Stendörren Fastigheter AB (publ)

Välkomna till dagens sändning med oss till ändå den fastigheter där vd Erik Ranje och ekonomidirektör Per-Henrik Karlsson kommer att presentera. Om ni ringer in och vill ställa frågor så går det bra att trycka stjärna 9 för att räcka upp din hand och stjärna 6 för att sätta på ditt ljudnöre för ordet. Och med det släpper jag ordet till er. Varsågoda!

Thank you very much. Before we go into the reporting period, I just wanted to remind you a little bit about who we are, some majorities and data points. We are a property company within the warehouse, logistics and light industry. We have properties for more than 15 billion. We are in a high-discount segment. Our properties are discounted by more than 6% with long contracts. We have a lasting running time of 4.2 years. So a strong cash flow with a strong visibility in the cash flows. We have almost all of our stock in the Stockholm region, almost a third of it in Stockholm city. About a third of the rest of Stockholm and then another third of the rest of Mälardalen. And this means that we are in a growth region and it gives a rent growth and therefore a growth potential in the company. Vi har en stor byggradsportfölj på 630 000 kvadratmeter ungefär i förhållande till utbyggbar yta på 890 000 kvadratmeter så vi har ju en fin tillväxtpotential även i vår byggradsportfölj. I would like to comment a little on the environment we have lived in during the reporting period. We have had a weak supply chain, which we have had for quite a few years now, but also during this reporting period. But we do not start to see signs of a change in supply chain at all, maybe not just water supply, but a change in supply chain. not only leading indicators that look positive, but actually hard data regarding, for example, the industry's order intake and household consumption, retail development and goods exports and so on. So, good hope that we actually have an improved economy in the future, but it has been weak during the reporting period. Det som definitivt har varit väldigt gynnsamt, det är ju marknaden för fastighetsfinansiering. Jag har ju hållit på med i mitt tidigare liv, innan jag blev vd för Stendörren, jobbat med fastighetsfinansiering i ungefär 15 år. Jag har nog aldrig sett ett sådant starkt och snabbt skifte till mer låntagarvänliga både villkor och tillgänglighet till kapital. Så det har varit väldigt gynnsamt. Some conclusions about what we have achieved. We have had a positive net payment during the last four quarters and that has successfully lowered the holiday and increased the payment rate, which feels very good. We have now stabilized the payment rate to a higher level than it has been in the last few quarters. Vi har gjort en hel del förvärv och färdigställt projekt på lönsamma och fina nivåer. Vi har tagit tillvara de förbättrade förutsättningarna på finansieringsmarknaden genom att omförhandla mer än 50% av vår räntebärande skuld på väsentligt bättre marginaler. Litegrann vad vi fokuserar på framöver, vi har en stark pipeline både med förvärv och projekt som vi kommer att We have a lot of work left to do when it comes to refinancing the remaining part of our interest rates that we have not refinanced in the past six months. These are the conclusions regarding the reporting period. If we look at what we have done, the figures you see on the screen are actually the last 12 months, the last four quarters, and not just the reporting period. In one year, we have acquired properties for about 1.5 billion. There are a total of 11 businesses where we have acquired 18 properties. Större delen i Sverige men även i Danmark, Norge och Finland på väldigt fina avkastningsnivåer. Vi ligger runt 7% fortsatt och i förhållande då till finansieringskostnaden så är det en väldigt fin kalkyl. If we then look at what we have achieved within the project, then this is an example of a project that we have completed during the last 12 months. What you see in the picture is not all projects, but examples. For example, in Enköping we completed Q4 last year. Almost 10,000 square meters for the usual rental systems. Total volume, almost half a billion, with a nice rate of payment of 89%. We are building part of the future payment. Everything is not pre-let, which means that we have successfully rented out both before and after the completion. There we have a good traction on the rate of payment of what we have completed. Here it is about 40% logistics and the rest is light industry, about 25,000 square meters. The drop-off level here is better than on acquisition. In particular, if we move away from the construction rights world and just look at the driftnet and divide it with what we actually spend money on, that is, what we have spent in capex, then the drop-off is 8.3%. A very nice figure. If we look at ongoing projects, we have a good pipeline, or as I said, ongoing. It's both infills, if we look at the two in the upper right corner, for example, vindkraften, which is in Stockholms stad, bordering Tyresö. Light industrial property that is under construction. We have in Photocellen 5 in the right corner, which is located in Högdalen, where we build logistics. This is an excellent location where we build en verkligen urban logistikfastighet som exempel på infullfastigheter vi har också pågående projekt i vårat primära uthyrningsområde i Green Hub i Upplandsbro vi färdigställer i vår första huskropp där för It was moved on April 1st, if I remember correctly, to SL. We are now starting another new production. We think the demand in Green Hub has been an untested market for us, or property for us, but it is a good demand there. Then we have a number of projects going on in Almnäs, which is our second development area, and these are the three that you see in the lower row to the right and up to the left, where we have Till exempel 17 000 kvadratmeter i bygglovsklart logistik. Där väntar vi på hyresgäst innan vi startar ett sådant projekt. Och där har vi ingen hyresgäst ännu. På de mer småskaliga lättindustrifastigheten eller projekten. Där bygger vi då för framtida uthyrning. Men vi tycker efterfrågan är bra. Och där har vi tre olika projekt som ju är av lite olika utformningar. Och därmed inte kanibaliserande eller konkurrerande. Men en bra pipeline med pågående projekt förhåller vi småskalet på olika ställen i vår portfölj där vi känner att efterfrågan finns och är bra. Och jag avslutade den här sidan med att prata om Almnäs och jag gör gärna en djupdykning i Almnäs för jag tycker det visar väldigt bra hur vi jobbar i att utveckla ett sånt här område. Det här är en fastighet som vi då köpte 2015 från PIAB. När vi köpte den var det 27 500 kvadratmeter uthyrbar yta, väldigt hög vakans på 35% med låga hyror. De här fastigheterna var inte i bra skick. Så exploateringsgraden är väldigt låg på den här fastigheten. Här successivt så river vi och bygger nytt. Vi har en potential att bygga 80 000 kvadratmeter och givet att vi gör det i takt med att efterfrågan finns, det vill säga vi har allt procentigt fullt uthyrt på dubbelt så hög hyra, faktum är att den är högre än dubbelt så hög. Men för räkneexemplet skulle dubbelt så hög hyra, då kan vi öka hyresintäkterna och driftnettet på den här fastigheten med sju gånger och då har vi räknat ganska konservativt. This is what we are doing now. We have finished about 20,000 square meters of these 80,000 square meters and have further production in progress. If we start talking a little more about our financial development. I want to start by taking a look back and look at the graph in the upper right corner. During the last five years, we have had about a net net growth and a share price growth of about 12% in the last five years. And then we have delivered it through Covid and through geopolitical concern with interest rates and inflation rates and weak conditions. So we are very proud of that. It's a good growth, we think. We have... We have managed this development mainly with internally generated materials. We did a new emission in Q4 last year and Q2 this year. But until then, we have actually managed it with the help of the cash flow that we have created operationally and refinanced a little more financing for growth. And we have done this by We have also acquired properties, we have also developed and rented out properties, but we have also been running and negotiating rents at higher levels. We have lowered the vacancy. You can see that the rate of rent has gone from 87% to 94% in this period, despite the financial resistance, so to speak. All of this has led to a top-line growth and thus an increased surplus rate that has gone from 66 to 80%, as you can see in the graph to the right. But it's not just a top-line effect. We have also held very tight to the costs. We have increased the company's net of operations, sales results and square meters with unchanged crew. i antal huvuden i bolaget. Faktum är att vi har till och med insourcat en förvaltning som var outsourcat tidigare på en del av vårt bestånd utan att förändra huvudtalet i bolaget. So a good development, I think, for a longer period. If we look at the reporting period, we increased the net profit by 18% in comparable stock. If we remove the acquisition, it is 5%, which indicates a underlying growth in our stock. If we look at the administrative results, we increased it by 13%, but then we load the result with the initial costs that we have had in relation to refinancing and adjust the initial costs that have been loaded due to refinancing. Then we have an increase in administrative results of 21%, a very good figure. Uttidningsgraden, under rapportperioden svagt negativ på minus 2,3 miljoner. We had a very, very strong fourth quarter last year, and that has led to successive inflows. So we have lowered the holiday during the reporting period with 1.4 percentage units to 6%, which is a figure that can be better given the current situation. A completely okay figure. We have, during the reporting period, acquired for about 0.5 billion SEK to a deposit of over 7% and completed a project of 200 million SEK at about 8%. I have removed the construction value when I calculated that percentage figure. A good pipeline of ongoing projects. We have ongoing projects of about 44,000 square meters with a net of potential of almost 60 million SEK. This development over the past few years has been managed with financial stability. Our solidity has been better than 35%, which is our goal during the entire quarter. The interest rate on two times, which is our goal, has been insignificant under 0.10% over a few quarters. But it is aligned with our defensive financial goals. We know about stability. We have also in our financing business secured stability by insuring interest rates for what it was four years ago, I think. Väldigt mycket. Vi har då räntan var förhållandevis låg och vi såg en oro framför oss så vi säkrade upp en hel del. Så vi har fortfarande ungefär 70% av våra räntebehandlingsskulder räntesäkrade till en underliggande basränta på 1,8%. Med en återstående löntid på 2,9 år. Så vi har en finansiell stabilitet i bolaget. Vi har också väldigt bra likviditet på knappt 900 miljoner. We intend to repay what is left of an obligation that we refinanced earlier this year, but there is approximately 234 million left to be repaid, which may be cancelled. But there is capital for expansion, that's the message I want to send. There are incredibly good financing conditions out there. We have taken the new market conditions into account in a good way by negotiating our interest-bearing debts and have lowered the financing costs by 32 million kronor per year. And then we have negotiated over 50% of our interest-bearing debts. So we obviously have a lot left, but therefore also more potential. If you want to understand how Stendal will develop in the future, you should look at how we have run the company in the last 18 months, where we went back to a little more growth mode for Yes, from late spring to early summer last year. We want to continue to purchase pieces of property off-market because we do good business there. We purchase at a higher discount than if it had been portfolios, competitive auctions. We want to focus and find as urban as possible in Stockholm. When the competition increases, it tends to increase the earliest in Stockholm and become too expensive. We also want to focus on our new markets, Oslo, Copenhagen, Helsingfors and Western Sweden. In order to reach the critical mass there, it may be that we are already at a critical mass in Danmark, where we have 17 properties for about 900 million. In terms of development, we have good traction and good demand in our two main development areas and we have an incredible growth potential in our construction portfolio, which we are taking into account. Speculatively, when we talk about a light industry, but we are careful in logistics where it is preferable to be pre-light if it is a little bigger. But there is a very good potential in our ongoing project with additional power networks of about 60 million kronor. We believe that there is a potential for growth. We know that there is a potential for growth in our rents, but there we must have a little more conjuncture with us. But there is more to do. Jag tror även att det finns potential i operationella förbättringar där vi kan öka överskottsgraden något. Ett huvudnummer de närmsta 6-12 månaderna är naturligtvis att fortsätta refinansieringen av våra räntebehandlingsskulder där vi har en otrolig potential att sänka räntekostnaderna ytterligare. Om vi zoomar ut lite grann innan jag går in på mina avslutande kommentarer. What makes Stendörren attractive from an investment perspective? Number one, I would say, is the stability. We are in a high-discount segment with long contracts. Over 6% discount on our properties, over 4% recurring term on our existing contracts. Vi har också väldigt granulerad och diversifierad kassaflödeskälla, nämligen våra hyresgäster som befinner sig i olika branscher, olika typer av bolag. Den enda koncentrationsrisken vi har, det är ju vår största hyresgäst som står för 8%, men det är å andra sidan svenska staten genom Fortifikationsverket. Sen är de... HB nr 2 and 3 is 2% of the rent and HB nr 4 is 1% of the rent. So it's a very nice diversification in different sectors and different types of companies. Both small scale and for example Unilever which is a large international company. Stability is important. Vi har också en hyrestillväxt som är inbyggd i vår portfölj. Vi befinner oss i tillväxtmakroläget, huvudsakligen i Stockholm som är en av Sveriges primära tillväxtmotorer. Gärna så urbant som möjligt. Vi har knappt en tredjedel av vårt bestånd i Stockholms stad. we have population growth, economic growth, and that leads to rental growth. Especially in this segment, where sometimes properties are converted for other uses, like he was at Sjöstad, once it was Lugnes industrial area. Capacity disappears, but demand increases, and that makes rents increase. Then we have our building rights portfolio, as I said, where we have a large building rights portfolio in detailed planned land in really good conditions in general, even if some of our building rights are in less attractive conditions. So in both Almnäst, for example, and Green Hub, we feel that there is a really good demand. Vi gör också förvärv som jag sa, single assets, alltså styckeförvärv, off market där vi kan köpa till 50-100 punkter bättre avkastning. Så där har vi två ytterligare källor till tillväxt. Så det var egentligen det jag tänkte säga där. Några avslutande reflektioner då och lite grann om Outlook. Vi tror ju att när vi nu ser hårda data komma in som vittnar om eller i alla fall indikerar en bättre konjunktur, då hoppas och tror jag att vi kan få en bättre hyrestillväxt till bolaget. For those who have followed us for a long time know that when there was a stronger conjecture, then it was often the case that the lease agreements that we sought for negotiation, we managed to increase the rent by 20-25%. And that was a relevant part of the fallen stock, so to speak, that we sought for negotiation. The rental growth has not really existed in the last few years. I think it can come back, and that is my hope, but it presupposes a stronger conjecture. We think the conditions for both the acquisition and the project are very good. The financing conditions are very good. Men vi tycker också att det finns en bra efterfrågan på projekt. Vi har ju som sagt 90% uthyrningsgrad på våra färdigställda projekt. En del av dem är gjorda för framtida uthyrning på spekulation. Men vi tycker att efterfrågan finns och är bra. Sen är det en ganska... The competitive situation on the acquisition side is not too tough, despite the very good financing conditions, the competition is not all too high within the acquisition, so there are good acquisitions to do. And as a last point, I have said it several times, but there is still a very good potential in negotiating our interest-based debts at lower margins. And I can see that we will work very hard to push through the entire debt stack over a period of time in order to be able to reduce the financial costs. And that was really what I was going to say, so thank you very much for listening.

Thank you so much for that presentation. And then I open up for a question time here. And we have already received a whole lot of questions. So if you want to ask any questions, you can use the form to the right. We'll start with Staffan from Nordea, who has sent in a bunch of questions. And the first question sounds like this. Will there be any one-offs in Finansnetto in Q4?

It... Det beror egentligen lite på om vi gör ytterligare refinansieringar. Vi har ju tagit oss igenom drygt halva skuldstocken vad gäller refinansieringar. Det är klart att vi har en del kvar. En one-off uppstår egentligen som två effekter. Dels om du gör en förtida refinansiering. then you have to resolve the periodized arrangement fees that exist in a financing. And there you have, there you have some cash, so to speak, resolution of periodized already taken payment. Then you sometimes have prepayment fees and the point is that we should refinance more and then one-offs arise. So yes, probably so.

Thank you for that answer. Let's move on to the next question from Staffan. The income capacity indicates a financial net of 324 million or 81 million per quarter. Furthermore, it is noted that the financing cost is going down by another 21 million. So far, it is indicated that the financial net is about 76 million per quarter compared to 98 million in Q3. Should we then calculate a financial net of 76 million in Q4?

Yes, it depends on what you mean by Q4. Now we have the ability to earn income in our Q4 report. This is per January 1st. And all the other same, the answer is yes, if we look at the ability to earn income per January 1st. That's right, but then it is so that, for example, we refinanced this obligation in May, wasn't it? And there we didn't get all the obligations back, so we have 234 million left to then, so to speak, that we can repay at the first solution time point, and that is the 21st of December. That means that we have... The potential of that repayment is part of the 21 million SEK that we are talking about with reduced interest rates. But it ends at the end of the quarter, that is, it is part of a relevant part of the quarter. Therefore, the answer is no if we talk about Q4, but yes if we answer the income capacity per January 1st.

Tack för det svaret där. Är det något ni ska göra annorlunda när ni nu infört mål på förvaltningsresultat?

Egentligen inte. Vi kände så som vi skrev i pressmeddelandet när vi ändrade vårt finansiella måltal, att vi tycker att det inte riktigt återspeglar det måltalet vi hade, alltså när vi talade om growth in NAV per share. Because if we do a pretty good job or a very good job, but the value of the assets goes down for market reasons, then it will be a strongly negative result that quarter, so to speak. In that sense, it does not reflect the underlying Thank you for that answer. And what is your view on housing rights? Yes, we don't have housing rights, we have housing building rights. Right now there is actually no market for building or selling at a reasonable price. So we basically invent a better market position to take advantage of the potential. And how that is done, we will see at that time. Then it will be a question of the board if they will be sold or if they will be developed in any way. But right now there are no concrete plans regarding them. However, I would like to say that the market is starting to come back. There is an interest both from buyers, but it does not mean that it is the best timing to do something with them right now.

Tack Erik för det svaret. Och bara för att nämna så i frågan stod det bostadsbyggrätterna så det var precis det som du svarade på där. Tack. Vi har nästa fråga från Ahmed från SEB. Vad är like-for-like-tillväxt i rental income i Q3 isolerat?

Den vet inte om jag har den siffran. För hela rapportperioden är det ju inte på Rental Income, men på Driftnet åt 5%. Men för Q3 specifikt, den siffran har jag faktiskt inte.

Jag förstår. Det var alla frågor som vi hade. Då får jag tacka er idag, Erik och Henrik, för er presentation. Och även så svar på alla frågorna. Svensk Representer, all lycka till nu framöver. Tack!

Tack för det!