Stendoerren Fastigheter Ab Class B · OMXSTO:STEF_B
Stendoerren Fastigheter Ab Class B — Stendörren Fastigheter — Q1 2023 Earnings Presentation
27 slides from Stendoerren Fastigheter Ab Class B's earnings presentation, 2023
Slide 1: Stendörren
STENDORREN | Kokaler som Wik shillnad. ni _ HH i
Slide 2: Introduction: business idea, market opportunity and financial objectives
INTRODUCTION BUSINESS | BUSINESS IDEA Stendorren creates profitable growth in net asset value by actively managing, developing and acquiring properties Focus on logistics, warehouse and light industrial properties, primarily within the Stockholm region and other markets that are considered attractiv
Slide 3: Operational highlights
Excluding bankruptcy of second largest tenant Exploria OPERATIONAL HIGHLIGHTS NET LETTING (MSEK) ¥ STRONG RENTAL INCOME AND NOI GROWTH mLeasing new W construction 16 15 + Full effect from CPl-related rent increase in lease agreements with 14 14 effect from and including Q1 2023 * 21% y-o-y NOI incre
Slide 4: Financing highlights
FINANCING HIGHLIGHTS es ROE (%) vY REVALUATIONS EFFECTS FINANCIAL 26 26 KEY FIGURES NEGATIVELY 20 22 + Last 12 months SEK -276m on property portfolio 15 16 18 4 Vv INTEREST-RATE RESILIANCE 12% 9-9 08 . + Approx 80% of interest-bearing debt hedged with a 1 “Stibor” of 1.50% + Average maturity of hedg
Slide 5: Snapshot of Stendörren
SNAPSHOT OF STENDORREN PROPERTY VALUE! RENTAL VALUE? NOI YIELD? LTv4 SEK SEK ; 12.5 bn 846m Bw 49% LEASE DURATION® JAREAT sine RIGHTS! T eons T S| SQ.M. 795,000 SQ.M. 657,000 3.9 years E 1) Property portfolio as per December 31, 2022 2) Estimated earnings capacity as of January 1, 2023 3) Excluding
Slide 6: Stendörren history in short
STENDORREN HISTORY IN SHORT PROPERTY VALUE Q1 2023 VALUE 2022 12.5 | 12.4 * PROPERTY . J VALUE 2021 BN 148 PROPER DY uh 7 PROPERTIES 2020 if | 2 i 3 148 PROPERTY PROPERTIES VALUE 2019 = 8.9 BN 135 PROPERTY 2018 oF PROPERTIES 2023 VALUE 201: BN 1 2 3 VALUE 2017 8.4 PROPERTIES 2022 BN 122 A PRORERTYA
Slide 7: Reasons to invest in Stendörren
GRAB investor Presentation 4 REASONS TO INVEST STABLE CASH FLOW High yielding logistics, warehouse and light industrial properties with long leases * The tenant base is diversified and consists of both well-established small to medium size companies and large multinational businesses from different
Slide 8: 1. Stable cash flow
1. STABLE CASH FLOW DIVERSIFICATION WITH FOCUS ON GREATER STOCKHOLM PROPERTY PORTFOLIO OVERVIEW * Stendd6rren has a property portfolio of SEK 12,534m, with a property yield of 5.7%! as per 31 March 2023 * Rental value? of SEK 846m with an economic occupancy rate of 94% as per 31 March 2023 + Lease a
Slide 9: 1. Stable cash flow - continued
1. STABLE CASH FLOW - CONTINUED DIVERSIFIED TENANT BASE p LARGEST TENANTS AS PER Q1 2023 LEASE MATURITY BY RENTAL INCOME I | income, REMI 222, sot enh aay A\ SEKm —_— income Coop Logistics AB 66 130 10% «il Atta.45 Tryckeri AB 12 TT 2% Nes | | pi Mountain Top 1 10 2% 330 si5 Unilever Europe BV 10 13
Slide 10: Sustainable growth: market sources
Sources: SCB, Swedish Trade Federation, PostNord/HUI, CBRE
Slide 11: 2. Sustainable growth - continued
2. SUSTAINABLE GROWTH - CONTINUED STRONG GROWTH PROSPECTS FUTURE * Expansion in greater Stockholm and Malardalen ¢ Build critical mass in new markets « New markets continuously evaluated ¢ Focus on off market acquisitions of cash flow generating assets | * Investments in the existing portfolio of bu
Slide 12: 3. Value growth in projects
ie at 3. VALUE GROWTH IN PROJECTS PROJECT PORTFOLIO WITH LARGE POTENTIAL Municipality Upplands-Bro Sédertalje Nynashamn Enképing Eskilstuna Upplands-Bro Upplands-Bro. Enképing Vasteras Upplands-Bro. Flen Botkyrka Sollentuna Frederikssund Uppsala Botkyrka Egedal Stockholm Envisaged main use Logistics
Slide 13: 3. Value growth in projects - ongoing and completed projects
3. VALUE GROWTH IN PROJECTS - CONTINUED ONGOING AND COMPLETED PROJECTS ; ; Estimated Property Description Badin) SEO. investment? Current Phase completion sq.mé SEK 7 m + Development projects Almnas 5:23 New logistics Q12023 11900 175 Construction started within logistics, light Hjulsmeden1 New ligh
Slide 14: Residential conversions
3. VALUE GROWTH IN PROJECTS - CONTINUED RESIDENTIAL CONVERSIONS 7 (a TEGELBRUKET - SKRUBBA - TRAVERSEN ¢ Identifying underutilized assets in urban locations ¢ The assets have been acquired as cash flow generating properties * The underutilized assets are in various phases of unlocking their full val
Slide 15: Sustainability - achievements
SUSTAINABILITY - ACHIEVEMENTS CLIMATE IMPACT KG CO2/SQ@.M ENERGY INTENSITY KWH/SQ.M. DISTRIBUTION OF ENERGY SOURCES ae 43% ee 33% REDUCED CLIMATE IMPROVED ENERGY Renewables = Non-renewables 4,00 IMPACT BETWEEN 2018- EFFICIENCY PER SQ.M 2022 (kKaCO2,e/sq.m) 130 BETWEEN 2018-2022 3,50 120 3,00 2,50 no
Slide 16: Our sustainability strategy
= OUR SUSTAINABILITY STRATEGY OPERATIONAL EXCELLENCE TARGET: Large suppliers are to sign the company’s, code of conduct 100% of all vehicles are to be fossil-free by 2025 Avoid flying wherever practically possible Investor Presentation RESOURCE EFFICIENCY TARGET: Reduce energy intensity (kwh/sam) by
Slide 17: Sustainability initiatives
SUSTAINABILITY INITIATIVES EXAMPLES IN NEW DEVELOPMENTS v BREEAM EXCELLENT OR VERY GOOD a Pay + High sustainability focus during entire build evidenced in high rating v ENERGY CONSUMPTION WELL BELOW REQUIRED LEVEL + State of the art development Viby 19:66 has exceptionally low energy consumption, 82
Slide 18: 4. Finance: highlights from Q1 report
tog =f 4. FINANC HIGHLIGHTS FROM Q1 REPORT NET LETTING (MSEK) Excluding bankruptcy of second largest tenant Exploria 16 45 14 a 14 7 Qi @2 @3 a4 2019 @ @2 @ a4 2020 @ @2 @3 a4 2021 qi @2 @3 ajar 2022 12023} ex SURPLUS RATIO (%) 76 75 75 75 75 67 67 67 66 @ @2 @3 a4 2019 Qi a2 @3 a4] qi a2 G3 G4} ai
Slide 19: 4. Finance - financial targets
4. FINANCE - CONTINUED FINANCIAL TARGETS ROE (%) NAV GROWTH (%) 13. 4 oe al a2 a3 a4|ai a2 a3 a4} ai a2_a3,04] a1 a2 a3 a4] ai a2 a3) a4] ai @i @2 @3 a4] ai a2 a3 a4] ai a2 a3 a4 ai Gaa3 as} ai a2 a3 afar 2018 2019 2020 2021 2022 102: 2018 2019 2020 2021 2022 ICR (times) EQUITY RATIO (%) 43 44 43 44
Slide 20: 4. Finance - debt funding
4. FINANCE - CONTINUED DEBT FUNDING DEBT FUNDING OVERVIEW LOAN MATURITY INTEREST FIXING 18% = Bank debt Sr Unsecured bond * Total interest-bearing debt amounts to SEK 6,510m. - Bank debt of SEK 5,235m - Senior unsecured bond debt of SEK 1,300m - Vendor note of SEK Sm + Stenddrren uses several of the
Slide 21: 4. Finance - key equity ratios and ownership overview
4. FINANCE - CONTINUED KEY EQUITY RATIOS AND OWNERSHIP OVERVIEW SEKm 7000 3.000 1000 SEK/share @l a2 a3 2019 Equity GABE nvestor Presentation a4 Ql G2 @3 @4)}ai.a2 a3 2020 2021 ——=Long term NAV/share (rhs) === Share price (rhs) 350 300 250 200 150, 100 50 %OF , SHAREHOLDER CAPITAL % OF VOTES STENDOR
Slide 22: Rental income, property expenses, net operating income
• • • Rental income Property expenses Net operating income
Slide 23: Thank you!
STENDORREN Kokaler Som Ge vskillnad. THANK YOU!
Slide 24: GreenHub Bro - Nygård 2:14
GREENHUB BRO - NYGARD 2:14 STRATEGIC LOGISTICS LOCATION IN THE MALARDALEN REGION Two EXISTING SUB-DIVISIBLE BUILDINGS AVAILABLE FROM 2025 STENDORREN a
Slide 25: Strategic location close to Stockholm
STRATEGIC LOCATION CLOSE TO STOCKHOLM @) GROWTH REGION * The Malardalen region accounts for 43% of Sweden's GDP * 3.7 million inhabitants provide access to both purchasing power and labour * Estimated population growth by 2040 is 14%, or about 0.5 million inhabitants STRATEGIC LOCATION * Centrally l
Slide 26: GreenHub in the Nordics
GREENHUB IN THE NORDICS GREENHUB is strategically located in the Malardalen growth region. GreenHub is connected to Malar- banan via its own railway. GreenHub GAVLE is also linked to road networks in a) C__ HELSINKI ms 4 = all directions, enabling distribution f OSLO ARLANDA to cities all over Swede
Slide 27: Appendix - Nygård 2:14 (Coop building)
APPENDIX - NYGARD 2:14 (COOP BUILDING) Divided into eight areas: 10,000-21,000sqm
Stendörren Fastigheter — Q1 2023 Earnings Presentation on 6ix