Slide 1: Fabege Year-end report 2023
Fabege Year-end report 2023 Stefan Dahlbo, CEO Åsa Bergström, CFO
Slide 2: Summary Q4 2023
Summary Q4 2023 ● Increased management profit SEK 345m (235) ● Strong net letting SEK +168m (17) ● Strong surplus ratio 76 per cent (73) ● Negative value changes in the property portfolio SEK -2,415m (-3,665) ● Result after tax -1,991 (-2,729) ● Vacated Orgel 7 and Glädjen 12 ● Green share according
Slide 3: Summary 2023
Summary 2023 ● Increased rental income, growth identical portfolio 11% ● Increased interest costs ● Increased management result ● Surplus ratio 75% (74) ● Negative value changes in the property portfolio apprx 9% (-13% since peak Q3 2022) ● Strong net letting SEK 165m ● Improved occupancy rate to 91
Slide 4: Condensed income statement
Condensed income statement SEKm 2023 Jan-Dec 2022 Jan-Dec Rental income 3,366 3,032 Sales residential projects 553 295 Other income 11 0 Net sales 3,390 3,327 Property expenses -853 -792 Residential projects expenses -549 -374 Gross profit 2,528 2,161 • Rental growth in identical Central administrat
Slide 5: Property valuation Q4 2023
Property valuation Q4 2023 Property value SEK 78.1bn of which management portfolio SEK 63.7bn Q4 2023 Q2 2023 Q1 2023 Q1 2023 Externally 70% 55% 60% 47% valued Value change SEK -2.415m SEK -1,591m SEK -1.715m SEK -2,110m Yield 4.43% 4.25% 4.17% 4.11% Breakdown of value SEKbn changes 2023 Project -1.
Slide 6: Sensitivity analysis – Property values
Sensitivity analysis – Property values Chane in value Impact on Equity per Equity/ratio Loan-to-value earnings after tax share 31/12/2023 SEK 125 47% 42% 5% SEK -3,100m SEK 112 46% 44% 10% SEK -6,201m SEK 103 44% 47% 15% SEK -9,301m SEK 93 42% 50% 20% SEK -12,401m SEK 83 40% 53% Based on property va
Slide 7: Key ratios, 31 December 2023
Key ratios, 31 December 2023 2023 2022 Jan-Dec Jan-Dec Target Equity per share, SEK 125 145 EPRA NRV, SEK per share 150 173 Total return properties, % -6,2 2.4 Surplus ratio, % 75 74 75 Equity/assets ratio , % 47 49 >35 Loan-to-value ratio, % 42 38 <50 Debt ratio, multiple 13.5 15.6 <13 Interest cov
Slide 8: Financing
Financing Over view Activities during 2023 Total debt SEK 32.9bn Issued SEK 1.8bn in bonds and repaid bond of SEK 2.7bn (incl. SFF) Undrawn credit facilities , SEK 7,0bn* Reduced outstandning commercial pappers by SEK 1.1bn to SEK 1.7bn Loan-to-value 42% Net new bank facilities of SEK 1.7bn an
Slide 9: Maturity profile
Maturity profile 2023: 2025: Maturity: CP SEK 1,7bn (extended on average 3 months) Q1: MTNs SEK 0.7bn Maturity: MTNs SEK 3.8bn (inclu. SEK 600m in SFF) Q2: Bank SEK 0.5bn Bank facilities SEK 3.4bn Q3: MTNs SEK 1.6bn Q4: MTNs SEK 0.5bn, bank SEK 4.2bn
Slide 10: Fixed-rate period 31/12/2023
Fixed-rate period 31/12/2023 Average interest rate Maturity Swaps Cancellable FXD Total swaps MTN & Loan % 2024 2,400 6,000 937 9,337 4 2025 2,200 400 2,600 3 2026 2,700 400 3,100 2 2027 2,800 450 3,250 1 2028 2,300 976 3,276 0 2029 2,000 2,000 60 per cent of the portfolio fixed 2030 800 800 2031
Slide 11: Transactions
Transactions Divestments of total SEK 3.9bn. Two office properties and land Orgeln 7 vacated in Q3 Glädjen 12 vacated in Q3 11 • 3
Slide 12: Rental development, last ten years
Rental development, last ten years, SEK Vacancy rate of total area (%) Number of office employees, Stockholm County New office space all of Stockholm, sqm net
Slide 13: New office study
New office study Need for a multifaceted workplace The office needs to solve four basic need • cooperation • social togetherness • concentration • Recovery Need for flexibility, simplicity and service Availability more important Link to the the report (swedish only)
Slide 14: Vacancies in Stockholm
FABEGE - FLEXIBLE SOLUTIONS Our flexible vad pT On CoWorking.co Fabege. Dog care se rabege:
Slide 15: Net letting 2023
Net letting 2023 SEKm 2023 2022 Net letting 2012-2023 SEKm 275 250 New lettings 382 276 225 200 Terminations -217 -190 175 150 125 Net letting 165 86 100 75 50 25 0 Target 2024 > SEK 80m -25 -50 -75
Slide 16: Stable customers with long agreements
Stable customers with long agreements Share of Year of Customer Approx 700 customers total rent expiry SEB 6,6% 2037 25 largest customers represents 42% ICA Fastigheter Sverige 3,8% 2030 of rental value Convendum 3,6% 2034 Average contract length 4.5 years Telia Company 3,6% 2031 Share of to
Slide 17: Renegotiations 2023
Renegotiations 2023 Lease maturity structure Renegotiations Annual rent, Maturity, year No. of leases SEKm Percentage, % • SEK 340m extended on 2024¹ 579 552 17% unchanged terms 2025 308 516 16% 2026 287 580 17% 2027 134 457 14% • SEK 151m -3.2% 2028 59 170 5% 2029+ 80 874 26% • SEK 192m has alrea
Slide 18: Occupancy rate 30/09/2023
Occupancy rate 30/09/2023 Management portfolio • Economic occupancy rate 91% 96 Development portfolio 94 • Relates to properties that are partly or fully vacated for 92 project development, lettings are made for short-term contracts without a right of possession 90 • In total approximately 234,0
Slide 19: Rental development existing lease portfolio 31/12/2023
Rental development existing lease portfolio 31/12/2023 SEKm 900 865 855 846 850 844 840 850 829 827 800 750 700 650 600 550 500 450 400 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 • Based on contracted leases including known occupations, relocations and renegotiations Q3 2023 • E
Slide 20: Investments
Investments Investments 2012-2022 SEKm 3 500 Capex 2022 2023 2024E SEKm 3 000 Project- & developments 1,427 2,094 2 500 properties 2 000 Management 800 1,007 properties 1 500 Total 2,227 3,101 2,800 1 000 500 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20
Slide 21: Project portfolio 31/12/2023
Project portfolio 31/12/2023 Estimated capex: SEK 4.8bn Investment accumulated in 2023: SEK 1,902m Estimated Lettable Occupancy rate, % Book value, investment, of which spent, Property listing Category Area Completed area, sqm space¹ Rental value² SEKm SEKm SEKm Regulatorn 4 Workshops etc Flemin
Slide 22: Fabege in brief
FABEGE IN BRIEF Solna: Stockholm inner city: Property value: ______ SEK 36,930m Property value: SEK 29,76m Lettable dfe 10 sqm Lettable area: 312,000 sqm © Arenastaden / Haga Norra Rental value: SEK 1.515m © Solna Business Park 1) Stockholm inner city © Hammarby Sjéstad Hammarby Sjéstad: Flemingsber
Slide 23: Sustainability on the agenda
Sustainability on the agenda Reduced energy consumption to 71 kWh/sqm • Target 70 kWh/sqm brought forward to 2024 Topposition i GRESB • 93 out of 100 in the management portfolio • 98 out of 100 in the project portfolio Nasdaq Green Equity Designation 66% of turnover aligned according to the
Slide 24: Safety
Safety Trust — Education TIES * MEE; po 7NG py Y 27 & IC, Meaningful spare time o Noy, oe 08 Comfort. oavri09 Well being Employment ”AKTIV VANTAN” - FOR A SAFER AND MORE ATTRACTIVE AREA THUDDINGE "AKTIVITETER.
Slide 25: Questions
Questions Our vision The success factor for a new era 25