INVESTOR PRESENTATION HEIMSTADEN BOSTAD AB - January 2020
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INVESTOR PRESENTATION HEIMSTADEN BOSTAD AB January 2020
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1
Today’s presenters and agenda
Presenters Agenda
1
MAGNUS NORDHOLM Heimstaden Bostad in a brief
Deputy CEO, Heimstaden AB
2
Magnus is the deputy CEO of Heimstaden AB. Until recently he also was CEO of Fredensborg
AS. Before joining Heimstaden AB in 2008 he was Head of Nordic Structured Real Estate Markets and property portfolio
Finance at HSH Nordbank AG.
3
Adam Lindh
Head of Finance, Heimstaden AB Long term value creation
Adam is Head of Finance at Heimstaden AB and joined in 2014. He previously held the 4
positions as Vice President at Situs, a real estate security consultancy firm in Copenhagen.
Before that he was Senior Project Manager at HSH Nordbank AG, Copenhagen branch. Financial overview
Christian Fladeland 5
Chief Investment Officer, Heimstaden AB
Proposed transaction
Christian is Chief Investment Officer at Heimstaden AB and joined in 2019. He previously held
positions as partner at Colliers International Denmark and Sadolin & Albæk
2
1 2 3 4 5 6 Heimstaden Bostad in a brief
Heimstaden Bostad in a brief
Recent material events in Heimstaden Bostad
October to January 2020
• Heimstaden Bostad AB (“HSTB”) announces the acquisition of a Residomo, a Czech
Republic residential portfolio, for €1.3bn (9 January)
• HSTB announces the acquisition of a German residential portfolio in the cities of
Berlin and Bielefeld for SEK1.32bn (23 December)
• HSTB announces Folksam Group will become new owners of HSTB after
subscribing to c.SEK4bn of a cash rights issue to be made on January 2020.
Simultaneously Heimstaden Investment AB will subscribe SEK7.2bn (18 December)
• HSTB receives a revised BBB- rating with a positive outlook from S&P (affirmed 10
January)
• HSTB strengthens its equity base with a SEK 9.5bn private placement directed to
Heimstaden AB (“HST”) and Alecta. Simultaneously, it acquired 10,447 residential units
in the Netherlands with a GAV of SEK 18bn from HST. HSTB also signed a letter of
intent to acquire the remaining properties in HST, as well as Alecta's residential portfolio
with a total GAV of SEK 2.6bn (25 October)
• HSTB communicates that future real estate investments in Europe are to be made via
HSTB; and Alecta commits to further equity contributions of SEK 7.5bn in HSTB to
support its development (25 October)
• HSTB communicates its ambition to reach its target BBB+ rating by summer 2021 (25
October)
• The financial policy is adjusted with a net debt / net debt + equity ratio of 45-55% and
a hedge ratio of 75%, up from 50% (25 October)
Source: Company Information.
4
Heimstaden Bostad in a brief
HSTB is a leading Northern European residential platform
Highlights Portfolio split as of Q3 2019 (pro-forma for the Netherlands)
• HSTB is one of the largest residential real estate companies in Northern Europe with Residential units Property portfolio
a property portfolio of c. 52k residential units and total assets valued at SEK 108bn Value Value/sqm
Country Number Share Share
• HSTB creates value by investing, managing and repositioning properties located in (SEKbn) (SEKt)
growth areas in Sweden, Denmark, Norway and the Netherlands (since October 28,151 54.4% 38.8 36.1% 20.0
2019)
8,716 16.8% 33.4 31.1% 42.1
• HSTB portfolio is highly diversified and focused on capital cities and high growth
urban areas with favourable market dynamics 4,441 8.6% 17.4 16.2% 80.2
• HSTB’s majority owner is the Norwegian Fredensborg group (via HST), and the 10,447 20.0% 17.9 16.7% 20.7
second largest owner is Alecta, with minority owners consisting of the corporate Total 51,755 100.0% 107.5 100.0% 28.2
pension funds of Ericsson and Sandvik
Key performance indicators
FY18 3Q 2019 3Q 2019 (Pro-forma)4)
Key ratios
ICR2) 2.7x 2.5x 2.5x
Ystad, Sweden Malmö, Sweden Norrköping, Sweden
LTV3) 51.5% 51.8% 49.8%
Credit rating BBB- (stable) BBB- (stable) BBB- (positive)
Earnings capacity (SEKm)2)
Rental income 3,819 4,377 5,215
NOI 2,223 2,595 3,134
EBITDA 2,078 2,450 2,969
Balance sheet (SEKm) Copenhagen, Denmark Oslo, Norway Rotterdam, The Netherlands
GAV 72,329 89,629 107,540
Net debt 39,279 48,944 57,015
Equity 31,925 38,776 48,385
Operational (%)
Surplus ratio (earnings capacity) 58.2% 59.3% 60.1%
Real occupancy1) 98.5% 99.2% 98.6% Copenhagen, Denmark Oslo, Norway De Bilt, The Netherlands
Source: Company information as of 3Q 2019 (pro-forma for the Netherlands). Notes: 1) Real occupancy rate defined as leased housing, adjusted for remodelling vacancies due to standard improvements, divided by the total number of residential units. 2) Earnings
capacity defined as earnings capacity as of 30 September 2019. 3) Defined as Net debt / Total assets. 4) Prior to planned installment of c. SEK 700m
5
Heimstaden Bostad in a brief
HSTB accumulates more than two decades of growth and
continuous increase in operational quality
Key operational developments and milestones
Operational development Milestones Property value
• Expansion to Netherlands through acquisition of properties worth SEK
• Continued acquisitions of properties in Sweden, Denmark and Norway and expansion into the Netherlands 18bn from HST
2019 • SEK ~108bn
• HSTB issues a bond for SEK7.4bn under the EMTN program • Private placement of SEK9.5bn equity from HSTB and Alecta
• Received a revised BBB- rating with a positive outlook from S&P
2018 • HSTB increases its exposure to Norway and Denmark
• HSTB achieves IG rating by S&P • SEK ~72bn
• Further acquisitions in growth areas in Sweden
• HSTB enters the Danish and Norwegian markets for the first time • Expansion to Norway through acquisition of properties from
2017 • SEK ~44bn
• Acquisition from HST continues in Q4 Fredensborg
• Acquisition from HST continues in Q3
2016 • SEK ~20bn
• Portfolios in Luleå and Växjö, Sweden, are acquired from the municipalities
• Strategy to acquire residential properties is supported by favourable macro environment
2015 • Expansion to Denmark • SEK ~6bn
• Portfolios in Trelleborg, Skellefteå and Katrineholm, Sweden, are acquired
• Strong partnerships with Alecta as well as Ericsson’s and Sandvik’s
2013 • HSTB is established and the first portfolio is acquired from HST • SEK ~3bn
pension funds are established
2008- • Magnus Nordholm joins as CFO and is elected to the Board of
• Expansion through acquisitions in Mälardalen, Skåne and Småland • SEK ~10bn
2005 Directors
• The founder of Fredensborg AS Ivar Tollefsen becomes Chairman of
2005 • Fredensborg AS acquires HST from Reiten & Co AS • SEK ~2bn
the Board in HST. Patrik Hall also joins Board of Directors
2003 • Reiten & Co AS acquires HST from the founders • Patrik Hall becomes CEO, joined the company in 2001
1999 • Wallenstam portfolio in Malmö is acquired
1998 • HST is founded
xx Refers to HST xx Refers to HSTB
Source: Company information.
6
Heimstaden Bostad in a brief
Why we like residential real estate
Supportive trends A long-term investment
Housing is an • Everyone needs a place to live
High degrees of urbanization essential human • A home today looks much like it did 200 years ago and cannot be digitalized
need • In Europe, most governments support housing costs for their population
Rising age of population • In smaller cities, rents and returns are mainly driven by income growth while in
Strong demand larger cities rents and returns are also driven by urbanization trends
dynamics
• Highly unlikely that regulated rents below market rents will decrease
Smaller household size
Favourable
regulated
• Rent regulation provides access to affordable living space in city centers and
opportunity of gradual shift to unregulated housing (at natural churn rates)
environment
Steady increase in housing prices
Co-investing with population that also wants value growth
Limited new housing stock • With home ownership at c.50-95% across Europe, HSTB is “co-invested” with the
High levels of majority of the population
home-ownership • Being “co-invested” is a safe spot for value preservation and growth since
housing price decreases would weaken purchasing power and financial stability
Digital “revolution”
• Fluctuations in the residential sector will occur, however long-term sustainable value
Long-term growth is an objective of states and private stakeholders
sustainable ― Increased productivity and real salaries (low inflation) support residential prices and
value growth rent appreciation
Green living, sense of community
― HSTB ensures people across social classes can live in city centers
Source: Company information.
7
Heimstaden Bostad in a brief
Vision and business concept
OUR VISION OUR BUSINESS CONCEPT
We enrich and simplify life through friendly homes We acquire, manage and refurbish foremost residential
properties
OUR OFFERING
1 2 3 4
Value creation for shareholders Value creation for customers by Value creation for our Value creation for society
and partners through developing and delivering a employees through nurturing a through long-term investments,
developing and optimising an friendly home in growth regions corporate culture and a working resource-efficient management
attractive residential property in the Nordics environment that is permeated and operations as well as
portfolio in growth regions in the by our core values: through property development
Nordics in areas with housing shortage
“Care, dare and share”
Source: Company information.
8
Heimstaden Bostad in a brief
HSTB business model and asset management agreement with
HST is focused on long term value creation
HSTB business model HSTB group structure
• HSTB benefits from having HST, a
Institutional
dedicated manager and owner with HST
shareholders
experience of operations in the
residential sector, as its largest
HSTB
shareholder shareholders Property & Facility
management
• HSTB does not have any employees of
services
through HST
its own but instead has established a subsidiaries Asset
management
group-wide asset management
agreement
agreement with HST
Holding
• The asset management agreement
company
HSTB
entails several central functions
including management, transaction and
project development
• In addition, wholly owned subsidiaries Property
portfolio
of HST provide property and facility
Sweden Denmark Norway Netherlands
management services
We work in very close cooperation with our largest shareholder, HST, with whom we have a long term asset management
agreement to manage, expand and optimize our portfolio, as well as develop new properties
Source: Company information.
9Heimstaden Bostad in a brief
Strong alignment of interests between HST and institutional
shareholders
Legal structure and shareholders Shares in HSTB
HST Share of votes2) Share of capital (equity)2)3)
management
Ivar Tollefsen
(private individual) More voting rights through
52% HST common shares 45% HST
100%
(Pension fund) 39% Alecta 45% Alecta
6% Folksam (Group) 7% Folksam (Group)
98.4% 2% Ericsson Pension 2% Ericsson Pension
(Pension fund)
% %
HST1)(group) 1% Sandvik Pension 1% Sandvik Pension
through subsidiaries (Pension fund)
(Group)Heimstaden Bostad in a brief
Why invest in HSTB?
One of the largest European residential players, SEK108bn GAV, with portfolio spread
1 across Sweden (36%), Denmark (31%), Norway (16%) and the Netherlands (17%)
Robust Northern European housing markets benefiting from sound macro-economic
2
fundamentals and favourable social and demographic trends
High quality diversified portfolio with high real occupancy3) (c.98.6%1)) anchored in capital
3
cities and prime locations in high growth urban areas
Portfolio with a high degree of regulated residential units (72%) combined with attractive
4
unregulated markets underpin enhanced cash-flow predictability
Stable residential income with track record of organic and accretive acquisition-led growth
5 with improving profitability, and with actionable opportunities with minimal development risk
Well-balanced BBB- positive (S&P) capital structure (49.8% LTV2)) with announced
6
ambition to reach its target BBB+ by summer 2021
Top class asset and property facility management skills with >20 years of track record in
7 the Nordics lead by HST, HSTB’s majority shareholder and dedicated industrial owner
8 Institutional support with strong alignment of interest between shareholders, including
HST, Alecta, Folksam (Group) and the corporate pension plans of Sandvik and Ericsson
Source: Company information as of 3Q 2019 (pro-forma for the Netherlands). Notes: 1) On the basis of total residential units; 2) Calculated as Net debt / Total assets 3Q 2019PF; 3) Real occupancy rate defined as leased housing, adjusted for remodelling vacancies due
to standard improvements, divided by the total number of residential units
111 2 3 4 5 6 Markets and property portfolio
Markets and property portfolio
Positive residential sector fundamentals across markets…
Property prices are rising across targeted markets Rents are outgrowing inflation
Indexed property prices in housing markets (%, 2008) Indexed rent development (%, 2008)
220 CAGR 08-18 Growth ‘18 220 CAGR 08-18 Growth ‘18
Sweden 4.6% 0.1% Sweden 2.4% 2.4%
200 Copenhagen 3.2% 3.5% 200 Denmark 4.0% 2.6%
Oslo 7.7% 4.4% Oslo 4.0% 0.8%
180 The Netherlands 2.5% 10.3% 180 The Netherlands 2.6% 2.3%
CPI 1.4% 1.9%
160 160
140 140
120 120
100 100
80 80
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Sweden Copenhagen Oslo the Netherlands Sweden Denmark Oslo
2)
Average CPI the Netherlands
Across Northern Europe, yield gaps remain attractive Commentary
Yield gap1) development – Residential property yields vs. 5 year swap (%) • Strong performance of residential property prices and rents across all HSTB
markets
6,0%
5,0%
• The growing middle income tenant segment with increasing purchasing
power has been one of the key drivers for the residential rental sector
4,0%
expansion
3,0%
2,0%
• Average rent levels continue its upward trend, particularly in capital cities
and growth cities across HSTB’s portfolio
1,0%
0,0%
• Higher urbanisation is driving increasing number of young families and
young professionals into cities, supporting growing demand for the
-1,0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 residential asset class
Sweden Copenhagen Oslo • The era of low interest rates continues to support the sector across several
5 year EUR swap the Netherlands regions
Source: Bloomberg, Eiendom Norge, Euroconstruct, Genesis, JLL Global Research, MSCI Real Estate Analytics Portal, Morgan&Stanley and Cushman&Wakefield (property yields), NVM, Realkreditradet, SCB, SSB, Statbank, UN
Notes: 1) Residential property yield – 5-year local currency swap rate; 2) Refers to average CPI of Sweden, Denmark, Norway
13Markets and property portfolio
… supported by favourable demographic trends and continued
supply-demand imbalance
The gap between housing starts and population growth persists HSTB regions stand out as growing urban areas
200 000 Urbanisation1) (%, 2020E)
Population growth - Sweden Housing starts - Sweden
92,2%
100 000 Europe 88,0% 88,1%
83,0%
average:
74.9%
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
20 000 Population growth - Copenhagen Housing starts - Copenhagen
10 000
0 Sweden Denmark Norway the Netherlands
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Commentary
20 000
Population growth - Oslo Housing starts - Oslo
10 000
• New housing developments are insufficient to close substantial excess
demand, which is projected to persist post peak-completions across capital
cities in HSTB’s portfolio
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 • New housing supply predominantly targeted at a tenant profile with higher
disposable income and larger families
200 000 Population growth - the Netherlands Housing starts - the Netherlands
• Most new housing supply in target markets are not expected to meaningfully
compete with HSTB’s portfolio due to different size and target tenant profiles
100 000
• Strong demand for residential housing from small families, young
0 professionals, expats and students across HSTB’s focus markets
2012 2013 2014 2015 2016 2017 2018
Source: Euroconstruct, BMI, ECB Europa, Fred Economic data, Department of Economic and Social Affairs, Population Division, World Bank, SCB, Eurostat, OECD, Worldpopulationreview, United Nations, European Mortgage Federation, Trading Economics
Notes: 1) Urban areas as defined by each country’s statistical authority
14Markets and property portfolio
72% of HSTB’s residential portfolio is regulated…
Break-down of residential units 3Q 2019 share of residential units
Residential – unregulated 28%
Residential – regulated 72% of total residential units
Simplified overview of the residential rental markets of HSTB’s existing portfolio
Sweden Denmark Norway The Netherlands
100% units are regulated 20% units are regulated 100% units are unregulated 31% units are unregulated
• Based on the principle of utility value • Different rent regulation systems • Market rent is used on all contracts • A unit is categorized as regulated or
(assessed value for the user) depending on construction year. signed unregulated depending on monthly
Properties built before 1992 have rent and WWS points (based on
• Rent negotiated between property
regulated rents
• Every third year each rental contract
certain characteristics such as
owner and Swedish Union of is by default terminated and the rent
location, standard, equipment and
Tenants on annual basis • Regulated rents can only be for the coming contract is adjusted to
size)
increased through investments i) by the assessed market rent. During the
• Units with the same utility value shall
theoretical financing costs (low three years rents are regulated by
have the same price, given the same
investment), and ii) to an utility value CPI
micro location
(high)
• Rent levels may be lower than the
• Rental contracts run without a fixed
theoretical market rent
maturity
• Residential contracts run without a
fixed maturity
Source: Company information as of 3Q 2019 (pro-forma for the Netherlands), MVGM, Goethe Institute, CBS
15Markets and property portfolio
… thus benefiting from exposure to both regulated and highly
attractive unregulated markets
Best of both worlds Key best practices Regulatory strategy
Regulated Unregulated • Optimal risk-reward profile due to mix of
regulated vs. unregulated units is assessed • HSTB is confident that a mix of regulatory
72% 28% on a country-by-country basis regimes provides a highly attractive risk-
of residential units of residential units adjusted return profile
Opportunity to
Significant cushion
benefit more from • The assessment of regulatory impact is
based on rental rates
faster reversion to reflected in the purchase price HSTB is
below market-level
market rents willing to pay • Exposure to both regulated and
unregulated segment allows HSTB to take
Ability to secure advantage of possibly diverging supply-
Acquisitions below
replacement cost higher cash yields • Investing in unregulated units based on demand dynamics in target locations
high degree of certainty that downside-
Higher liquidity in risks are mitigated effectively
Favourable policies secondary markets
combine attractive
• Only invest in unregulated markets when • Going forward, HSTB will retain
returns and Ability to acquire
underlying macro-economic, balanced exposure to both regulated
downside assets at a discount
demographic and residential Real and unregulated segment
protection to vacant
possession value1) Estate drivers are considered supportive
Favourable regulatory regimes combined with attractive unregulated exposure to enhance cash-flow predictability
Source: Company information as of 3Q 2019 (pro-forma for the Netherlands). Note: 1) Also valid in some regulated markets, such as the Netherlands, where regulated properties can be privatized
16Markets and property portfolio
HSTB has a geographically diversified high quality residential
property portfolio in Northern Europe…
The largest private residential portfolio SEK 17bn GAV 4,441 residential units
across the Nordic region with growing
presence in the Netherlands SEK 108bn
GAV
Portfolio anchored in larger cities and Oslo Oslo
prime locations in growth urban areas
51,755 SEK 33bn GAV 8,716 residential units
Diversified portfolio with high occupancy # of residential units
rate
Type and size of units adapted to the SEK 5,215m Copenhagen Copenhagen
demographic trends Passing rent1)
NORWAY SEK 39bn GAV 28,151 residential units
Rental performance above inflation SWEDEN
Stockholm
Oslo
across all regions
Attractive risk-adjusted yields with Uppsala Malmö
DENMARK Malmö
further rent and value upside potential Copenhagen
SEK 18bn GAV 10,447 residential units
Significant visibility on expansion
THE NETHERLANDS
of current platform supported by
refurbishments, new developments and Rotterdam
forward option projects with minimal Utrecht Arnhem
development risk
Source: Company information as of 3Q 2019 (pro-forma for the Netherlands). Note: 1) Passing rent refers to the earning capacity as per 30 September, 2019
17Markets and property portfolio
… with largest portfolio in Sweden, followed by Denmark, the
Netherlands and Norway
Portfolio snapshot Q3 2019 (pro-forma for the Netherlands)
Number of Number of Average size per Real occupancy Market value Market value per
Country properties apartments Total area (tsqm) apartment (sqm) rate (%)1) (SEKm) sqm (SEKt)
Sweden 763 28,151 1,942 61 99.5 38,774 20.0
Denmark 136 8,716 794 87 98.4 33,422 42.1
Norway 84 4,441 217 35 99.1 17,433 80.2
The Netherlands 555 10,447 865 82 96.5 17,917 20.7
Total 1,538 51,755 3,818 67 98.6 107,546 28.2
Portfolio distribution Q3 2019 (pro-forma for the Netherlands)
Split per region (property value) Split per property type (tsqm) 10 largest cities in portfolio (in terms of property value, SEKbn)
Commercial 22,4
The Netherlands
9% 17,2
17% Sweden
36%
7,2
4,9
2,5 2,0 2,0 1,7 1,6 1,6
Norway
16% Oslo
Rotterdam
Stockholm
Copenhagen
Ystad
Gävle
Lund
Malmö
Norrköping
Uppsala
Greater
Denmark Residential
31% 91%
Source: Company information as of 3Q 2019 (pro-forma for the Netherlands). Note: 1) Real occupancy rate defined as leased housing, adjusted for remodelling vacancies due to standard improvements, divided by the total number of residential units
18Markets and property portfolio
HSTB country-level portfolio highlights
Sweden portfolio KPI evolution
• Nationwide geographical presence concentrated in 28 key growth cities 2018 3Q 2018 3Q 2019
• Growth historically delivered via acquisitions and developments favouring areas with GAV (SEKm) 35,881 33,962 38,774
population growth, infrastructure and proximity to universities and colleges Gross rental income (SEKm) 2,014 1,478 1,648
• High quality 100% regulated units well positioned vs. the competition Net operating income (SEKm) 985 772 808
Net operating income margin (%) 48.8% 52.2% 49.0%
• SEK 38.8bn portfolio of 763 properties and 28,151 apartments (36% of HSTB’s GAV)
Residential properties (#) 751 763 763
• Total area of 1.9m sqm with average rent/sqm/year of SEK 867 Occupancy (%)1) 98.1 98.4 98.0
Denmark portfolio KPI evolution
• Residential portfolio targeting a wide segment from students and young professional to small 2018 3Q 2018 3Q 2019
families and seniors GAV (SEKm) 20,927 18,113 33,422
• Properties located predominantly in central Copenhagen locations, consisting of a mixture of Gross rental income (SEKm) 616 406 866
recently developed units as well as regulated older stock Net operating income (SEKm) 400 270 587
• SEK 33.4bn portfolio of 136 properties and 8,716 apartments (31% of HSTB’s GAV)
Net operating income margin (%) 65.1% 66.6% 67.8%
Residential properties (#) 83 75 136
• Total area of 0.8m sqm with average rent/sqm/year of SEK 1,237 Occupancy (%)1) 94.1 94.3 96.4
Norway portfolio KPI evolution
• Residential portfolio targeting highly sought-after entry-level housing in Oslo city centre 2018 3Q 2018 3Q 2019
GAV (SEKm) 15,521 16,454 17,433
• Highly liquid portfolio distinctively characterised by its high share of small residential units
Gross rental income (SEKm) 601 419 516
• SEK 17.4bn portfolio of 84 properties and 4,441 apartments (16% of HSTB’s GAV) Net operating income (SEKm) 366 259 344
• Total area of 0.2m sqm with average rent/sqm/year of SEK 2,580 Net operating income margin (%) 61.1% 61.8% 66.7%
• 100% of rental income based on market rents Residential properties (#) 82 82 84
Occupancy (%)1) 96.6 97.3 97.7
The Netherlands portfolio KPI evolution
• Well located portfolio spread across the Netherlands 2018 3Q 2018 3Q 2019
GAV (SEKm) NM NM 17,917
• Price well below replacement cost limits competition from new construction
Gross rental income (SEKm) NM NM 681
• SEK 17.9bn portfolio of 555 properties and 10,447 apartments (17% of HSTB’s GAV) Net operating income (SEKm) NM NM 372
• Total area of 0.9m sqm with average rent/sqm/year of SEK 969 Net operating income margin (%) NM NM 54.6%
• 31% of rental income based on market rents Residential properties (#) NM NM 10,447
Occupancy (%)1) NM NM 96.5%
Source: Company information as of 3Q 2019 (pro-forma for the Netherlands). Note: Gross rental income and Net operating income represents 9-months 2018/2019. 1) Definition according to quarterly report. 19Markets and property portfolio
HSTB portfolio impressions across countries
Aktern 1, Malmö Havneholmen, Copenhagen Waldemar Thranes Gate 71, Oslo Spechtlaan, Leidschendam
Markattan 5, 10, Norrkoping Schades Have, Copenhagen Vibes gate 11, Oslo De Verademing, Den Haag
Fålhagen 11-3, Uppsala Øresundsterasserne, Copenhagen Nedre gate 8, Oslo Duincarré, Rotterdam
Source: Company information.
201 2 3 4 5 6 Acquisition of Residomo
Acquisition of Residomo
Residomo is the largest privately held residential portfolio in Czech Republic
Overview Locations
• Residomo owns and operates the largest privately-held residential portfolio
in the Czech Republic which provides affordable accommodation Portfolio by value (3Q2019)
Olomouc region
• Portfolio valued at CZK 32,781m (€1.3bn)1 as at 30-Sep-2019: Haviřov
26,7%
Ostrava
― Focused mainly on Moravia-Silesia region, 3rd most densely populated
Moravia-Silesia region 45,6%
region in CR, with over 1.2m inhabitants
GAV
― c. one-third is in Ostrava, 2nd largest urban area in CR, c.350km East
of Prague €1.3bn Karviná core
9,7%
― 42,730 apartments and 1,687 commercial units Opava 435
Orlova 2,050
Karviná non-core
Units
Units Karvina 7,168 Units Other 1,4%
― Quality housing at attractive, reasonably priced rents 5,3%
― Occupancy rate of 91.9% Opava Orlová Frýdek-Místek
1,3% 3,5% 6,6%
Ostrava
― Right apartment size: 74% of apartmentsAcquistion of Residomo
Operations Overview
Key data Comments
30-Sep-2019 30-Sep-2018
• Located in the Moravian-Silesian region which is the third most densely populated
GAV CZK 32,781m1 CZK 30,675m1
region in the Czech Republic
Number of residential units 42,730 43,268
Free units2 / post-regulated units 64% / 36% 61% / 39% • Quality housing at attractive, reasonably priced rents
Monthly rent (market/ post-regulated) CZK/sqm 92.9 / 84.8 87.4 / 80.7
Residential sqm 2.5m 2.6m • 8.14% vacancy, 4.60% structural vacancy6
Commercial sqm 0.1m 0.1m
Occupancy 91.9% 91.3% • Right apartment size: 74% of apartmentsAcquistion of Residomo
Residomo is fully focused on Czech Republic, which is among the strongest
performers in the EU offering a stable environment with healthy growth prospects
High GDP growth in relative terms… …Environment of low unemployment…
GDP growth by country in 3Q20191 Unemployment in EU in Sep-20192
16,9%
14,2%
4,8%
4,0%
3,8%
3,7%
3,6%
9,9%
3,2%
3,0%
8,4%
2,5%
6,7%
6,6%
6,6%
6,5%
6,3%
6,3%
2,0%
1,9%
1,9%
1,9%
5,6%
5,6%
1,8%
1,8%
1,7%
1,6%
1,5%
4,5%
4,1%
1,3%
1,3%
3,9%
3,9%
3,8%
3,5%
3,4%
3,3%
1,0%
3,1%
2,1%
0,5%
0,3%
Poland
Finland
Portugal
EU (28)
Hungary
Bulgaria
Lithuania
Romania
Cyprus
Greece*
Latvia
Slovakia
CR
UK
Germany
Belgium
Italy
Netherlands
Estonia*
Spain
Austria
France
Poland
Finland
UK**
Romania
Bulgaria
EU (28)
Lithuania
Portugal
Greece**
CR
Germany
Cyprus
Slovakia
Belgium
Latvia
Italy
Hungary*
Netherlands
Estonia*
Austria
France
Spain
…Combined with rising inflation… …And rising household disposable income
Inflation & interest rate (monthly average) Net household disposable income per person growth
Inflation 3M PROBOR
7,0% 6,0% Czech Republic (%) Moravia-Silesia (%)
6,0% 5,0%
5,0% 4,0%
4,0%
3,0%
3,0% 2.6% 2,0%
2,0% 2.1%
1,0%
1,0%
0,0%
0,0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
(1,0)%
2010
2011
2012
2013
2014
2015
2016
2017
Source: Eurostat, Czech Statistical Office, Czech National Bank
1 Percentage change compared with the same quarter of the previous year
2 Eurostat definition for unemployment (seasonally adjusted). * As of 31-Aug-2019, ** as of 31-Jul-2019 241 2 3 4 5 6 Long term value creation
Long term value creation
Value creation through turn key and development projects
Snapshot development portfolio in Denmark – completion 2020
Area tsqm
Number of Number of Market value
Country Residential units Commercial units Total Residential Commercial SEKm
Denmark 556 5 44,011 42,329 1,682 1,584
Illustrative example turn key project Comments on Copenhagen
Copenhagen
• The turn key project portfolio is located in growth areas and strong micro locations in the respective
markets, micro location typically defined as area type A or B (source and definition of area type
provided by Colliers International)
• In principle, all Danish forward projects are based on turn-key contracts, hence HSTB does not hold
any construction risk. Payment of the fixed priced will be made to the developer upon completion
and handover of each project
• HSTB is responsible for and holds the occupancy risk. The asset management team of HST
initiates the letting process 6-9 months before the project is completed
Illustrative example development project Comments on Sweden
Sweden
• Development projects in Sweden is foremost including in-fill projects on existing land owned by
HSTB
• As part of the total property portfolio of HSTB the development portfolio is of limited size
• In addition to own projects HSTB has signed a framework agreement with Magnolia Bostad for a
portfolio located in Stockholm, Sundsvall and Helsingborg to a value of SEK 8.8bn which will be
developed over 5-10 years. The agreement includes an option for HSTB to refrain from single
projects given a non-recurring compensation to Magnolia Bostad
• All projects in the Magnolia portfolio will be built to achieve Green Building Council's Silver standard
or equivalent classifications
Source: Company information.
26Long term value creation
Four geographies creates great possibilities to impact the
environment and local communities
Four geographies creates great possibilities to impact the environment
• With properties in four regions and an ambition to grow in a responsible and sustainable way, HSTB is able to make a great impact by
focusing on energy efficient properties
• All new production in Sweden is to meet the Sweden Green Building Council’s Silver standard
• During 2018, HSTB managed to reduce costs of SEK 6m in Sweden, by a reduction in carbon emissions of 670 ton CO2
• With a continuous focus of reducing energy usage in all regions HSTB will impact other countries in Europe and challenge companies in
other cities to do the same
Environmental objectives Social objectives
Sustainable and energy efficient properties Sustainable working environment leading to long lasting relations
Reduce the climate impact of HSTB Close to the customers through in-house property management
100% source-certified renewable power by 2021 Social lease contracts – 1% by 2023 (of total)
100% renewable or recycled* heat (*district heating) by 2030 At least 2 % of employees shall be in trainees
Investments in energy efficiency, solar cells etc. 100 young adult jobs a year (student jobs, summer jobs)
Using intelligent, modern and cost-efficient technologies Local community engagement
Strive to achieve high classifications (Green Building Council's Silver
standard or equivalent)
Sustainable material and technologies
Source: Company information.
271 2 3 4 5 6 Financial overview
Financial overview
HSTB income statement
Pro-forma for 30 September 2019
SEKm Jan-Sep 19 The Netherlands Acquisition adjustments Jan-Sep 19 pro-forma
Rental income 3,030 681 3,711
Property costs (1,291) (309) (1,601)
Net operating income 1,739 372 2,111
Central administration (127) 0 (127)
Other operating income 10 0 10
Other operating expenses (11) 0 (11)
Profit before financial items 1,611 372 1,982
Financial income 10 0 10
Financial expenses - Interest bearing liabilities (727) (255) (983)
Financial expenses - Interest bearing subordinated
0 0 0
shareholder loans
Other financial income & expenses (155) 0 (155)
Income from property management 738 117 855
Changes in value of investment properties 3,324 1,392 267 4,984
Changes in value interest rate derivatives (284) (146) 0 (430)
Profit before taxes 3,778 1,363 267 5,408
Current tax (136) (43) 0 (179)
Deferred tax (737) (255) (55) (1,047)
The result of the period 2,904 1,065 213 4,182
Other comprehensive income 1,074 0 0 1,074
Overall Results 3,978 1,065 213 5,256
Source: Company information as of 3Q 2019 (pro-forma for the Netherlands).
29Financial overview
HSTB pro-forma earning capacity, 12 months
Data as of 30 September 2019
SEKm September 2019 Pro-forma for the Netherlands
Rental income 4,377 5,215
Property costs (1,781) (2,081)
Net operating income 2,595 3,134
Central administration (155) (175)
Other operating income 10 10
Other operating costs 0 0
Participations in profit of associated companies 0 0
Profit before financial items 2,450 2,969
Financial income 0 0
Financial costs – interest-bearing subordinated shareholder loan 0 0
Financial costs – interest-bearing liabilities (985) (1,190)
Profit from property management 1,465 1,779
Key data
Surplus ratio 59.3% 60.1%
Interest coverage ratio (ICR) 2.5x 2.5x1)
Source: Company information as of 3Q 2019 (pro-forma for the Netherlands). 1) Prior to planned installment of c. SEK 700m
30Financial overview
HSTB balance sheet
Pro-forma for 30 September 2019
Acquisition
SEKm As of Sep-19 The Netherlands New share issue Sep-19 Pro-forma1)
adjustments
Assets
Fixed assets
Investment property 89,629 17,650 267 107,546
Other long-term receivables 835 0 835
Total fixed assets 90,464 17,650 267 108,381
Current assets
Development properties 756 0 756
Other receivables 913 27 940
Cash and bank balances 2,381 297 6,229 (4,455) 4,452
Total current assets 4,050 323 6,229 (4,455) 6,147
Total assets 94,514 17,973 6,229 (4,188) 114,528
Equity and liabilities
Equity 38,776 7,332 9,500 (7,223) 48,385
Long-term liabilities
Long-term interest-bearing liabilities 50,641 10,141 (3,271) 3,271 61,437
Non-current liabilities, financial leasing 655 0 0
Interest rate derivatives 127 148 275
Deferred tax liability 2,096 291 (236) 2,151
Total long-term liabilities 53,519 10,579 (3,271) 3,035 63,862
Short-term liabilities
Short-term interest-bearing liabilities 685 0 685
Other short-term liabilities 1,534 62 1,596
Total short-term liabilities 2,219 62 2,281
Total equity and liabilities 94,514 17,973 6,229 (4,188) 114,528
Source: Company information as of 3Q 2019 (pro-forma for the Netherlands). 1) Prior to planned installment of c. SEK 700m
31Financial overview
… and responsible leverage management
Interest coverage ratio LTV1) Secured LTV2)
4,0x 60% 60%
3,5x At earnings
3,0x capacity: 2.5x 55%
40%
2,5x
2,0x 50%
1,5x
20%
1,0x 45%
0,5x
0,0x 40% 0%
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q3 2019PF
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2016
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q3 2019PF
Financial miminum < 1.5x Net debt / Total assets (%) Secured LTV (%)
• The decrease in ICR ratio mainly due to higher • Due to the large number of acquisitions, LTV (Net • Secured LTV reduced to below 40% in Q4 2018
interest rate costs in the Norwegian portfolio, debt / Total assets) has fluctuated between 48%- as part of HSTB receiving an investment grade
acquired in 2017 and 2018 and due to the issue of 56% over the past years, with an average of 52% rating from S&P
investment grade bonds in HSTB with higher
financial costs than the average of the loan
• New financial policy states a maximum S&P • Going forward HSTB expects a Secured LTV of
defined LTV (Net debt / Capitalisation) of 55% 34-36%
portfolio
• Going forward an ICR of 2,3x-2,6x is expected
foremost due to recent and coming acquisitions in
markets where the ICR is higher than the average
of the portfolio
Source: Company information as of 3Q 2019 (pro-forma for the Netherlands). Note: Shareholder loans treated as equity in ratios. Ratios includes non-controlling interest
All numbers prior to planned installment of c. SEK 700m. 1) LTV calculated as Net debt / Total assets; 2) Secured LTV calculated as Secured Loans / Total assets
32Financial overview
HSTB has remained committed to a prudent financial policy
Description of policies Comments
Maximum /
Financial Guidelines minimum levels 30 September 2019 • HSTB remains committed to retain credit-metrics in line with
according to policy a strong investment grade rating, which is considered a key
Refinancing risk pillar of its long-term funding structure
Fixed credit term (months) >15 140 – S&P issued a revised credit rating of BBB- with a
positive outlook (November 2019)
Loan maturity in a single year (%) ≤40 21
Financial
– HSTB issued a public statement regarding its target to
Limitation, individual lenders (%) ≤40 14 policy achieve a BBB+ by summer 2021
• Throughout its expansion, HSTB has demonstrated an
Net debt / Capitalisation (%) 45-55 55.8
impressive deleveraging capability and shareholders
Interest rate risk continue to dedicate equity to support its growth
In accordance with • The financial policy is adjusted with a net debt / net debt +
Average fixed interest term (yrs) interest rate 2.4 equity ratio of 45-55% (25 October)
hedging strategy
• Dividends on common shares are evaluated on a regular
Hedging ratio (%) >75 57
basis and decided based on market conditions, investment
opportunities, and HSTB’s capital structure
Credit risk
Equity ratio (%) >30 40.9
Dividend – Dividends have historically been reinvested; since 2013,
policy shareholders have injected SEK 30.4bn into HSTB and
received SEK 1.8bn as dividends as of the 30 June 2019
ICR (times, R12 months) ≥1.5 2.1
• Minimum 1.25x liquidity buffer has been enshrined in
Quick ratio (times) ≥1.25 2.23 HSTB’s Shareholders’ Agreement
Source: Company information.
33Financial overview
HSTB debt structure summary
Loan maturity profile Key credit ratio development
Gross debt, 3Q 2019PF1) 3,7x
3,4x
3,1x
33% 2,6x 2,5x
2,1x
17% 19%
16%
54% 54% 55% 54% 52% 50%
8% 6%
2020 2021 2022 2023 2024 ≥2025 2015 2016 2017 2018 Q3 2019 Q3 2019PF
1)
LTV ICR
Unencumbered assets % Commentary
90,2% • After two sucessful bond issues, HSTB has established itself as a strong
invesment grade bond issuer
• HSTB is only working with banks which have financing of residential properties as
their core product and HSTB’s geographic markets as their home markets. This is
to assure a low counterparty risk
25,2% 22,9%
• HSTB’s loan portfolio is financed by strong Nordic and European institutions to
assure a low counterparty risk
0,6% 0,0%
Sweden Denmark Norway The Netherlands Total • Unutilised credit commitment SEK 9.0m
Source: Company information as of 3Q 2019 (pro-forma for the Netherlands). All numbers prior to planned installment of c. SEK 700m. 1) 3Q 2019 pro-forma calculation for ICR based on earnings capacity
34Appendix
Appendix
Staying true to our history – entrepreneurially driven company
with experienced leaders, management and board of directors
HSTB - Board of Directors
2019 2018 2008 2018 2019 2019 2019
Frans Heijbel Ramsay Brufer Magnus Nordholm Stefan Attefall Christer Franzén John Giverholt Erik Glæsel Gullestad
Chairman of the board Member of the board Acting CFO and Member of the board Member of the board Member of the board Member of the board
Member of the Board
• Head of International Real • Head of Corporate • Appointed deputy CEO as well • Active senior advisor and • CIO at Ericsson Pension Fund, • Member of the board of • Director and co-head of the
Assets at Alecta where he Governance at Alecta for over as Board member of Board member of several which has a broad investment issuer’s main shareholder Investment Team in
previously held the role of Head 20 years Heimstaden AB companies in the Nordic portfolio with a capital Heimstaden AB since 2018 Fredensborg AS.
of Investment, Real Estate
• Board member of several
• Has been the Deputy construction and residential preservation approach and
• Previously, CEO at Ferd, • Prior to his five years at
Sweden CEO/CFO of Heimstaden property segment focus on cash generating
• Prior to his seven years at companies in the Swedish real Bostad since the company investments
Deputy CFO at NorskHydro, Fredensborg, he has
Alecta, he held senior roles at estate and infrastructure was founded in 2013 • Previously, Minister for Executive VP at DnB, and VP experience from Arctic
Trinova Real Estate LLP, Bank sector where Alecta is • Previously Head of Nordic Construction and Housing and • Has held his role for more than at Orkla ASA amongst others Securities and Arkwright.
of Ireland REIM and JLL shareholder a Civil minister of the Swedish ten years
Structured Real Estate
• Responsible for Alecta’s government from 2010-2014
international real estate and
Finance at HSH Nordbank AG,
Copenhagen branch
• He is also a board member of
infrastructure investments, with several other Real Estate
a combined portfolio value of ca Companies with Nordic focus
SEK 50bn in equity including
HSTB
HSTB - Management (via the HST Asset Management agreement)
2001 2008 2019 2018 2019 2017 2018
Patrik Hall Magnus Nordholm Arve Regland Göran Bengtsson Christian Fladeland Suzanna Malmgren Helge Krogsböl
Group CEO Deputy CEO Chief Financial Officer Chief Asset Management Chief Investment Officer Chief Human Resources Chief Operating Officer
• CEO since 2003 • Deputy CEO since 2020 • Chief Financial Officer since • Chief Asset Management • Chief Investment Officer since • Chief Human Resources since • Chief Operating Officer since
• • See Board of Directors
2019 Officer since 2018 2019 2017 2018
Previously Head of
Negotiations at the Tenant
• Previously CEO at Entra ASA • Previously at Barings Real • Previously partner at Colliers • Previously partner at Alumni • Previously SVP at Pandox AB,
and prior to that; ABG Sundal Estate Advisors, Aberdeen International Denmark Harvey Nash Nordic EE and GM/RDO at Benelux, MP at
Association and Lieutenant in Collier, Arthur Andersen and
the Swedish Army Asset Management and Manager at Impact Executives Room2Room and VPO/CEO
EY
Ericsson Nordic at First Hotels
Joined
Source: Company information.
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