Hello, and welcome to today's webcast with Intea Fastigheter, where CEO Charlotta Hörlin and CFO Magnus Ekström will present the year-end report for 2024, and with that said, I hand over the word to you guys.
Thank you very much. Welcome to the presentation of Intea's year-end report for 2024, the first report since the listing in December last year. My name is Charlotta Wallman Hörlin, and I'm the CEO of the company, and with me here today is our CFO, Magnus Ekström.
Hello, guys.
Before we go through the presentation and summarize the key figures, I would like to start with a few introductory remarks. The listing in December was a milestone in the company's history, with a strong interest from both institutional investors and the general public. We are pleased that the share price development following the listing has been positive and relatively stable. We have seen business activity gradually increase over the past six months, driven by, among other things, declining interest rates. During the fourth quarter, we were able to present several new deals that we've been working on throughout the year. We also completed the new police facility in Kristianstad, which means that the entire justice center in Kristianstad is now completed. We leave behind a strong year, and now Magnus will share some information on that in more detail.
Thank you, Charlotta. And in addition to what you said, we also refinanced a backup facility of SEK 1 billion, and we also did some 10-year new interest swaps of SEK 2 billion with good margins. And before I go through the figures, we can mention the dividend. The board proposes a dividend of SEK 0.50 per Class A and B share, and for the D share, they propose a dividend of SEK 2. And if we take the figures, the numbers for the year, we have a contracted rent of SEK 1.3 billion with a property value of SEK 23.6 billion, and we have a running yield of 5.2%. We have good cash flow from our operations with a surplus ratio of 82.6%, and we now see our KPIs increasing with an ICR of 2.4 times. And we also have an, after the proceeds from the IPO, we have an LTV of 50.5%.
Charlotta, perhaps you can say something about the public tenants?
Yes. We are pleased to see that both the average lease term and the share of public sector tenants in our portfolio are increasing.
And if we go through the Q4, we had a strong Q4, the best in the history of Intea. We had an increase of rental income of 14.6%, like- for- like, 3.9%. And we have an increase of profit from property management of 51.2%. And this is mainly due to the NOI from completed custody unit in Kristianstad in Q3 and also the police facility in mid-December. We also had SEK 6 million in rental income from our acquisitions in Q4. And we can also see effects of lower interest rates if you compare Q4 2024 to Q4 2023.
In October, we announced several new deals that we've been working on, all perfectly aligned with our business model: public sector rental income, long-term lease agreements, high-quality specialized buildings, which generate good returns at low risk. And three of the acquisitions are within the justice category and two within healthcare. And it's a mix of buildings generating rental income from day one and projects that create value over time. In December, we welcomed the Swedish Police Authority and the Swedish Prosecution Authority to the new police facility in Kristianstad. The project, which was completed on schedule, comprises a lettable area of 19,500 sq m with an annual rent of about SEK 62 million. With this, the new justice center, including the Swedish Prison and Probation Service custody unit, which was completed in the second quarter of 2024, is now fully completed.
The annual rent for the justice center amounts to SEK 135 million. We manage projects in various phases for, among others, actors within the justice category as well as within the healthcare category. In 2024, approximately SEK 1.5 billion was invested in new constructions across the country. In January, Serneke Sverige AB filed for bankruptcy. Serneke had been appointed as the contractor for two of our projects through public procurement. One of these is the first one you see in the picture here, the Viskan Prison in Ånge municipality, which, despite the bankruptcy, was successfully handed over to the tenant as planned in mid-January 2025. In the second project, the Porten 2 in Falköping, the work has been taken over by the subcontractors previously engaged by Serneke.
This slide shows our strong project portfolio as of December 31st. I can say that the Västerås project is not included in these numbers. In total, we have investments of SEK 3.3 billion, and we have a high average rental period and an estimated NOI of SEK 289 million.
I mentioned this in the beginning of the presentation. We have a high share of public sector tenants, and it's increasing from 95% at the beginning of the year to 95.7% by year-end, and the average lease term also increases from 6.3 to 7.8 years.
If we summarize 2024, it was a very good year with an increase of rental income of 13.6%, like- for- like, 6.7%, and with an increase of NOI of 15.2%, and like- for- like, 8.1%. This is mainly due to indexation and completed projects. We also increased profit from property management with 6%, and despite increase of interest cost of 27%. If we look at the property value, it has increased with approximately SEK 2.2 billion and up to SEK 23.6 billion. The yield is 5.2%, and it's based on our NOI in the earning capacity. If we look at our operations, as I said earlier, we have a good cash flow from our operations, and we can use it to investments. If we look at 2024, our investments amounted to SEK 1.5 billion, of which SEK 40 million is CapEx.
We have a strong financial position with an LTV of 50.5%. It should be between 50% to 55% and not exceed 60%. Our ICR is 2.4 times for the last 12 months, and for the quarter, the ICR was 2.8 times. If we look at the adjusted net debt EBITDA, where we exclude debt from projects, it was 10.1 in Q4. The net asset value per Class A and B share was 45.88, based on the 40 million more shares than we had in Q3. If we look at the growth in NAV and the profit from property management since 2018, the average growth was around 17% for both. The profit from property management per Class A and B share amounted to SEK 2.77.
In Q4, we did interest swaps of SEK 2 billion, and our fixed rate period amounted to 3.6% after that. And we have in total SEK 11.3 billion interest swaps and a hedging rate of 98% at the end of the year. If we look at our debt structure, we have a debt portfolio of SEK 12.3 billion with a good mix between bank loan, bonds, and commercial papers. Our interest rate has decreased during the year and was 2.89% at the end of the year. And important to know, we have SEK 6.4 billion in unutilized credit facilities. During 2024, the spreads have come down, and we have printed around SEK 3.4 billion green bonds to good margins. And we also have a BB B rating with a stable outlook that should be maintained. And then over to you, Charlotta.
Thank you, Magnus. With the listing behind us, we have strengthened the company's financial position and are now set for further growth. It has been a busy start of the year. We are seeing strong demand for more premises in our existing portfolio, as well as for new developments of high quality and specialized properties within several of our business categories. We are well positioned to meet that demand. I would like to conclude with a few words about what has happened in the company since the turn of the year. In January, we signed a new six-year lease agreement with the Swedish Police Authority in Linköping. The lease covers approximately 4,200 square meters with an annual rent of just over SEK 9 million and an investment of about SEK 47 million . Project completion is estimated around the turn of the year 2026.
About two weeks ago, we reached an agreement with the Swedish Prison and Probation Service to expand the Kristianstad Prison by nearly 200 places with an option for an additional 100 places. The lease term is 25 years with an estimated annual rent of SEK 39 million and an investment of about SEK 600 million. The construction pace is fast with a high degree of prefabrication. The project is expected to be completed in the second quarter of 2026 already. Last week, the Swedish Prison and Probation Service announced that Intea had been awarded a custody unit project in Gävle. The new custody unit will include 110 detention rooms. The lease agreement is 25 years with an annual rent estimated at SEK 96 million and an investment of just under SEK 1.5 billion. The project is expected to be completed at the end of 2029, and that concludes the presentation for today.
We hope to see you at the company's first annual general meeting as a listed company on May the 5th. On the same day, we will release the Q1 report. Thank you very much.
Thank you.