A REALLY GOOD QUARTER Presentation of the interim report for the third quarter of 2016 David Dahlgren, CEO Amasten

Transcription

1 A REALLY GOOD QUARTER Presentation of the interim report for the third quarter of David Dahlgren, CEO Amasten

2 AMASTEN SNAPSHOT BUSINESS CONCEPT: Residential in prime locations Mid-sized cities close by regional capitals Three regions provide risk diversification GOALS SEK 4 Bn within 3 years Nasdaq main market 2017 Sala Karlskoga Strängnäs Järna Finspång Osby Olofström Ronneby Helsingborg Härnösand Timrå 33% 44% 23% Larger cities Regional cities Amasten cities

3 62% RESIDENTIALS 38% COMMERCIALLY THE QUARTER IN SUMMARY Acquisition in Ronneby (186 MSEK) EVENTS POST QUARTER Acquisition in Härnösand (12 MSEK) 175 MSEK Unsecured bond First North Premier listning

4 CURRENT PORTFOLIO PROPERTY VALUE 2,46 Bn NOI YIELD 6,0 % SHARE OF RESIDENTIAL 62 % OCCUPANCY 93 % NO. OF APARTMENTS 2918 LTV 65 % EPRA NAV/SHARE 4,50 kr PROPERTY VALUE, MSEK YIELD & INTEREST 7,5% 6,0% 4,5% 3,0% 1,5% 0,0% 2014 Direktavkastning Yield Räntekostnad Interest ,0% 3,0%

5 STEADILY IMPROVING PROFITABILITY INCOME FROM PROPERTY MANAGEMENT PER SHARE Increased 32 % from PROFIT FOR THE PERIOD PER SHARE Increased 290 % from INCOME FROM PROPERTY MANAGEMENT, TSEK PROFTIT FOR THE PERIOD PER SHARE, SEK 0,40 0,30 0,20 0,10 0,00 0,08 0,31 INCOME FROM PROPERTY MANAGEMENT PER SHARE, SEK 0,06 0,05 0,04 0,03 0,02 0,01 0 0,04 0,05

6 NET ASSET VALUE STEADILY INCREASES 4,50 SEK/SHARE Increased 7,3 % from, 19% from CHANGE IN VALUE OF 3,3 % Compared to 0,4 % last quarter EPRA NAV & SHARE PRICE 5,00 4,00 3,00 2,00 Substansvärde EPRA NAV Aktiekurs Share price 4,50 4,02 GROTWH PROPERTY VALUE, Q/Q, % 0,03 0,02 0,02 0,01 0,01 0,00 0,6% 2,0% GROWTH EPRA NAV PER SHARE, Q/Q, % 0,08 0,06 0,04 0,02 0 1,0% 7,0%

7 PROPERTY MANAGEMENT COST AND ADMIN EFFICIENCY OPERATING COST PER SQM, ANNUAL BASIS INCREASED REFURBISHMENT RATE CASHFLOW AND VALUE CREATION OPERATING SURPLUS, % REFURBISHED APARTMENTS

8 GOOD FUNDING OPPORTUNITIES THREE-YEAR TAP ISSUE BOND 175 MSEK in September Floting rate of Stibor 3m + 6 % Shows credit market confidence YIELD & INTEREST, % 7,5% 6,0% 4,5% 3,0% 1,5% 0,0% 2014 Direktavkastning Yield Räntekostnad Interest 6,0% 3,0% FURTHER ACQUISITION CAPACITY STRONG INTEREST COVERAGE DESPITE HIGHER LTV INTEREST COVERAGE, % LTV ,0 60,0 50,0 40,0 30,0 Räntetäckningsgrad, Interest coverage% Belåningsgrad, %

9 A CASH-FLOW POSITIVE BUSINESS MODEL 150% 140% 130% 120% 110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 23 % 21 % 22 % Rental income Residential Commercially Total Amasten Negative cash flow as measured by rental income Investments Dividend Net financial Administration Operation & maintenance Income/+ cash COSTS Included Real Estate firm s: Amasten, D. Carnegie & Co, Victoria Park, Balder, HEBA, Kungsleden, Corem Property Group, Atrium Ljungberg, NP3, Klövern, Catena Fastigheter, Stendörren, Hufvudstaden, Castellum, Fabege, Sagax, Hemfosa, Wihlborgs, Fast Partner, Diös, Platzer

10 PROFITABLE TO INVEST IN EXISTING PORTFOLIO ( CASH-ON-CASH ) - RETURN Investment-multiple: Value growth divided by capitalized investments RESIDENTIALS 2,5 COMMERCIALL 3,3 TOTAL 3,1 AMASTEN 5,4 Included Real Estate firm s: Amasten, D. Carnegie & Co, Victoria Park, Balder, HEBA, Kungsleden, Corem Property Group, Atrium Ljungberg, NP3, Klövern, Catena Fastigheter, Stendörren, Hufvudstaden, Castellum, Fabege, Sagax, Hemfosa, Wihlborgs, Fast Partner, Diös, Platzer

11 GOOD ACQUISITION OPPORTUNITIES AHEAD STRENGTHENED ACQUISITION CAPACITY BY BOND ISSUE A NATURAL COUNTERPART FOR LOCAL SELLERS MORE DISCUSSIONS OFF-MARKET DISPOSALS IN MUNICIPAL HOUSING WILL INCREASE GOING FORWARD PROVEN ACQUISITION MODEL FACILITATES FINANCING

12 FAVORABLE OUTLOOK FOR AMASTEN FURTHER EXPANSION Low rates going forward Local market trust Acquisition capacity Sustained business modell Purify the portfolio Nasdaq Stockholm 2017 Strong market and acquisition outlook

13 QUESTIONS? Follow us

14 APPENDIX

15 THE REPORT IN SHORTAGE KEY RATIOS IN SELECTION JUL - SEP JUL - SEP JAN SEP JAN - SEP Yield, % 6,0 5,9 5,6 5,4 EPRA NAV per share, SEK 4,50 3,80 4,50 3,80 Equity per share, SEK 4,16 3,59 4,16 3,59 Property value, MSEK Result for the period per share, SEK 0,31 0,09 0,50 0,31 Outstanding shares Number of properties, q

16 STRUCTURAL LACK OF RENTAL APARTMENTS Municipalities view on residential requirements, - Deficit - Balance - Surplus

17 FAVORABLE INTEREST RATE OUTLOOK SWEDISH CENTRAL BANK (RIKSBANK) POLICY RATE: ACTUAL AND FORECASTS SINCE 2010, % 4,0 3,0 2,0 1,0 0,54 0,0-1, Repo Rate, Actual Riksbank s Forecast Riksbank s Latest Forecast

18 MEMBERS OF THE BOARD Rickard Backlund CHAIRMAN SINCE 2014 BORN 1950 MAIN OCCUPATION CEO at Cityhold Property AB Christian Hahne MEMBER OF THE BOARD SINCE 2014 BORN1945 MAIN OCCUPATION Vice VD i Erik Selin Fastigheter AB Ulf Nilsson MEMBER OF THE BOARD SINCE BORN 1958 MAIN OCCUPATION CEO at D. Carnegie & CO AB EDUCATION Master of Science in Civil Engineering MISCELLANEOUS Rickard possesses long experience in the construction and real estate sector. He is currently CEO of Cityhold Properties AB and Senior Advisor of MSCI-IPD. He is also Chairman and advisor in the real estate company NP3 and CEO of Grön Bostad AB. EDUCATION University studies in law and economics MISCELLANEOUS Long experience in the construction and real estate sector including CEO of Newsec Corporate Finance. Currently Executive Chairman of property AB Centur, Alnova Balcony AB brewery. He is also a board member of NP3 AB. EDUCATION Master in law from Uppsala Universitet MISCELLANEOUS Ulf Nilsson has over 25 years of experience from finance and the real estate industry. He is CEO at D.Carnegie and board member of Stockholms Brandkontor, Hyresbostäder i Sverige II AB and Holmiensis Bostäder AB. Previous experience includes EY and Handelsbanken. EDUCATION BA University of Uppsala Elisabeth Norman MEMBER OF THE BOARD SINCE BORN 1961 MAIN OCCUPATION Entrepreneur within real estate MISCELLANEOUS Part of a number of boards among which listed NP3. Other positions include governmental venture capital fund Inlandsinnovations portfolio. Previously property manager at TV4 and partner / CEO of RSD & Shopping Centre Development. Veronica Sjödin MEMBER OF THE BOARD SINCE 2013 BORN1960 MAIN OCCUPATION Management officer EDUCATION Upper secondary economics, education in teaching, Fastighetsägarna Syd MISCELLANEOUS Private Property Owner and Property Manager between Boardmember HSB Northwest Skåne. Member of the rent tribunal Boardmember Fastighetsägarna Syd EDUCATION Secondary education Elias Georgladis MEMBER OF THE BOARD SINCE BORN 1978 MAIN OCCUPATION Entrepreneur within real estate and construction MISCELLANEOUS Extensive experience within construction an CEO of Sterner stenhus which is among the largest facade construction companies in Sweden. Experience from real estate, property management, development of own properties.

19 MANAGEMENT David Dahlgren CEO EMPLOYEED SINCE 2014 BORN 1973 Martin Sersé CFO EMPLOYEED SINCE BORN 1972 EDUCATION Economics Degree at University of Stockholm, Economics and Finance BACKGROUND Prior to Amasten David was Nordic CEO at Tavistock group. The property portfolio at Tavistock included at most 211 properties in Scandinavia with a property value of sek 6,5 billion and consisted of office, industrial and retail properties. Parts of the stock was listed on the London Stock Exchange. Prior to that, David worked as an Investment Manager at Aberdeen Property Investors for more than three years. He began his career in the financial industry in EDUCATION Master of Business Administration at the Stockholm School of Economics, law studies at Stockholm University BACKGROUND Most recently from his own consultancy firm and has been the CEO and CFO for the Nordic operations of CBRE Global Investors whose property investments in the Nordic region comprised a property value of approximately SEK10 billion. Martin has an extensive career in real estate and finance, and has previously also worked at SEB, Leimdörfer, Sveafastigheter and Aareal Bank. Olof Pergament Head of Property Management EMPLOYEED SINCE 1 sep 2014 BORN1981 Per Jönsson Accountant Officer EMPLOYEED SINCE 2013 BORN 1978 EDUCATION KTH M.Sc. Construction and Real Estate BACKGROUND Most recently AFA properties where he was the property manager for the residential portfolio. Before that he worked at ByggVesta and Aberdeen Asset Management. EDUCATION Economist from Kristianstad University and Lund University BACKGROUND Previously worked as en economist in the SEM SYSTEM group in Helsingborg. Before that Per was the CFO at S&H Technology AB.