Share price 65,47 58,25 60,02 56,51 57,50 54,90 53,92 55,00 48,90 1 500 49,90 50,02 49,06 47,45 50,00 48,20 46,47 47,32 46,10 44,50 40,02 1 000 30,02

  19. Slide 19: Part 2 Market data

    PART 2 MARKET DATA

  20. Slide 20: Logistics in Greater Stockholm region

    MARKET DATA LOGISTICS IN GREATER STOCKHOLM REGION 16,0% Vacancy 14,0% Yield 12,0% Stibor 90 10,0% 8,0% 6,0% 4,0% 2,0% 0,0% -2,0% 2010 2011 2012 2013 2014 2015 2016 Source: Newsec PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017

  21. Slide 21: Logistics rent level in Greater Stockholm region

    MARKET DATA LOGISTICS RENT LEVEL IN GREATER STOCKHOLM REGION 680 Rent Inflation 18,0% 670 660 13,0% 650 640 8,0% 630 3,0% 620 0,0% 610 -2,0% 2010 2011 2012 2013 2014 2015 2016 Source: Newsec PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017

  22. Slide 22: Part 3 Growth

    PART 3 GROWTH

  23. Slide 23: Growth in different Swedish regions 1995 to 2015

    GROWTH GROWTH IN DIFFERENT SWEDISH REGIONS 1995 TO 2015 30,00% 25,00% 20,00% 15,00% 10,00% 5,00% 0,00% -5,00% The data illustrates the popluation growth in Swedish cities including surrounding municipalities during the period 1995-2015. Source: Evidens PARETO SECURITIES NORDIC CORPORATE BOND CONFERE

  24. Slide 24: Our property portfolio is where Sweden is growing the most

    GROWTH OUR PROPERTY PORTFOLIO IS WHERE SWEDEN IS GROWING THE MOST Uppsala Enköping Västerås Storstockholm Eskilstuna Stockholm Södertälje Uppsala Västerås Flen Eskilstuna Örebro Stockholm Södertälje Linköping Nynäshamn Göteborg Jönköping Malmö PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MAR

  25. Slide 25: Where in Stockholm region do we want to grow?

    GROWTH WHERE IN STOCKHOLM REGION DO WE WANT TO GROW? • 2,3 million citizens • 600 000 new citizens to 2030 • The region has significantly higher growth than the rest of Sweden Uppsala Västerås Eskilstuna Örebro Stockholm Södertälje Linköping Göteborg Jönköping Existing portfolio Possible expansion M

  26. Slide 26: Growth forecast

    FÖRDELNING UTHYRBARYTA GEOGRAFISK FÖRDELNING Possible growth GROWTH of up to 1 billion GROWTH FORECAST without new capital required. Approx. 500 MSEK Acqusitions Approx. 200 MSEK Tenant improvements Approx. 300 MSEK New builds STÖRSTA HYRESGÄSTERNA Approx. 200 MSEK Approx. 500 MSEK Approx. 300 MSEK

  27. Slide 27: Joint venture 50/50 with Kilenkrysset

    JOINT VENTURE GROWTH 50/50 WITH KILENKRYSSET STOCKHOLM VÄST LOGISTIK AB Uppsala Enköping Västerås Storstockholm Eskilstuna Stockholm Södertälje Flen Nynäshamn • +400,000 sq m land • E18 connection • Goods terminal with own railway connection PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH

  28. Slide 28: Stendörren towards Main Market

    GROWTH Mid Cap STENDÖRREN TOWARDS MAIN MARKET Mid Cap PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017

  29. Slide 29: Warehouse and light industrial in the Greater Stockholm region

    PROPERTY VALUE: 5 817 MSEK WAREHOUSE AND LIGHT INDUSTRIAL IN THE GREATER STOCKHOLM REGION NET PROFIT (Q1-Q4): LETTABLE AREA: 609 MSEK 612 000 M2 NO. OF PROPERTIES: 95 LTV: 57 % PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017

  30. Slide 30: Calendar and contact information

    CALENDAR Financial report Q4 2016 FOR FURTHER INFORMATION PLEASE CONTACT: FREDRIK BRODIN, CEO, VD MAGNUS SUNDELL, CFO, VVD fredrik.brodin@stendorren.se magnus.sundell@stendorren.se 08 - 518 331 01 08 - 518 331 02 PARETO SECURITIES NORDIC CORPORATE BOND CONFERENCE | MARCH 7, 2017

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