2018 Q3: TENANTS FIRST Putting the needs of our tenants at the centre of everything we do. 26 October 2018
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1 2018 Q3: TENANTS FIRST Putting the needs of our tenants at the centre of everything we do 26 October 2018
2 CONTENT 1 HIGHLIGHTS AND KEY FIGURES 2 NEW NAME 3 MARKET OVERVIEW 4 GENERAL COMPANY OVERVIEW 7 REFURBISHMENTS AND INVESTMENTS 5 ACQUISITIONS 6 CLOSING 2 D. CARNEGIE & CO
3 HIGHLIGHTS AND KEY FIGURES HIGHLIGHTS JAN - SEP 2018 & Q New name Hembla - Emphasising the core of our business We offer our tenants the opportunity to live in good homes in attractive neighbourhoods Announced the acquisition of two residential properties in Q3 52 apartments in Södertälje acquired from Fastighets AB L E Lundberg Continued high pace of refurbishments 355 apartments refurbished in Q ,676 apartments refurbished in LTM as of September 2018 (+8.7% YoY) Q NOI increased to SEK 268m Increase of 15.8% compared to same quarter last year Mainly driven by new acquisitions and apartment renovations Comparable portfolio NOI margin at 52.7% as of September 2018 NOI for comparable portfolio increased by SEK 13m during the period January to September 2018 compared to same period last year, totalling SEK 561m Q NOI margin of 53.1% NOI margin of 52.2% LTM September 2018, vs 52.0% the same period in the previous year Value of investment properties up by SEK 1,024m Supported by strong market fundamentals and NOI increase KEY FIGURES SEKm Jan Sep 2018 Jan Sep 2017 RENTAL INCOME AND NOI MARGIN (SEKm) Q3-18 Q3-17 FY-17 Rental income 1,316 1, ,473 Net operating income (NOI) Change in investment prop. 3,085 1,209 1, ,599 EPRA NAV per share (SEK) D. CARNEGIE & CO
4 NAME CHANGE» Hembla emphasizes what our core business, value proposition and ambitions are. OVERVIEW D. Carnegie & Co changes name to Hembla clarify the company s orientation to our tenants and to other stakeholders Hembla is derived from the word hem which means home in Swedish Aligned with our vision; offer our tenants the opportunity to live in good homes in attractive neighbourhoods The launch of the company s new trade name, including new website and new graphical profile 4 D. CARNEGIE & CO
5 YTD H H MARKET OVERVIEW STOCKHOLM COUNTY» The market in which we operate is experiencing strong population growth and a major housing shortage, yet new construction is declining. NEW HOUSING SUPPLY AND POPULATION GROWTH (AMOUNT) % Population growth Completed residentials Housing needs STOCKHOLM HOUSING QUEUE (NUMBER OF PEOPLE) 9.0% % % % COMMENTS Strong population growth in Stockholm county, estimated to increase to 2.6 million by 2026 Around 21,000 new homes required per year until 2030 Yet, new constructions is decreasing in the Stockholm region following the recent decline in co-op prices and tighter credit conditions Decrease of 20% observed in number of completed apartments H Decrease of 43% observed in number of initiated apartment costructions during H1 2018, indicating lower levels of completed apartments going forward Stockholm housing queue for rentals growing fast and let apartments as share of total queue at all time low levels % 1.5% 0.0% Number of people in rental queue Let apartments as share of total queue Source: Statistics Sweden, Boverket 5 D. CARNEGIE & CO
6 GENERAL COMPANY OVERVIEW PROPERTY PORTFOLIO STRONGER FOOTHOLD IN GREATER STOCKHOLM AND MÄLARDALEN POST RECENT AQUISITIONS 21,481 APARTMENTS 1,694k LETTABLE SQM SEK 30.1bn MARKET VALUE MARKET VALUE, PROPERTIES 9% 11% 4% 3% 10% 63% Greater Stockholm Norrköping Eskilstuna Uppsala Västerås Other 6 D. CARNEGIE & CO
7 GENERAL COMPANY OVERVIEW INCOME FIGURES» Rental and net operating income increased by 20% and 21%, respectively, in Q KEY INCOME FIGURES DEVELOPMENT (SEKm) COMMENTS Rental income up 20.2% LTM September 2018 compared to same period previous year Net operating income up 20.7% as at LTM September 2018 compared to LTM September 2017 LTM September 2018 NOI margin equal to 52.2%, up from 52.0% in the same period previous year LTM Sep-18 RENTAL INCREASE 20.2% LTM Sep-18 NOI INCREASE 20.7% LTM Sep-18 NOI MARGIN 52.2% 7 D. CARNEGIE & CO
8 GENERAL COMPANY OVERVIEW OPERATING DEVELOPMENT» Non-recurring CA costs, increased debt base and overhaul of investment planning methodology are driving the decrease in income from property management, however mitigated by a strong increase in rental income as a result of acquisitions and pace of apartment renovations INCOME FROM PROPERTY MANAGEMENT JAN SEP 2017 TO JAN - SEP 2018 COMMENTS» The notable increase in rental income is a result of the increased property portfolio (19%) and the continuous pace of apartment renovations driving higher rents» The increased operating costs are mainly driven by acquisitions, an increased personnel base due to the strengthening of the Group and a colder than usual first quarter» An overhaul at the beginning of the year to the budgeting and investment planning methodology has led to a delayed start of some projects but will result in a more comprehensive long term plan that we believe will create value for shareholders and tenants COMMENTS» Central administration includes of non-recurring costs amounting to approximately SEK 35 million relating to rebranding, digitalization and the previous CEO» Net finance items increase due to SEK 5.3 bn (45%) increase in loan volume in comparison to Q3 2017, driving increase in rent-costs as well as initial loan fees distributed over the maturities» Breakage fees in connection to SEK 4.8bn refinancing performed in Q D. CARNEGIE & CO
9 GENERAL COMPANY OVERVIEW EPRA NAV» Adjusted equity (EPRA NAV) per share up 30% compared to same period last year, continuing a pattern of consistently strong growth. EPRA NAV AND EQUITY RATIO DEVELOPMENT (SEK PER SHARE) 9 D. CARNEGIE & CO
10 GENERAL COMPANY OVERVIEW CAPITAL STRUCTURE» Continuously optimizing capital structure. OVERVIEW D. Carnegie is continuously focused on optimizing its capital structure 81% of volume non-recourse, improving financial resilience Maturity on senior secured debt of 5.5 years Acquisition financing and capex drawdowns amounted to SEK 132 million in Q3 LTV decreased to 56.0% Focus on financings in line with D. Carnegie s overall financing strategy Long-term loans combined with capex top-up facilities Non-recourse LOAN VOLUME AND AVERAGE INTEREST RATE (SEKbn) ~81% Non-Recourse strengthening financial resiliance PROPERTY VALUE AND LOAN-TO-VALUE (SEKbn) Comment: Figures are including building rights of SEK 0.8bn in Q D. CARNEGIE & CO
11 REFURBISHMENT AND INVESTMENTS» Continued strong refurbishment pace enhances shareholder value and living environment for our tenants NUMBER OF REFURBISHED APARTMENTS (LTM) RENT DEVELOPMENT (INDEX=100, YEAR 2014) 18% Note: Figures are including divested renovated apartments and excluding acquired renovated apartments COMMENTS» D. Carnegie & Co renovated 355 apartments during Q In total, 5,189 apartments have been renovated since 2014, of which D. Carnegie & Co has renovated 4,762 apartments.» The number of unrenovated apartments amounts to 16,292, which corresponds to 75.8% of the total property portfolio as of 30 September 2018 Major development potential and financial upside remains COMMENTS» Rental increase of 1.1% in Q3 2018, corresponding to a total increase of 24.3% since 2014 and approximately 18% spread to public housing companies» Refurbishments driving continued growth in rental income 11 D. CARNEGIE & CO
12 REFURBISHMENT AND INVESTMENTS» Refurbishing process improved and expanded since inception in 2014 and investment properties value increased by SEK 1.0bn in Q INVESTMENTS AND CHANGE IN PROPERTY VALUE SINCE INCEPTION TOTAL PROPERTY VALUATION BREAKDOWN (JAN - SEP 2018) 12 D. CARNEGIE & CO
13 ACQUISITIONS DURING THIRD QUARTER OVERVIEW OF NEW ACQUISITIONS D. Carnegie entered into an agreement to acquire 2 residential properties on 7 September apartments in Södertälje acquired for SEK 70 million Lettable area amounting to 3,700 sqm with a annual rental value of SEK 4.4m Completed 1 October 2018 and structured as a share deal» Acquisitions fit our portfolio and business strategy well. Södertälje 13 D. CARNEGIE & CO
14 CLOSING CLOSING REMARKS Focus on tenant service and putting our tenants first Renovating in the right way and creating value Being a responsible long-term residential owner The above is underpinned by major investments into our assets, including renovation of apartments, upgrading of our buildings and surroundings, but also investing into our local communities 14 D. CARNEGIE & CO
15 THANK YOU. SVEIN ERIK LILLELAND CEO JONAS ANDERSSON CFO
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