Company presentation, May 2018 Interim report January-June 2019 - PowerPoint PPT Presentation

Company presentation, May 2018 Interim report January-June 2019

➢ Acquisitions ➢ Ironmonger Lane, office property in London ➢ Company presentation, May 2018 Gothenburg, SEK 800m, a portfolio of 19 assets ➢ Two JVs were ended ➢ Första Långgatan Fastigheter i GBG HB ➢ Balder Skåne AB ➢ Green bond framework ➢ First green bond was issued, SEK 1,000m ➢ Establishment of EMTN programme ➢ The interest for tenant owned apartments has continued to improve

Profit from property NAV Company presentation, May 2018 management 5.61 SEK/share 300 SEK/share +26 % +22 % Net debt to total assets Like for like rental growth 50 % 2.9 %

Company presentation, May 2018 6,00 350 300 5,00 250 4,00 200 3,00 150 2,00 100 1,00 50 0,00 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 44% 20% 7% 29% 33% 19% 24% 23% 18% 30% 33% 17% 32% 26% 88% 60% 59% 25% 23% 27% 19% 15% 14% 14% 23% 22% 22% 22% 2016 2017 2018 2019 2016 2017 2018 2019

2019 2018 Deviation 2018 SEKm 30 June 30 June SEKm % 31 Dec Rental income 7,435 6,665 770 12 7,000 Company presentation, May 2018 Property costs -1,940 -1,815 -125 7 -1,885 Net operating income 5,495 4,850 645 13 5,115 Management and administrative costs -640 -590 -50 8 -595 Profit from property management from associated companies 750 650 100 15 735 Operating profit 5,605 4,910 695 14 5,255 Net financial items, incl. ground rent -1,270 -1,120 -150 13 -1,125 Non-controlling interests -620 -555 -65 12 -565 Profit from property management Parent Company 3,715 3,235 480 15 3,565 Tax -775 -700 -75 -750 Profit after tax 2,940 2,535 405 2,815 Profit from property management per share, SEK 20.64 17.97 2.67 15 19.81

2019 2018 Deviation SEKm Jan-June Jan-June SEKm % Rental income 3,663 3,217 446 14 Property costs -969 -915 -54 6 Company presentation, May 2018 Net operating income 2,694 2,302 392 17 Management and administrative costs -324 -293 -31 11 Participation in the profits of associated companies 462 406 56 14 Other income/costs -5 -4 -1 Net financial items -606 -554 -52 9 - Of which leasing cost/ground rent -31 - -31 Non controlling interest -249 -278 29 Profit from property management, Parent Company 1,911 1,485 426 29 Changes in value Changes in value properties, realised 14 35 -21 Changes in value properties, unrealised 1,589 2,967 -1,378 Changes in value derivatives -287 -57 -230 Changes in value total 1,316 2,946 -1,630 Profit before tax 3,536 4,803 -1,267 -26 Income tax -570 -448 -122 Net profit for the period 2,966 4,355 -1,389 -32 Profit from property management per share, SEK 10.61 8.25 2.36 29 Profit after tax per share, SEK 14.56 21.49 -6.93 -32

2019 2018 SEKm 30 June 30 June Assets Company presentation, May 2018 Investment properties 126,770 109,740 Development properties 2,408 - Lease contract; Right-of-use assets 1,538 - Other fixed assets 154 113 Participations in associated companies 6,990 6,350 Other receivables 2,699 1,643 Cash and cash equivalents and financial investments 1,624 1,133 Total assets 142,184 118,978 Shareholders' equity and liabilities Shareholders' equity 50,835 43,015 Deferred tax liability 9,389 7,474 Interest-bearing liabilities 75,003 64,717 of which Hybrid capital 3,695 3,647 Derivatives 1,472 1,052 Lease contract 1,538 - Other liabilities 3,947 2,721 Total equity and liabilities 142,184 118,978

Company presentation, May 2018 North 4% Retail 9% South 8% Helsinki 27% Copenhagen Other 15% 11% Residentials 59% East 11% Office 18% Gothenburg 21% Stockholm 19%

➢ Equity/assets ratio 35.8 % (Target 40 %) ➢ Net debt to total assets 50.3 % (Target 50 %) ➢ Company presentation, May 2018 ICR 4.8 (Target 2.0) ➢ The fixed credit term 5.5 years ➢ Average fixed-rate period 3.0 years Interest Proportion Year SEKm % % Within one year 34,872 1.0 46 1-2 years 5,599 2.3 7 2-3 years 7,121 1.6 9 10 000 3-4 years 5,111 3.0 7 4-5 years 4,402 1.7 6 8 000 5-6 years 6,283 2.1 8 6 000 6-7 years 8,108 2.3 11 7-8 years - - - 4 000 8-9 years - - - 2 000 9-10 years 2,000 2.0 3 > 10 years 1,507 3.2 2 0 Total 75,003 1.6 100

150 000 80% 129 179 75% 125 000 70% 100 000 65% Company presentation, May 2018 75 000 60% 55% 50 000 50% 25 000 50,3% 45% 0 40% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2 Portfolio value (MSEK) Net debt to total assets, % 100% 90% 80% 70% 60% 50% 40% 36% 30% 20% 19% 10% 0% 2012 2013 2014 2015 2016 2017 2018 2019 Q2 Secured debt/Total assets Secured debt/Total debt

350 22 20 300 18 16 250 Company presentation, May 2018 14 200 12 10 150 8 100 6 4 50 2 0 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Share price Net asset valute (NAV) Profit from property management 140% 35 120% 30 100% 25 80% 20 60% 15 40% 10 20% 5 0% 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Share price/Net asset value (NAV) Share price/Profit from property management