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4.10.2019 | Investor newsletters

Investor newsletter, October 2019

Kojamo’s investor newsletter is primarily published always after an Interim Report and the subsequent roadshow. The purpose of the newsletter is to discuss the topical issues and themes related to Kojamo as an investment that are relevant for investors. It does not contain new, unpublished information. The newsletter is available on Kojamo’s investor pages or you can subscribe to it via e-mail.

Q2/2019

The Half-Year Report from January–June 2019 was published on 23 August 2019. The implementation of the strategy progressed in line with expectations during the first half of the year and total revenue, net rental income and Funds From Operations (FFO) increased. We also specified the outlook for 2019. The Half-Year Report, related presentation, webcast recording from the news conference as well as transcript of the event are available at Kojamo’s Investors website.

Roadshows and investor meetings

During September Kojamo met investors in Zurich, Geneva, London, Frankfurt, New York and Chicago. We also took part in OP Markets’ 1-on-1 day for institutional investors and Carnegie’s Real Estate Seminar in Helsinki and DNB’s Nordic Real Estate & Construction Conference in Oslo. In addition, we participated in European Public Real Estate Association’s (EPRA) Annual Seminar where we both met investors and also CEO Jani Nieminen took part in residential theme panel. In connection with the event, Kojamo received recognition as our Annual Report and Financial Statements 2018 were awarded with EPRA gold award.

In the recent meetings there has been a lot of discussion regarding the Finnish market and its development. Increased uncertainties in the German rental apartments market seem to raise also questions regarding how the legislation and political atmosphere in Finland will develop. Finland can be seen a stable market in this respect.

Even though our current strategy period will end at the end of 2021, we already receive many questions on what happens after that. Our growth strategy is to increase the fair value of our investment properties to EUR 6 billion, but if good investment opportunities appear, we are not restricted by that. We have good possibilities to react when a good opportunity appears, and on the other hand we only make investments that meet our parameters regarding both location as yield. We focus on our strategy, to implement profitable growth.

Earlier during the summer we announced that we are going to change our valuation method from transaction based method to yield based method in order to be more comparable with our Europen peers. This change has received positive feedback and also additional questions regarding the schedule and impacts of the change. We cannot give more details regarding the impacts yet: the investigation related to the change of valuation method in currently in progress, and we will disclose any possible impact once the preparation has progressed far enough.

Topics related to sustainability have started to play more important role in the discussions, and many investors have told us that they will include sustainability metrics in their valuation models. Sustainable operations are visible in Kojamo’s daily business, but in the future, we aim to improve also our sustainability reporting in order to make this work more visible.

Other topical matters

SEB started the coverage on Kojamo at the start of September Subsequently, as far as Kojamo knows, it is now followed by 6 analysts.

We have also published releases regarding acquisitions and sales of apartments. In spring we announced to have started a reverse tendering process, in which we requested construction companies to prepare proposals on investment initiatives of approximately EUR 100 million. As a result, we announced agreements with SRV and Hausia to construct over 900 apartments in the Helsinki region. In both agreements the net initial yield is approximately 4 per cent. The first acquisition related to the agreement with SRV was announced at the end of September, when we acquired 42 new apartments in Kerava. In July we acquired also 18 apartments in the centre of Helsinki.

Additionally, we agreed the sale of 478 apartments to Olo Asunnot. The sales was part of our investment strategy, and the apartments to be sold were located mainly outside the strategic growth centres.

We published also the financial calendar for financial reporting and Annual General Meeting in 2020.

At the end of September we announced a change in Management Team. Chief Development Officer Teemu Suila left Kojamo by mutual agreement, and his work obligation ended immediately. The search for the new officer is in progress, and the responsibility for the development of the business transferred immediately to CEO Jani Nieminen for the transition period.

Future events

Kojamo’s silent period will start on Monday, 7 October 2019. The Interim Report for January–September 2019 will be published on 6 November 2019. You can find information about future events and roadshows in Kojamo’s investor calendar.

Maija Hongas, Manager, Investor Relations, Kojamo plc, maija.hongas@kojamo.fi, tel. +358 20 508 3004

Kojamo is Finland’s largest private residential real estate company and a frontrunner in the rental housing business. Our mission is to create better urban housing. We operate in Finland’s most significant growth centres and our Lumo brand provides rental housing and new services for urban housing with 50 years of experience. We actively develop the value and number of our investment properties by developing new properties and our existing property portfolio. We want to be the property market frontrunner and the number one choice for our customers. Kojamo’s shares are listed on the official list of Nasdaq Helsinki. For more information, please visit kojamo.fi/en/

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