I NTERI M REPORT JANUARY JUNE 2 0 2 0 ATRI UM LJUNGBERG Q2 2020 - - PowerPoint PPT Presentation

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I NTERI M REPORT JANUARY JUNE 2 0 2 0 ATRI UM LJUNGBERG Q2 2020 ATRI UM LJUNGBERG I N BRI EF 1 5 % UPPSALA Property value SEK 45 billion 6 8 % STOCKHOLM Contracted annual rent SEK 2.2 billion Lettable area 1,069,000 sqm Letting rate

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SLIDE 1

ATRI UM LJUNGBERG Q2 2020

I NTERI M REPORT JANUARY – JUNE 2 0 2 0

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SLIDE 2

UPPSALA STOCKHOLM GÖTEBORG MALMÖ

Offices 54 % , 1 200 mkr Retail 20 % , 454 mkr Culture / education 6 % , 123 mkr FMGC 5 % , 118 mkr Restaurants 5 % , 112 mkr Healthcare 4 % , 93 mkr Other 3 % , 71 mkr Residential 3 % , 57 mkr

ATRI UM LJUNGBERG I N BRI EF

Property value SEK 45 billion Contracted annual rent SEK 2.2 billion Lettable area 1,069,000 sqm Letting rate 92 % Gearing ratio 41.2 %

Contracted annual rent per premises type

1 5 % 6 8 % 7 % 1 0 %

ATRI UM LJUNGBERG Q2 2020

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SLIDE 3
  • The Covid-19 pandemic dominated the second

quarter.

  • Vacated Farsta Centrum on 1 June.
  • We acquired the property Eken 14.
  • A green loan agreement signed with the EIB.
  • A decision was made to start the second phase of

Nobelberget.

ATRI UM LJUNGBERG Q2 2020

EVENTS SECOND QUARTER 2 0 2 0

Sickla galleria etapp IV

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SLIDE 4

MARKET SI TUATI ON

  • Office: Stable market yield requirements. Vacancy rates

and rent levels generally unchanged.

  • Retail: Gradual recovery of visitor numbers and sales.

Stable market yield requirements during the second quarter.

  • Residential: Stable market prices, but number of sales
  • decreased. 82 % of built condominiums sold. Decision to

start phase 2 on Nobelberget.

  • Financing: Demand in the capital market strengthened.

Increased risk premiums have led to higher prices.

ATRI UM LJUNGBERG Q2 2020

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SLIDE 5

COVI D-1 9

  • Loss of visitor numbers and sales at our retail locations but a

clear recovery in May and June.

  • Temporary rental rebates for the second quarter has an

impact of SEK 38 million net, following the government support for the tenants.

  • Rental receivables pertaining to income for the second

quarter and which were due for payment but not reserved as doubtful amounted to approximately SEK 30 million per 2020-07-09.

  • For revenue announced for quarter three, the payment

pattern from tenants has been normalized.

  • No further known support packages from the government.
  • Continued uncertainty prevails over the continued

development of the Covid-19 pandemic and its consequences.

ATRI UM LJUNGBERG Q2 2020

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SLIDE 6

NET LETTI NG

  • Net letting during Jan-Jun SEK 2 million (-14 m) of

which SEK 19 million (-16 m) in project properties.

  • Both newly signed contracts and terminations are

spread across most of our areas.

ATRI UM LJUNGBERG Q2 2020

Lindholmen in Göteborg

SEK m

  • 80
  • 60
  • 40
  • 20

20 40 60 80 Investment properties Projektfastigheter Net letting

Q2 Q3 Q4 Q2 Q1

2020 2017 2018

Q4 Q4 Q2 Q1 Q3 Q2 Q1 Q3 Q1

2019

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SLIDE 7

CONSOLI DATED I NCOME STATEMENT

SEK m 2 0 2 0 Jan-Jun 2019 Jan-Jun Δ % Rental income 1,227 1,280

  • 4.1 %

Property costs

  • 416
  • 401

+ 3.7 % Operating surplus 8 1 1 8 7 9

  • 7 .7 %

Central administration (property management)

  • 39
  • 40

Project- and construction work

  • 9
  • 24

Net financial items

  • 197
  • 189

Profit/ loss before changes in value 566 626

  • 9.6 %

Change in the value of properties, unrealised

  • 1,207

1,314 Change in the value of properties, realised

  • 68

10 Change in the value of financial instruments

  • 240
  • 374

Profit/ loss before tax

  • 9 4 9

1 ,57 6 Tax 378

  • 350

Profit for the period

  • 570

1,227

ATRI UM LJUNGBERG Q2 2020

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SLIDE 8

RENTAL I NCOME AND PROPERTY COST

  • Like-for-like portfolio

– Rental income unchanged – Property cost increased 0.5 %

  • EPRA vacancy rate 8 %
  • Lower property costs in the like-for-

like portfolio resulting from a mild winter

  • Bad debt provisions

2 0 2 0 1/ 1-30/ 6 2019 1/ 1-30/ 6 Δ % Like-for-like portfolio, excl. Corona rebates 1,013 1,013 0.0 % Non-recurring renum. Incl. Corona rebates

  • 36

3 Project properties 121 89 Acquisitions 1 Sold properties 128 176 Rental incom e 1,227 1,280

  • 4 .1 %

Rental income trend (SEK m)

2 0 2 0 1/ 1-30/ 6 2019 1/ 1-30/ 6 Δ % Like-for-like portfolio

  • 321
  • 320

0.5 % Project properties

  • 45
  • 22

Acquisitions Sold properties

  • 49
  • 59

Property cost

  • 4 1 6
  • 4 0 1

3 .7 %

Property cost trend (SEK m)

ATRI UM LJUNGBERG Q2 2020

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SLIDE 9

1 .8 %

  • 3 .1 %

0 .0 % Office properties Retail properties Total

I NCOME GROW TH AND SURPLUS MARGI N

Operating surplus and operating surplus margin Like-for-like rental income growth

ATRI UM LJUNGBERG Q2 2020

SEK m % 50 55 60 65 70 75 50 100 150 200 250 300 350 400 450 500 Operating surplus, SEK m Operating surplus, % 2020

Q2

2018 2019

Q4 Q4 Q2 Q1 Q3 Q2 Q1 Q3 Q1

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SLIDE 10

1 0 0 2 1 5 9 3 1 7 5 8 1 8 1 0 1 1 5 6 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 2016 2017 2018 2019 Q1-Q2 2020

I NVESTMENTS OF SEK 1 ,1 5 6 MI LLI ON I N HELD PROPERTI ES

ATRI UM LJUNGBERG Q2 2020

SEK m Slakthusområdet

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SLIDE 11

CHANGE I N PROPERTY VALUE

Unrealised changes in value, properties (SEK m)

ATRI UM LJUNGBERG Q2 2020

2 0 2 0 Apr-Jun 2019 Apr-Jun 2 0 2 0 Jan-Jun 2019 Jan-Jun Change in yield requirements 254 439

  • 537

439 Change in operating net etc. 25 727

  • 670

875 Total 2 7 9 1 1 6 6

  • 1 2 0 7

1 3 1 4

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SLIDE 12

(SEK m) 2 0 2 0 30/ 6 2019 30/ 6 Investment properties 43,616 46,547 Leasehold 981 1,375 Goodwill 165 225 Other fixed assets 131 51 Total fixed assets 4 4 ,8 9 3 4 8 ,1 9 8 Development properties 1,152 943 Current assets 606 393 Liquid assets 764 390 Total current assets 2 ,5 2 2 1 ,7 2 6 Total assets 4 7 ,4 1 5 4 9 ,9 2 4

CONSOLI DATED ASSETS

ATRI UM LJUNGBERG Q2 2020

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SLIDE 13

Bank loans 25 % , 4 626 mkr Green bank loans 13 % , 2 356 mkr Direct lending 5 % , 1 030 mkr Green non secured bank loans 5 % , 918 mkr Green bonds 29 % , 5 400 mkr Bonds 13 % , 2 360 mkr Commercial papers 10 % , 1 774 mkr

Q2

DI VERSI FI CATI ON OF FI NANCI NG SOURCES

Interest-bearing liabilities Development, financing sources 2015-2020, SEK million

2 4 6 8 10 12 14 16 18 20 22 24 Bank loan Direct financing Green non secured bank loans Green bank loans Green bonds Bonds Commercial paper 2017 2018 2019 2020 2016 2015

ATRI UM LJUNGBERG Q2 2020

Secured loans correspond to 17% of total assets Green financing represents 47% of liabilities

Q3 Q4 Q2 Q1 Q3 Q4 Q2 Q1 Q3 Q4 Q2 Q1 Q3 Q4 Q2 Q1 Q3 Q4 Q2 Q1 Q1

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SLIDE 14

LOW FI NANCI AL RI SK AND STRONG KEY RATI OS

  • Interest-bearing liabilities of SEK 18.5 billion
  • Gearing ratio 41.2%
  • Average interest rate 1.8%
  • Fixed interest term 5.5 years
  • Capital commitment 4.9 years
  • Loan agreements with five Nordic banks, capital

market, Nordiska investeringsbanken, European Investment Bank and direct financing

  • Commercial paper backed by secured credit

lines

  • Baa2 credit rating by Moody’s

ATRI UM LJUNGBERG Q2 2020

% years 1 2 3 4 5 6 1 2 3 4 5 6 Average interest (% ) Capital committment (years) Fixed interest term (years) 2020 2016 2017 2018 2019 2015

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SLIDE 15

EXTENSI VE PROJECT PORTFOLI O

Ongoing projects 3 480 Potential projects (ca) 28 000 Total (ca) 31 000

ATRI UM LJUNGBERG Q2 2020

Rendering of Kylfacket 3 by the new subway station in Slakthusområdet

Offices 43 % Residentials 40 % Retail 11 % Culture/ restaurants 3 % Education 2 % Hotel 1 %

Potential project after premesis type

Remaining investment (SEK m)

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SLIDE 16

MORE THAN 8 0 % OF PROJECTS AT EXI STI NG OR FUTURE SUBW AY STATI ONS

ATRI UM LJUNGBERG Q2 2020

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SLIDE 17

ATRI UM LJUNGBERG Q2 2020

CURANTEN CURANTEN

DECI DED PROJECT

Area 11,500 m² Investment SEK 550 M Completed 2020 Care and Healthcare

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SLIDE 18

ATRI UM LJUNGBERG Q2 2020

TAPETFABRI KEN

DECI DED PROJECT

Area 10,500 m² Investment SEK 440 m Completed spring 2021 Tenant Nordic Choice Hotels, fully let

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SLIDE 19

NOBELBERGET

68 tenant owned dwellings + garage Investment SEK 370 m Completed end 2020

DECI DED PROJECT

ATRI UM LJUNGBERG Q2 2020

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SLIDE 20

ATRI UM LJUNGBERG Q2 2020

NOBELBERGET KVARTER 2

DECI DED PROJECT

56 tenant owned dwellings Investment SEK 270 m Completed in summer 2022

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SLIDE 21

GRÄNBYSTADEN PARKHUSEN, PHASE 1

Area 2,800 sqm, 44 rental apartments Investment SEK 120 m Completed during Q2 2021

DECI DED PROJECT

ATRI UM LJUNGBERG Q2 2020

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SLIDE 22

MOBI LI A TORGHUSET I N MALMÖ

Area 13,100 m² Investment SEK 550 m Completed 2020 Residential, movie theatre, retail, children’s culture

DECI DED PROJECT

ATRI UM LJUNGBERG Q2 2020

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LI FE CI TY I N HAGASTADEN, STOCKHOLM

DECI DED PROJECT

Area 27,500 m² Investment SEK 1,850 m Completed spring 2022 Tenant: Academic Work 17,000 sqm

ATRI UM LJUNGBERG Q2 2020

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SLIDE 24

ATRI UM LJUNGBERG Q2 2020

BAS BARKARBY

DECI DED PROJECT

Area 24,300 m² Investment SEK 840 m Completed 2022 Education, culture, sports and business

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SLIDE 25

ATRI UM LJUNGBERG Q2 2020

KATARI NAHUSET

DECI DED PROJECT

Area 25,100 m² Investment SEK 980 m Compleated 2023 Offices and restaurants with a unique view

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SLIDE 26

CONTACT

ATRI UM LJUNGBERG Q2 2020

Annica Ånäs

CEO

annica.anas@al.se Atrium Ljungberg AB Box 4200 SE- 131 04 Nacka Sweden Visit: Smedjegatan 2C

Martin Lindqvist

CFO

martin.lindqvist@al.se

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SLIDE 27

ATRI UM LJUNGBERG Q2 2020

I NTERI M REPORT JANUARY – JUNE 2 0 2 0