MAY 9, 2018 PRESENTATION REMIUM

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Ingegerd Sundqvist
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1 MAY 9, 2018 PRESENTATION REMIUM

2 AGENDA PART 1 COMPANY PRESENTATION & BUSINESS RATIONALE PART 2 FINANCIAL REPORT JAN - MAR 2017 PART 3 GROWTH CONTINUE 2

3 PART 1 COMPANY PRESENTATION & BUSINESS RATIONALE

4 COMPANY PRESENTATION & BUSINESS RATIONALE BUSINESS IDEA AND OBJECTIVES BUSINESS IDEA Stendörren Fastigheter creates long-term growth and value creation by acquiring, developing and managing properties within the greater Stockholm region, with focus on the segments warehouse and light industrial. OVERALL OBJECTIVES Stendörren Fastigheter creates high risk-adjusted return for its shareholders by acquiring, developing and managing properties. FINANCIAL OBJECTIVES Demonstrate an average long-term annual return on equity of at least 12% The long-term interest coverage ratio must be at least 2.0x The long-term equity ratio shall be 35 % and never fall below 20% 4

5 COMPANY PRESENTATION & BUSINESS RATIONALE SNAPSHOT OF STENDÖRREN VÄSTERÅS UPPSALA BACKGROUND Founded in 1995 as the commercial property arm of Kvalitena Separated from Kvalitena in November 2014 and thereafter listed on Nasdaq First North Premier ESKILSTUNA ÖREBRO STOCKHOLM LINKÖPING SÖDERTÄLJE PROPERTY PORTFOLIO Property value of SEK 6.7bn distributed over approx. 609,000 sq.m Commercial real estate portfolio located in Greater Stockholm region consisting of 101 properties with a focus on light industrial and logistics The Greater Stockholm region is one of the fastest growing regions in Europe both in terms of population and economic GÖTEBORG JÖNKÖPING FINANCIALS LTM Q rental income of SEK 468m and a NOI of SEK 323m, resulting in a profit from property management of SEK 165m MALMÖ 5

6 UPPSALA PROPERTY PORTFOLIO 80% WITHIN THE GREATER STOCKHOLM REGION ENKÖPING VÄSTERÅS STORSTOCKHOLM ESKILSTUNA STOCKHOLM SÖDERTÄLJE FLEN 6

7 COMPANY PRESENTATION & BUSINESS RATIONALE ORGANISATION - CREATED FOR GROWTH 41 co-workers BOARD CEO MANAGEMENT TEAM HAVING STAFF IN-HOUSE HELPS US CREATE LONG- TERM RELATIONSHIPS WITH OUR TENANTS AND ENSURES THE DELIVERY MARKETING AND LEASING DEPARTMENT PROPERTY DEPARTMENT FINANCE DEPARTMENT PROJECT MANAGEMENT ASSET MANAGEMENT 7

8 COMPANY PRESENTATION & BUSINESS RATIONALE PROJECT DEVELOPMENT - APPROX MSEK PROPERTY DEVELOPMENT MAX 15% OF BALANCE SHEET OUR PORTFOLIO OF CASH FLOW YIELDING PROPERTIES CAN SUP- PORT A PROJECT PORTFOLIO OF BETWEEN 15% OF TOTAL PORTFOLIO VALUE CASH FLOW GENERATED MIN 85% OF BALANCE SHEET ADVANTAGES Having a project management team in-house is a great strength for the running business Project development creates value on the balance sheet Likely to create 2-6 % annual growth from project developments Zoning planning of land requires less equity in relation to created value Substantial ROE potential 8

9 COMPANY PRESENTATION & BUSINESS RATIONALE POPULATION GROWTH REGIONAL CITIES INCL. SURROUNDING MUNICIPALITIES 35,0% 30,0% 25,0% 100,0% 90,0% 80,0% 70,0% WHY FOCUSING ON STOCKHOLM? 20,0% 15,0% 60,0% 50,0% 40,0% 10,0% 30,0% 5,0% 20,0% 10,0% 0,0% 0,0% Stockholm Malmö Göteborg Halmstad Umeå Örebro Växjö Jönköping Västerås Linköping Borås Eskilstuna Norrköping Kristianstad Kalmar Trollhättan Gävle Falun Karlstad Skövde Source: Evidens 9

10 COMPANY PRESENTATION & BUSINESS RATIONALE EMPLOYMENT GROWTH IN THE STOCKHOLM REGION Service sector Total employment Index Year Source: Evidens 10

11 COMPANY PRESENTATION & BUSINESS RATIONALE LOGISTICS IN THE GREATER STOCKHOLM REGION 16,0% 11,0% Vacancy Yield Stibor 90 6,0% 1,0% ,0% 13,0% Annual rent/sq m, Stockholm B-location Inflation 640 8,0% ,0% ,0% Source: Newsec 11

12 PART 2 FINANCIAL REPORT JAN - MAR 2017

13 JAN - MAR 2018 RENTAL VALUE: 127 MSEK NET PROFIT: 65 MSEK LETTABLE AREA: M 2 EQUITY RATIO: 36 % NET OPERATING INCOME: 79 MSEK PROPERTY VALUE: MSEK LTV: 56 % 13

14 FINANCIAL REPORT JAN - MAR 2018 KEY METRICS 18% 2,6x 36% ROE (AVERAGE), % 50 ICR, x 3,0 EQUITY RATIO, % ,5 2,0 1,5 1,0 0, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Q ,0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q

15 FINANCIAL REPORT JAN - MAR 2018 INCOME BUILD-UP Rental value Vacancy Property expenses Central admin Financing costs Value changes Taxes Net income NOI 79 (+10%) 19 Prop Mgmnt 34 (+17%) (+0,8%)

16 FINANCIAL REPORT JAN - MAR 2018 PORTFOLIO BUILD UP - ACTUALS ,0% 8,0% Property value Project properties Yield excl project properties, 12m avg Yield, 12m avg ,5% 6,1% 6,5% 5,9% 6,3% 5,8% 6,2% 5,7% 6,1% 5,6% 6,0% 6,0% 5,9% 6,0% 5,4% 5,4% 5,3% 5,2% 7,0% 6,0% ,0% ,0% ,0% - Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 2,0% 16

17 FINANCIAL REPORT JAN - MAR 2018 KEY METRICS OVER TIME AND FINANCIAL RATIOS 75,0% 3,00 2,80 KEY FINANCIAL RATIOS JAN MAR 2018 JAN MAR ,0% 2,60 Excess Ratio (NOI/Rental income), % 69% 68% 55,0% 2,40 ROE (12m average), % 18% 33% 45,0% 35,0% 25,0% 2,20 2,00 1,80 1,60 1,40 1,20 Avrg. Interest fixing, years 2,0 2,8 Avrg. Debt maturity, years 2,7 2,8 Equity Ratio, % 36% 36% LTV, % 56% 57% LTV (property level), % 47% 46% 15,0% Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 1,00 ICR, x 2,6 2,3 ICR (right hand scale) LTV (property level) NOI Excess Ratio ROE LTV Equity Ratio 17

18 FINANCIAL REPORT JAN - MAR 2018 KEY METRICS GROWING PROPERTY PORTFOLIO DEBT SERVICE CAPACITY SOLID BALANCE SHEET Property value, msek Net operating income, msek Equity Q1 Q2 Q3 Q4 Q1 Q2 Q3Q4 Q1 Q2 Q3Q4 Q NOI LTM 2) Equity Equity ratio % 36% 35% 33% % 28% 30% Q1 Q2 Q3Q4 Q1 Q2 Q3Q4 Q1 Q2 Q3Q4 Q Q1 Q2Q3Q4Q1 Q2Q3Q4Q1 Q2 Q3Q4Q Lettable area, 000 sq m Interest coverage ratio 1) Loan to value ,0 2,5 2,3 2,2 2,2 2,2 2,2 2,3 2,3 2,4 2,5 2,5 2,6 68% 69%69% 64% 63% 60% 59% 58% 58% 56%56%56%56% Q1 Q2Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3Q4 Q Q1 Q2 Q3Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q ) Profit from property management before financial expenses in relation to financial expenses, 2) Last twelve months 18

19 FINANCIAL REPORT JAN - MAR 2018 SHARE VALUE AND KEY EQUITY RATIOS ,12 90,39 89,21 86,86 83,69 81,18 79,00 76,69 77,64 75,25 76,25 70,19 74,36 76,00 72,25 68,50 68,50 66,35 65,50 68,75 65,47 69,75 68,00 52,62 57,50 53,92 54,90 51,56 55, , Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q ,02 80,02 60,02 40,02 20,02 KEY EQUITY RATIOS JAN MAR 2018 JAN MAR 2017 Share price, SEK 79,0 68,0 Equity per share, SEK 89,2 86,9 EPRA NNNAV per share, SEK 93,2 90,4 Cashflow per share, SEK 2,5 7,8 Market cap, MSEK Other ratios Average number of employees during the period Book equity EPRA NNNAV/Share Book Equity/Share Share price 19

20 FINANCIAL REPORT JAN - MAR 2018 DEBT FUNDING OVERVIEW DISTRIBUTION OF DEBT MSEK - Senior debt, 80,4% Bond, 18,5% Seller notes, 1,1% >2022 SENIOR DEBT MSEK - Interest fixing & Interest rate derivatives (average interest maturity 2,0 years) Total debt maturity (average debt maturity 2,7 years) Swedbank, 77,1% Danske Bank, 16,2% Sörmlands Sparbank, 6,3% Sparbanken i Enköping, 0,4% 20

21 PART 3 GROWTH CONTINUE

22 GROWTH CONTINUE OUR PROPERTY PORTFOLIO IS LOCATED WHERE SWEDEN IS GROWING THE MOST UPPSALA VÄSTERÅS ÖREBRO ESKILSTUNA STOCKHOLM SÖDERTÄLJE UPPSALA LINKÖPING VÄSTERÅS ENKÖPING STORSTOCKHOLM GÖTEBORG JÖNKÖPING ESKILSTUNA STOCKHOLM SÖDERTÄLJE FLEN MALMÖ 22

23 GROWTH CONTINUE WHERE IN STOCKHOLM REGION DO WE WANT TO GROW? THE REGION HAS SIGNIFICANTLY HIGHER GROWTH THAN THE REST OF SWEDEN UPPSALA VÄSTERÅS ÖREBRO ESKILSTUNA STOCKHOLM SÖDERTÄLJE LINKÖPING GÖTEBORG JÖNKÖPING Existing portfolio Possible expansion MALMÖ 23

24 Q&A 24

25 FOR FURTHER INFORMATION PLEASE CONTACT: CALENDAR: Q2 report Q3 report Q4 report FREDRIK BRODIN, CEO MAGNUS SUNDELL, CFO Jul, Nov, Feb, 2019

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