Stendörren Fastigheter (STEF) Stockholm Corporate Finance Conference 2024 summary

Strategic positioning and market opportunity

• Focus on logistics, warehouse, and light industrial properties in Greater Stockholm and Mälardalen, targeting areas with strong population and economic growth.

• E-commerce growth drives demand for logistics and warehouse space, with urban rent levels rising due to limited supply.

• Portfolio value reached SEK 12.6bn as of June 30, 2024, with 151 properties and 808,000 sqm lettable area.

Operational and financial performance

• Achieved 7% underlying NOI increase in comparable portfolio and 6% average rent increase on renegotiated leases.

• Economic occupancy rate at 93% and surplus ratio at 79% as of Q2 2024.

• Equity ratio at 40% and interest coverage ratio at 2.0x, with 85% of debt hedged and strong liquidity of SEK 810m.

Project development and growth initiatives

• 13,000 sqm completed in the last 12 months; 54,000 sqm ongoing projects expected to add SEK 70m in NOI upon completion.

• Substantial pipeline with 641,000 sqm of building rights, mainly in Stockholm region, and focus on pre-let development.

• Expansion through acquisitions and operational improvements, with a focus on urban infill and brownfield projects.