Wallenstam Ab Class B · OMXSTO:WALL_B
Wallenstam Ab Class B — Q1 2024 Earnings Presentation
23 slides from Wallenstam Ab Class B's earnings presentation, Apr 24, 2024
Slide 1: Q1 2024 Wallenstam
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Slide 2: New layout and structure
New layout and structure
Slide 3: Wallenstam today
Wallenstam today Distribution Property value 210 properties 1,4 million sq m Residential properties, 56% SEK 64 billion in property value Commercial properties, 41% Public use 97% in occupancy rate properties, 3% 830 apartments under construction
Slide 4: Attractive locations – diversified portfolio
Rental value Residential 51% Office 27% Retail 7% Education/care 4% Restaurant 4% Garage 2% 35% Industry/warehouse 3% Stockholm & Uppsala Cinema 1% Gothen- Other 1% burg 65% Attractive locations – diversified portfolio
Slide 5: Net operating income, properties
Net operating income, properties SEK million 2024 2023 2023 Jan-Mar Jan-Mar Jan-Dec Rental income 719 660 2,730 Operating expenses investment properties -184 -197 -730 Net operating income, properties 535 462 1,999 Surplus ratio: 74.4%
Slide 6: Net operating income change
Net operating income change Rental income +60 MSEK New construction Total Acquisitions /sales Comparable holdings & large projects rental income +42 -5 +23 MSEK MSEK MSEK Net operating income +73 MSEK Operating expenses New construction Acquisitions Property maintenance, Total operating Weather wate
Slide 7: Kompositören, Uppsala
COMPLETED IN Q1 2024 Kompositören, Uppsala • 69 rental apartments • Occupation in February • Fully completed, totally 185 apts.
Slide 8: Kallebäcks Terrasser, kv 5
COMPLETED IN Q1 2024 Kallebäcks Terrasser, kv 5 • 182 rental apartments • Occupation in February • Fully completed
Slide 9: Income from property management
Income from property management SEK million 2024 2023 2023 Jan-Mar Jan-Mar Jan-Dec Rental income 719 660 2,730 Operating expenses investment properties -184 -197 -730 Net operating income, properties 535 462 1,999 Management costs and administrative expenses -71 -71 -293 investment properties Averag
Slide 10: Average fixed interest rate term, 37 months
Average fixed interest rate term, 37 months SEK million 2,500 Interest coverage ratio: 2.3 times 2,000 56% of the loan volume has 1,500 fixed interest. 1,000 500 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Maturity interest rate derivatives Maturity fixed rate loan
Slide 11: Balance sheet – Assets
Balance sheet – Assets Assets, 24-03-31 23-12-31 SEK million Investment properties 63,583 63,090 INVESTMENT PROPERTIES, SEK MILLION Development properties 74 77 Investment properties in operation 59,084 Wind turbines 962 985 Projects in progress, rental apartments 1,667 Cash and cash equivalents 542
Slide 12: The value of the properties
The value of the properties Direct yield requirement residential: 3.6% on average CHANGE DURING THE YEAR, INVESTMENT PROPERTIES Direct yield SEK million requirement commercial: Investment properties, January 1, 2024 63,090 4.6% on average Construction 524 Unrealized change in value -31 Investment pr
Slide 13: Investments in construction
Investments in construction SEK million 4, 000 3, 500 3, 000 2, 500 2, 000 1,500 1,000 500 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1
Slide 14: 830 apartments in ongoing new construction
Occupation starts 2024 Nacka Grace 169 apts. Nacka Älta Torg Kvarter 1 191 apts. Nacka Occupation starts 2025 Occupation starts 2025 Kallebäcks Terrasser Ädellövet Kvarter 6 172 apts 298 apts. Stockholm Gothenburg 830 apartments in ongoing new construction
Slide 15: Kv. 6, Kallebäcks Terrasser, Gothenburg 298 apartments – Occupation 2025
Kv. 6, Kallebäcks Terrasser, Gothenburg 298 apartments – Occupation 2025
Slide 16: Nacka Grace, Nacka 169 apartments – Occupation 2024
Nacka Grace, Nacka 169 apartments – Occupation 2024
Slide 17: Älta Torg kv. 1, Nacka 191 apartments – Occupation 2024
Älta Torg kv. 1, Nacka 191 apartments – Occupation 2024
Slide 18: Ädellövet, Farsta, Stockholm 172 apartments – Occupation 2025
Ädellövet, Farsta, Stockholm 172 apartments – Occupation 2025
Slide 19: Årstaberg, Stockholm
STARTING SOON Årstaberg, Stockholm • Just over 400 rental apartments • Construction start in Q2, 2024
Slide 20: Balance sheet – Liabilities and equity
Balance sheet – Liabilities and equity Liabilities and equity, 24-03-31 23-12-31 SEK million Equity/assets Equity 30,833 30,500 ratio: 45% Interest-bearing liabilities 29,661 29,075 Loan-to-value Financial derivative instruments 12 18 ratio: 46% Lease liability 560 544 Other 6,942 6,704 Net asset va
Slide 21: Funding sources
Funding sources Issued new green bonds of SEK 700 million during Q1 2024 Bank loans, SEKM 28,108 95% (98) Bonds, SEKM 1,034 3% (1) Commercial papers, SEKM 519 2% (1) Financing Q1, distribution
Slide 22: Questions?
Questions? Susann Linde, CFO & IR-ansvarig susann.linde@wallenstam.se
Slide 23: Slide 23