Slide 1: Interim report Q2 2024
Interim report Q2 2024 12 July 2024 External
Slide 2: Combination with KMC Properties
Combination with KMC Properties
Slide 3: Establishing a Nordic leader in logistics, warehouse and industrial properties
Establishing a Nordic leader in logistics, warehouse and industrial properties Combined Company highlights Property locations 145 ~97% Contracted rental income value by country(a) Properties Occupancy rate 2% 1% 3% 3% SEK ~13.2bn SEK 945m 4% Total property value Rental value 8% 52% ~9.8 years SEK 89
Slide 4: Increased earnings per share and solid key ratios
Increased earings per share and solid key ratios Estimated earnings capacity Key ratios per 30 June 2024 MSEK Logistea KMC Combined MSEK Logistea KMC Combined Investment properties No. of properties 73 72 145 Rental value 421 524 945 Occupancy rate, % 96.2 98.4 97.4 Operation supplements 68 - 68 Pro
Slide 5: Significant increase in size
Significant increase in size Property values(a), SEKbn Market cap(b), SEKbn Cibus, Corem, Platzer, Diös, Fastpartner and NP3 part of EPRA index 59.8 14.0 13.0 12.5 10.8 9.6 8.7 32.6 7.8 6.5 5.3 5.5 20.4 4.7 4.9 4.0 4.0 4.1 4.3 13.1 3.5 12.4 3.0 10.1 6.9 7.5 6.2 Logistea KMCP Emilshus SLP Stendörren
Slide 6: Potential to realise synergies in the near-term
Potential to realise synergies in the near-term Financial and operational synergies to create shareholder value ▪ The combined company will be significantly larger, which improves the Financing synergies to be verified Financial conditions for financing synergies and quantified post closing ▪ Po
Slide 7: H1 Logistea
H1 Logistea ye
Slide 8: Highlights HY1 2024
Highlights HY1 2024 221 MSEK 166 MSEK 77 MSEK* +17% +20% +48% Income NOI PFPM 8.0 years 6.6% 44.1% Valuation WAULT Net LTV yield 8 *Excluding transaction costs relating to the merger with KMC. 67 MSEK including transaction costs.
Slide 9: Logistea in brief
Logistea in brief Snapshot of Logistea 30 June 2024 Nasdaq Mid Cap 96.2% 10% (A and B share) Economic occupancy rate 13% 47% 6,259 MSEK 6.6% 14% Property value(a) Valuation yield 17% 8,543 SEK 8.0 years West Mid South SEK/sqm property value(b) Lease duration East North 421 MSEK 14.0 SEK Rental value
Slide 10: Solid tenant base
Solid tenant base Tenant structure Lease maturity structure 60% NKT AB, 9% 50% Nordic Nest AB, 6% 39% 40% 36% GDL AB, 5% 30% Other, 60% 10 largest tenants; 40% LB-Hus AB, 4% 20% Dana TM4 (Sweden) AB, 4% 10% Royal Design Group Holding AB, 3% 10% 5% 3% 3% 4% Olle Svenssons Partiaffär AB, 3% Cellbes AB
Slide 11: Strong transaction market
Strong transaction market Average rents prime logistics • Stabilized market yields for completed transactions in the quarter 1,200 1,000 • Increased transaction volumes in Q1-Q2 2024 800 • Transaction volume for all segments totalled SEK 50 billion, were the segment of logistics, warehouse and light
Slide 12: Transactions during Q2
Transactions during Q2 Åmål Borås Viared (Closing in Q4) Signed in May with closing on 1 June. Fully leased single Signed in May with estimated closing in Q4 2024, when the tenant property with 14.5 years remaining in lease maturity. property in completed. Fully leased to the one tenant, Annual rent
Slide 13: Transactions during Q1
Transactions during Q1 Nybro Skiffern Karlstad Busterud Falun Främby Closed in January 2024. Fully leased partly automated Same transaction as Skiffern. Fully leased logistics terminal Closed in March 2024. Fully leased production facility to NKT warehouse to the tenant Royal Design until 2034. The
Slide 14: Valuation yield of 6.6%
Valuation yield of 6.6% 7,000 7.0% Unrealised change in value for properties Q2 2024 6,000 6.5% 5,000 6.0% 4,000 5.5% 3,000 5.0% 2,000 4.5% +0.2% Net operating income 1,000 0 4.0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 Property value EPRA NIY • 28% of the property portfolio was valued by external va
Slide 15: Financials
Financials ye
Slide 16: Earnings and profit
Earnings and profit Income, MSEK Net operating income, MSEK Profit from property management, MSEK 120 100 350 45 140 400 90 40 100 300 120 80 35 80 300 70 250 100 30 60 200 80 60 25 200 50 150 20 60 40 40 15 30 100 40 100 10 20 20 50 20 10 5 0 0 0 0 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 17: Financing profile
Financing profile Capital structure 7,000 60% Loan-to-value 44.1% 6,000 55% 50% 5,000 42.3% 45% Secured loan-to-value 4,000 40% 3,000 35% Equity ratio 48.0% 2,000 1,000 30% 25% Fixed-interest period 2.0 y 0 Q3 2022 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 20% Tied-up capital period 2.3 y Interest bearing debt
Slide 18: Current earnings capacity June 2024
Current earnings capacity 30 June 2024 MSEK MSEK 31/12/2022 31/03/2023 30/06/2023 30/09/2023 31/12/2023 31/03/2024 30/06/2024 Investment properties Rental value 304 330 329 327 366 404 421 Operation supplements 59 60 63 63 65 68 68 Vacancy -5 -12 -12 -15 -16 -17 -16 Property costs -93 -95 -97 -95 -9
Slide 19: Logistea's share
Logistea’s share • Completed directed share issue of 250 MSEK in March to fund upcoming Owner LOGI A LOGI B Capital, % Votes, % attractive transactions and investments. Slättö 4,346,862 43,573,885 19.8 22.0 • Länsförsäkringar Fonder, AP4, M2 and Slättö among others were allocated. Rutger Arnhult w.
Slide 20: Q&A
Q&A ye
Slide 21: Appendix
A Pp pendi x ye
Slide 22: Capitalisation table post KMCP transaction
Capitalisation table post KMCP transaction Ownership in Logistea pre combination Ownership in the combined company post combination Shareholder Capital, % Votes, % Shareholder Capital, % Votes, % 1 Slättö 19.8% 22.0% 1 BEWI Invest AS 17.7% 17.7% 2 Rutger Arnhult 12.5% 12.4% 2 Nordika 14.5% 14.7% 3 N
Slide 23: Sustainability
Sustainability Sustainability update Energy saving measures - Annually move at least 10 percent of the properties in the comparable portfolio to a significantly better energy class through energy projects by the end of 2025. Solar energy - Increase the installed capacity from solar energy by 1 MWp a
Slide 24: Consolidated income statement
Consolidated income statement MSEK Jan-Jun 2024 Jan-Jun 2023 Apr-Jun 2024 Apr-Jun 2023 +2,2% Like-for-like excl. rent Rental income 221 189 110 94 supplements Property costs -55 -51 +2,7% Like-for-like -22 -22 Net operating income 166 138 +0,4% Like-for-like 88 72 Central administration -30 -18 -20
Slide 25: Consolidated balance statement
Consolidated balance statement MSEK Jun 2024 Jun 2023 Comment Property value 6,259 8,543 sek/sqm 4,918 8,319 sek/sqm Derivatives 12 28 Other assets and receivables 112 132 Cash and bank balances 219 29 Total assets 6,602 5,107 Equity 3,168 2,114 EPRA NRV 14.0 SEK/share Deferred tax 228 187 Interest-