Slide 1: Q2 Half-year report January-June 2023
Q2 Half-year report January-June 2023
Slide 2: Summary January - June 2023
*Including holdings in Entra Summary ** Including coworking income of SEK 134 M January - June 2023 Changes in Income from Rental income** NOI property values property management* +12.6% +10.5% -11.9% -4.3% SEK 4,953 M SEK 3,222 M SEK -6,618 M SEK 2,093 M Net leasing Economic Total lease value Prope
Slide 3: Castellum in brief
Castellum in brief Östersund One of the largest listed property companies in the Nordic region Property value SEK 171 Bn1 Helsinki area 719 properties Oslo incl. Drammen/Sandvika 1 5.6 million sq. m. lettable area Västerås Uppsala 46% of sq. m. sustainability-certified Örebro Stockholm pro
Slide 4: Rights issue of approximately SEK 10 Bn completed according to plan
Rights issue of approximately SEK 10 Bn completed according to plan Maintaining credit Repayment of Complete ongoing rating bonds projects
Slide 5: Development of operating income
Development of operating income Development of income, 2023 2022 Increase in NOI, SEK M NOI SEK M Jan-Jun Jan-Jun Change, % +10.5% Like-for-like holdings 4,060 3,697 +9.8 Like-for-like holdings 171 Development properties 349 200 +74.5 Transactions 410 395 +3.9 Coworking 134 108 +24.1 Development pro
Slide 6: Castellum's tenants
Castellum’s tenants Rental value, S&P Largest tenants SEK M rating1 A selection of tenants in our well-diversified customer base The Swedish Police Authority 195 AAA AFRY Group 186 Not rated ABB 182 A- The Swedish National Courts Administration 169 AAA Handelsbanken 149 AA- The Swedish Social Insura
Slide 7: Increased rental income despite volatile net quarterly leasing
Increased rental income despite volatile net quarterly leasing RENTAL INCOME 2018–Q2 2023, SEK M NET LEASING 2018–Q2 2023, SEK M 10,000 120 9,000 100 8,000 80 7,000 60 6,000 40 5,000 20 4,000 0 3,000 -20 2,000 1,000 -40 0, -60 18 19 20 21 22 23 Rental income, rolling annual value Net leasing, quarte
Slide 8: Changes in property values
Changes in property values SEK M Property portfolio on 1 Jan. 2023 153,563 New constructions, extensions and 1,569 reconstructions Divestments -3,499 Changes in value - Cash flow -1,572 Unrealised Changes in value - Project gains/Building rights -591 value changes of SEK 13 Bn Changes in value - Req
Slide 9: Property values
Property values SEK Bn Percent 60 7,50 7.50 50 6,00 6.00 40 4.50 4,50 30 3.00 3,00 20 1.50 1,50 10 0.00 0,00 0 -1.50 -1,50 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 Q3 Q4 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 2010 2011 2012
Slide 10: Highlights – financing Q2 (Q4 2022)
Highlights – financing Q2 (Q4 2022) Average Credit rating LTV ICR effective rate Baa3, Stable 36.9% (42.3) 3.1 (3.9) 2.7% (2.6) Outlook Share of Average debt Average fixed Hedge ratio unsecured maturity interest rate (>1y) assets 3.2 years (3.1) 3.1 years (2.7) 71% (57) 52% (52) 10 14/07/2023 Half-y
Slide 11: LTV walk
LTV walk Percent LTV on 1 Jan. 2023 42.3 Unrealised changes in property values 1.6 Investments in existing properties 0.5 Net of property transactions -1.1 Dividend 0.5 Cash flow from operations -1.1 Rights issue -5.6 Other -0.2 LTV on 30 June 2023 36.9 11 14/07/2023 Half-year report January-June 20
Slide 12: Financing
Financing Average cost of debt Bank exposure (incl. RCFs), % Amount, Average 5 Instrument SEK M interest, % 7 23 Bank loans 24,510 4.9 8 Bonds 40,676 2.6 Commercial paper 294 4.7 Interest rate swaps -1.11 11 Cross currency interest rate swaps 0.31 19 Outstanding debt 65,480 2.7 12 Unutilised credit
Slide 13: Debt maturity structure
Debt maturity structure SEK 24.4 Bn 30 JUNE 2023 in cash and SEK M unutilised credit facilities 11,016 9,591 8,923 8,198 7,165 6,749 4,528 3,750 2,698 1,484 861 516 2023 2024 2025 2026 2027 >2027 Bonds & Commercial Paper Bank 13 14/07/2023 Half-year report January-June 2023
Slide 14: Largest ongoing projects
Largest ongoing projects Rental values of SEK 280 M Rental Remaining to be completed Area, value, Occ. Total inv., Of which built investment, Property Category Location Completed sq.m. SEK M rate, % SEK M up, SEK M SEK M in 2023 Backa 20:5 P Gothenburg Q4-25 9,000 40 100 490 68 422 Tusenskönan 2 P M
Slide 15: Larger completed projects
SEEL, Gothenburg Larger completed projects Rental value SEK 189 M of SEK 280 M in total The Swedish National Courts Administration, Malmö
Slide 16: Larger ongoing projects
Effekten, Västerås Larger ongoing projects Rental value SEK 93 M of SEK 280 M in total Hornsberg, Stockholm
Slide 17: Future project opportunities
Future project opportunities Large pipeline with a land bank of 660,000 sq. m. Hagastaden/Infinity (office), Stockholm Gateway Säve (logistics), Gothenburg Land allocations with local plans of about 60,000 BTA sq. m. Hagastaden/Infinity Office and logistics Area: 20,000 sq. m. Investment volum
Slide 18: The sustainable city 2030
The sustainable city 2030 Social Responsibility The Planet Future-proofing We conduct business in a responsible We responsibly and efficiently reduce We create a sustainable asset manner in relation to the community resource use and carbon emissions that cause portfolio in a changing world. and our
Slide 19: Key takeaways
Key takeaways Positive net leasing and continued strong rental market Completed rights issue strengthens the financial position Large pipeline for value creation when the market conditions improve Maintained strategy Continue to grow in the Nordic growth regions Continued focus on office
Slide 20: Q&A
Q&A
Slide 21: Thank you!
Thank you! Contact: joacim.sjoberg(at)castellum.se jens.andersson(at)castellum.se
Slide 22: Appendix
Appendix 22 14/07/2023 Half-year report January-June 2023
Slide 23: Condensed consolidated statement of comprehensive income
Condensed consolidated statement of comprehensive income LTM 2023 2022 2023 2022 2022 SEK M Apr–Jun Apr–Jun Jan–Jun Jan–Jun Jul 2022–Jun 2023 Jan–Dec Rental income 2,169 1,948 4,336 3,907 8,232 7,803 Service income 247 201 483 385 1,058 960 Coworking income 67 58 134 108 258 232 Income 2,483 2,207 4
Slide 24: Condensed consolidated balance sheet
Condensed consolidated balance sheet SEK M 30 Jun 2023 30 Jun 2022 31 Dec 2022 ASSETS Investment properties 145,897 156,888 153,563 Goodwill 4,755 5,392 4,969 Leases, right-of-use 1,531 1,746 1,591 Associated companies 11,830 14,402 13,286 Derivatives 4,577 2,886 3,215 Other fixed assets 283 284 312
Slide 25: Condensed consolidated balance sheet
Condensed consolidated balance sheet SEK M 30 Jun 2023 30 Jun 2022 31 Dec 2022 EQUITY AND LIABILITIES Equity 84,926 84,789 78,983 Deferred tax liability 16,335 18,299 17,754 Other provisions 28 27 28 Derivatives 487 419 468 Interest-bearing liabilities 65,480 74,153 76,849 Lease liability 1,531 1,74