Logistea (LOGI) Corporate Presentation summary

Strategic overview and recent developments

• Completed transformative acquisition of KMC Properties ASA, doubling property values and market capitalization, positioning as a Nordic leader in logistics and light industrial real estate.

• Portfolio now includes 145 properties valued at ~13.2 BSEK, with a lettable area of 1,387,000 sqm and a 97.4% economic occupancy rate.

• Focus on growth through acquisitions, investments in existing assets, and development of new facilities, supported by a diversified tenant and geographic base.

• Long-term asset commitments with an average lease duration of 9.8 years and high visibility in future rental income due to triple net, CPI-indexed contracts.

• Strong ESG commitment, including energy efficiency, solar and battery storage expansion, and net zero GHG targets by 2028.

Financial performance and position

• Net initial yield stands at 6.9%, with a rental value of 945 MSEK and net LTV at 48.8%.

• High cash conversion and substantial EPS uplift post-transaction, with PFPM per share increasing from SEK 0.8 to SEK 0.9.

• Consolidated income for Jan–Jun 2024 shows rental income of 221 MSEK, net operating income of 166 MSEK, and profit after tax of 161 MSEK.

• Balance sheet as of June 2024: property value 6,259 MSEK, equity 3,168 MSEK, and EPRA NRV of 14.0 SEK per share.

• Access to diversified funding sources, with a healthy leverage ratio and ongoing efforts to optimize cost of debt and refinancing.

Portfolio and operational highlights

• Tenant base is diversified across industries and regions, with 80% exposure in Norway and Sweden and major tenants like BEWI ASA.

• Business-critical assets include modern logistics and production facilities with long-term, triple net leases and high alternative use potential.

• Examples of key assets: fully leased logistics properties in Sweden, Norway, and Denmark, with yields ranging from 7.2% to 8.25%.

• Average annual NAV/share and PFPM/share growth exceeded 15% over five years, with prudent financial policy targets for LTV (<60%) and ICR (>1.8x).

• Experienced management and board with strong industry backgrounds and a robust ownership structure, including major shareholders such as Rutger Arnhult, KMC Properties ASA, and BEWI Invest AS.