Swedish Logistic Property

Quarterly Report • Jul 14, 2022

Interim Report January –June 2022

Significant events

Significant events in the period

• Rental income increased by 66%, amounting to SEK 200 m (121).
• Profit from property management, excluding listing expenses increased by 74% and amounted to SEK 110 m (63).
• Profit for the period was impacted by non-recurring costs of SEK 25 m (0) related to the IPO.
• Earnings per share after dilution amounted to SEK 1.8 (2.1).
• Net asset value (NAV) per share after dilution increased by 17% in the period and amounted to SEK 21.3.
• Net rental income in the period amounted to SEK 4.9 m (11.1).
• Seven properties and an area of land were acquired and taken into possession with a total lettable area of approximately 63,200 square metres and a property value of SEK 567 m (660).
• Acquisition of an ongoing new production project in Halmstad of approximately 5,900 square meters with planned access to the property on 30 September.
• Retail property in Malmö sold with an agreed property value of SEK 144 m, which was more than 20 percent above the latest external market valuation.
• Significantly oversubscribed public offering of new Class B shares valued at SEK 750 m.
• On 23 March, trading of the company's Class B shares on Nasdaq Stockholm commenced.
• A new share issue of SEK 169 m was registered, which related to five SLP acquisitions which were partly paid with shares.
• Viktoria Wöhl was recruited as head of environmental sustainability, a new role within the company to coordinate and lead the company's environmental initiatives.
• SLP has renegotiated approximately SEK 700 million of the existing loan portfolio into so-called green loans.

Significant events after the end of the period

No significant events after the end of the period.

Key performance indicators

	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	2021 Jan-Dec
	3 months	3 months	6 months		6 months 12 months
Investment properties, SEK m	7,253	4,365	7,253	4,365	6,498
Rental income, SEK m	104	63	200	121	268
Operating income, SEK m	84	50	157	96	212
Profit from property management, SEK m	60	34	86	63	131
Profit for the period, SEK m	150	197	308	299	752
Earnings per share after dilution, SEK	0.8	1.3	1.8	2.1	5.3
Net asset value (NAV) per share after dilution, SEK	21.3	13.5	21.3	13.5	18.3
Growth in net asset value (NAV) per share after dilution, %	5	14	17	22	65
Profit from property mgmt per share after dilution, SEK	0.3	0.2	0.5	0.4	0.9
Excluding listing expenses	-	-	0.7	-	1.0
Growth in profit from property mgmt per share after
dilution, %	43	-	15	210	126
Excluding listing expenses	43	-	48	-	140
Loan-to-value ratio, %	45.4	53.1	45.4	53.1	55.1
Interest coverage ratio, multiple	4.7	4.5	3.6	4.0	3.8
Excluding listing expenses, multiple	-	-	4.3	-	4.0

For definitions of key performance measures and alternative performance measures, see Reconciliation tables and definitions.

Business concept, goals and strategies

SLP – Swedish Logistic Property – is a Swedish property company that acquires, develops and manages logistics properties at a fast pace and with a clear growth ambition.

Business concept

SLP shall acquire, develop and manage logistics properties with a focus on sustainability.

Overarching goal

To generate average annual growth in NAV per share of at least 15% and annual average growth in profit from property management per share of at least 15%.

Overarching strategy

In order to reach its overarching goals the company works with its own staff in five strategic areas: acquisitions, property development, property management, financing and sustainability.

• Acquisitions: The company grows its property holding by acquiring properties and building rights. The properties acquired are in strategic logistics locations and are suitable targets for development.

• Property development: Properties are developed through new construction, extensions and conversions, and by optimizing operating income for the properties. Operating income is optimized by letting vacant premises, renegotiating and extending rental agreements, and through increased energy efficiency.

• Property management: SLP's property management is characterized by active customer dialogue, short decision paths and a long-term view.

• Financing: The company secures long-term and costefficient financing, and optimizes its debt/equity ratio.
• Sustainability: SLP has an ambitious approach to sustainability and environmental and social responsibility. See sustainability targets on our website.

Financial risk limitations

• Minimum interest cover of 2.5 x
• Maximum long-term loan-to-value ratio of 60%
• Minimum equity/assets ratio of 35%

Dividend policy

SLP shall continue to grow and reinvest in its operations with the aim of generating further growth through property acquisitions and investments in new construction, conversions and extensions. This means that dividends will be low or zero over the coming years.

+17%

Growth in net asset value (NAV) per share (Jan - Jun 2022)

48%

Growth in profit from property management per share excl. listing expenses (Jan - Jun 2022)

45.4%

Loan-to-value ratio (30 Jun 2022)

4.3^x

Interest coverage ratio excl. listing expenses (Jan - Jun 2022)

46.5%

Equity/asset ratio (30 Jun 2022)

Logistics is key to a strong economy

Logistics and logistic properties are key factors to a strong and growing economy. The uncertainty we are currently experiencing in different parts of the economy causes us to prepare for several different scenarios. For SLP, the current market situation enables opportunities to strengthen the company's position and to improve our relationships with key stakeholders.

We are closely following the development of the financial markets, and in the current circumstances I am reassured that SLP's financial situation is strong. The combination of only secured bank financing with a loan-to-value ratio of 45 percent and a desirable property portfolio with CPI indexed rental agreements, generates stable cash flows which in turn enables sustainable growth in the future.

First half of 2022

The operations are progressing according to plan. Acquisitions of properties and land for new build construction projects are essential parts of SLP's growth strategy and during the second quarter we maintained the high activity. In the first six months of the year we completed ten transactions. We purchased modern properties in, among other places; Hallsberg, Nässjö and Södertälje. We sold a retail property in Malmö in the quarter which both realized value growth potential and enables us to focus our operations on logistics.

Furthermore, we re-negotiated important rental agreements resulting in the remaining tenancy period being 6.2 years. This rental period is equivalent to the previous quarter.

Profit from property management in the period amounted to SEK 110 m excluding non-recurring items, equivalent to an increase of 74 percent year-on-year. Rental income increased by 66 percent and operating income by 63 percent compared to the equivalent period in 2021.

The growth in net asset value (NAV) was 17 percent in the first six months, which exceeds the yearly target of a minimum of 15 percent.

Our properties and investments

A key part of SLP's strategy is to increase the proportion of environmentally certified properties and reduce our climate footprint. It was therefore pleasing that during the spring, we had our first two properties receive the Miljöbyggnad iDrift certification (Environmental Building in Use) issued by the Sweden Green Building Council ("SGBC"), and several of our properties were fitted with photovoltaic panels, energy efficient lighting and ventilation. Subsequently, a number of new build projects have been certified with the environmental Green Building Silver certification. This has among other things contributed to 20 percent of SLP's loan portfolio comprising green loans, which both reduces the company's climate footprint and also lowers our financing costs.

At the end of the period, SLP owned and managed three major ongoing projects with a total area of approximately 14,000 square meters and unutilized building rights valued at SEK 62 m. This provides us with the long-term security associated with being a key operator in the establishment and development of desirable logistics hubs for Scandinavian goods flows. In the first six months of 2022, we completed five new build construction projects which totalled approximately 30,000 square meters.

With the demand for our strategically located logistics properties continuing to grow in Sweden and the rest of the world, we are also mindful of the uncertainty of the financial markets and the close proximity of the war. These factors increases the difficulty in analysing the economic outlook for 2022, but we believe that 2022 will also be a year of new business opportunities generating solid growth and a strengthening of our position.

Peter Strand, CEO

Property holding and current projects

Property holding

At the end of the period, the property holding comprised 77 properties with a total lettable area of 682,362 square meters, including ongoing construction projects. An additional property of approximately 5,900 square meters was acquired in the period with planned access on 30 September.

In order to present differences in the property holding's character according to the business concept of acquiring, developing and managing properties, the company breaks down its holding into management, development, ongoing projects and building rights.

The property management category includes properties that are essentially fully developed and thereby generate stable cashflows. The property development category is characterized by value-creating potential. This may include substantial vacancies, rental potential and the opportunity for cost reductions.

The following table presents the distribution of the property holding according to this categorisation and current earnings ability as of 1 July 2022.

Projects

The following table presents projects with a value over SEK 25 m. At present, three major investment projects are in progress relating to new constructions and extensions over a total area of 14,032 square meters. The ongoing project in Södertälje was acquired in the period along with building rights. During the period, tenants have moved in to properties that represent 30,300 square meters in completed projects in Malmö, Helsingborg, Jönköping and Huddinge, among other places.

All new construction projects will have environmental Green Building Silver certification or equivalent.

In addition to the projects in the table below, an ongoing new production project of approximately 5,900 square meters in Halmstad was acquired in the period with planned access on 30 September. The tenant is under a ten year contract which will generate approximately SEK 5.2 m of annual rental value.

Property holding

	Lettstable Property value Rental value No. of area m2 properties (000)		Letting ratio, %			Rental income Property costs incl. property admin.			Operating income
			SEK m	SEK/m2	SEK m	SEK/m2			SEK m SEK/m2	SEK m	SEK/m2 SEK m SEK/m2
Property mgmt.	43	356	4,092	11,503	223	627	98.6%	220	623	32	90	188	529
Property developm.	32	313	3,011	9,631	208	665	86.7%	180	705	39	124	141	453
Total	75	668	7,103	10,627	431	645	92.9%	400	657	71	106	330	493
Ongoing projects	2	14	88	6,238
Building rights			62
Total	77	682	7,253	10,628

The summary relates to properties owned by SLP at the end of the period. Rental values relate to contractual rent plus annualized vacancies. Operating income relates to contractual rent less normalised property costs including property administration. Rental income SEK/m2 is based on the area let in each category. The estimates and judgements that form the basis for the information contained in this table entail uncertainty factors and the information should not be viewed as a forecast.

Major ongoing projects > SEK 25 m
Property	Municipality Type of	investment	Planned completion date	Lettable 2 area m (000)	Rental value, SEK m	Operating income, SEK m	Letting ratio, %	Investment, SEK m	Estimated Cumulative	Carrying amount, SEK m
Tveta-Valsta 4:9	Södertälje	New construction	Q1 2023	6.5	6.8	6.6	100	130	77	77
Kronan 4	Landskrona	New construction	Q1 2023	5.5	4.0	3.8	67	59	3	7
Grimskaftet 1	Malmö	Extension	Q2 2023	2.0	2.2	2.0	28	31	4	4
Total				14.0	13.0	12.4	77	220	84	88

Information about projects in the report are based on estimates regarding size and scope, and expected completion dates. Furthermore, the information is based on estimates relating to future project costs and rental values. The estimates and judgements should not be viewed as a forecast. Estimates and judgements imply uncertainty in terms of project completion, structure and scale, time plan, project costs and future rental value and operating income, based on normalised property expenses. Information about ongoing new construction and planned projects is evaluated regularly, and estimates and judgements are adjusted in line with ongoing construction projects being completed or started, and changing conditions generally.

Tenants

Rental agreement structure

The company aims to ensure long and even tenancy periods in order to reduce the risk of individual tenant actions. At the end of the period, the remaining tenancy period was 6.2 years (6.5). Contracts representing 46% of the contractual annual rent expire after 2027.

Contractual annual rent was divided over 250 contracts (200) at the end of the period.

Rental value

Contractual annual rent plus estimated market rent for vacant premises, the rental value, amounted to SEK 431 m (298) at the end of the period. This corresponds to a rental value of SEK 645/m² (616).

Contractual annual rent of SEK 400 m was impacted by rental discounts of SEK 13 m annually. Rental discounts are offered at the start of the leases and are progressively phased out.

The company's rental agreements are essentially exclusively linked to CPI, alternatively fixed indexation, see table Agreement structure – indexation.

Letting ratio and net rental income

At the end of the period, the financial letting ratio was 92.9% (92.4). Net rental income amounted to SEK 4.9 m (11.1) in the period.

When SLP takes control as property owner, we can focus on our core business and feel reassured that SLP can assist us when we want to develop properties"

FREDRIK MÖLZER, CHAIRMAN OF THE BOARD INDUSTRILÅS IN NÄSSJÖ

Maturity structure

Term	No. of	Area m2 rental (000)		Share of annual
	agreements		rent, SEK m	rent,%
2022	36	22	12	3
2023	56	46	30	7
2024	43	64	51	13
2025	31	64	33	8
2026	25	73	60	15
2027	15	34	29	7
>2027	44	306	185	46
Total	250	609	400	100

Agreement structure - indexation

Type of index/indexation	Index share	Share of annual rent
CPI-indexed agreements	98%	87%
CPI-indexed agreements with min. (2.0-3.0%) indexation	99%	6%
Fixed indexation (1.9-3.0%)	N/A	4%
No index/indexation	N/A	3%

Largest tenants - share of annual rent

10 largest tenants

Dagab Inköp & Logistik AB, Hillerstorp trä AB, Carlsberg Supply Company Sverige AB, Emotion Logistics AB, Klimat Transport & Logistik AB, TURA Scandinavia AB, Packsize Technologies AB, Postpac AB, Stålrör Aktiebolag, TBN'S Åkeri AB.

Share of annual rent: 29.0% Remaining tenancy period: 10.4 years

Other tenants

Share of annual rent: 71.0% Remaining tenancy period: 4.1 years

Current earnings ability

Current earnings ability excl. major ongoing projects
SEK m	01/07/2022	01/01/2022	31/12/2020	31/12/2019
Rental income	400	359	214	60
Property costs	-66	-66	-44	-15
Property administration	-5	-4	-1	-1
Operating income	330	289	169	44
Central administration costs	-20	-19	-16	-13
Net financial items	-69	-57	-30	-4
Ground rent	-2	-3	-2	0
Profit from property management	238	211	122	26
Tax for the period	-49	-43	-25	-5
Profit for the period	189	167	97	21

Current earnings ability

The table reflects the company's earnings ability on a 12-month basis as of 1 July 2022 based on properties where SLP had taken possession as of the record date. Because this summary does not represent a forecast, and aims to reflect a normal year, actual outcomes may vary due to decisions and unexpected events. Earnings ability does not include estimated changes in rental, vacancy or interest rates. The earnings ability presented does not take into account value changes or changes to the property holding or derivatives.

Operating income is based on contractual annual rent as of 1 July 2022 and property costs based on a normal year for the current holding excluding major ongoing projects.

Rental income is impacted by rental discounts of SEK 13 m annually. Rental discounts are offered at the start of the leases and are progressively phased out.

Net financial items are based on the company's average interest rate including costs of interest rate derivatives for interest-bearing liabilities at the end of the period. From time to time, financing is temporarily more expensive in connection with acquisitions and new construction, this has been normalised in the calculation of net financial items.

Standard rate tax has been calculated on the basis of the applicable tax rate from time to time.

Current earnings ability, SEK m

Property Lampan 7 in Nässjö.

Income, expenses and profit

Profit and cash flow items relate to the period January to June 2022. Comparison items relate to the corresponding period of the previous year.

Statement of Comprehensive Income
SEK m	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	2021 Jan-Dec
Rental income	104	63	200	121	268
Property costs Property administration	-18 -2	-13 -1	-40 -3	-23 -1	-53 -2
Operating income	84	50	157	96	212
Central administration costs	-6	-5	-37	-10	-31
Financial income	0	0	0	0	0
Financial costs Ground rent	-16 -1	-10 -1	-33 -2	-21 -1	-47 -3
Profit from property management	60	34	86	63	131
Value changes
Investment properties	75	211	194	305	801
Derivatives	40	1	95	6	15
Profit before tax	176	246	374	374	947
Tax	-26	-50	-67	-76	-195
Profit for the period	150	197	308	299	752
Comprehensive income for the period Comprehensive income for the period	150	197	308	299	752
attributable to Parent Company shareholders	150	197	308	299	752
Key data
Earnings per share before dilution, SEK	0.8	1.4	1.9	2.1	5.4
Earnings per share after dilution, SEK Average number of shares after dilution, m	0.8 182.1	1.3 147.0	1.8 167.1	2.1 142.0	5.3 142.0

Rental income

Rental income amounted to SEK 200 m (121). The substantial increase compared to the previous year largely related to a larger property holding due to a high rate of acquisitions, but also tenants moving into new construction projects and lettings of previously vacant spaces.

The financial letting ratio was 92.9% (92.4).

Property costs

Property costs amounted to SEK –40 m (-23). The yearon-year increase in property costs was related to a larger property holding due to the high acquisition rate.

32 33 ^{57 63 69} 78 ^{97 104} 25 26 ^{46 50 56 60} 73 84 0 20 40 60 80 100 120 2022 Apr-Jun 2021 Jul-Sep 2021 Apr-Jun 2020 Jul-Sep 2022 Jan-Mar 2021 Oct-Dec 2020 Oct-Dec 2021 Jan-Mar Rental income, SEK m Operating income, SEK m

Property costs include operating, media, and

maintenance costs, and property tax and insurance. Most of the costs associated with media and property tax are invoiced to tenants.

Property administration

Property administration amounted to SEK -3 m (-1) and relates to staff costs for property management and letting. The increased cost relates to a significantly larger property holding.

Operating income

Operating income for the period amounted to SEK 157 m (96).

Rental income and Operating income, SEK m Profit from property management, SEK m

listing expenses, SEK m

Central administration costs

Central administration costs amounted to SEK -37 m (-10). The increased costs compared to the previous year were mainly due to non-recurring costs for the IPO completed in the period, which increased central administration costs by SEK -25 m. Central administration costs include personnel costs, group-wide costs and marketing costs.

Net financial items

Net financial items for the period amounted to SEK -33 m (-21). The increased year-on-year financial costs related to new borrowing as a result of the increased property holding.

The interest coverage ratio was 3.6 (4.0), compared to the financial risk threshold of a minimum multiple of 2.5. Adjusted for the aforementioned non-recurring costs of SEK -25 m, the interest coverage ratio was a multiple of 4.3.

Ground rent for the period amounted to SEK -2m (-1).

Profit from property management

Profit from property management for the period amounted to SEK 86 m (63).

Value change in investment properties

All properties were subject to an external valuation by Newsec at the end of the period.

The value change for the properties amounted to SEK 194 m (305) and comprised realized profit of SEK 23 m related to the sales of the retail property in Malmö and unrealized value changes of SEK 171 m.

Unrealized value changes were positively affected by new lettings, off market acquisitions, deferred tax deductions in connection with acquisitions and expected increased CPI-adjustments to 2023 rents. The valuation contains a CPI adjustment assumption of 5 percent compared to 3.5 % at the end of the first quarter, and 2 % in the valuation at the end of the financial year 2021. The average direct return requirement in the valuations was 5.2%, which remains unchanged compared to the start of the year.

Value change, derivatives

Unrealized value changes on derivatives amounted to SEK 95 m (6). The positive effect was due to increased market rents.

Tax

The tax cost for the period amounted to SEK -67 m (-76) and was mainly due to deferred tax on unrealized value changes on investment properties, tax depreciation, derivatives and carry-forwards tax losses and current tax. The sale of the retail property did not generate a tax cost. The sale had a positive impact on deferred tax of approximately SEK 5 m.

Profit for the period

Profit for the period amounted to SEK 308 m (299), corresponding to earnings per share after dilution of SEK 1.8 (2.1).

Property Tröinge 6:90 in Falkenberg.

Statement of Financial Position

Balance Sheet items relate to the position at the end of the period. Comparison items relate to closing balances for the corresponding period of the previous year.

Statement of Financial Position
SEK m	30/06/2022	30/06/2021	31/12/2021
ASSETS
Non-current assets
Investment properties	7,253	4,365	6,498
Leasing agreements, right of use	80	98	96
Derivatives	108	4	13
Other non-current assets	3	0	0
Deferred tax receivables	3	1	3
Total non-current assets	7,448	4,469	6,611
Current assets
Other current assets	36	26	42
Cash and cash equivalents	237	61	41
Total current assets	273	88	83
TOTAL ASSETS	7,721	4,557	6,694
EQUITY AND LIABILITIES
Equity	3,591	1,754	2,479
Non-current liabilities
Deferred tax liability	415	224	354
Non-current leasing liability right of use	80	98	96
Non-current interest-bearing liabilities	3,095	2,137	3,438
Derivatives	0	0	0
Total non-current liabilities	3,589	2,459	3,888
Current liabilities
Current interest-bearing liabilities	432	243	182
Other current liabilities	109	100	146
Total current liabilities	540	343	328
TOTAL EQUITY AND LIABILITIES	7,721	4,557	6,694

Statement of Changes in Equity

SEK m	Share capital	Other capital	Retained earnings incl. profit for the year	Total Equity
Opening Equity as of 1 Jan 2021	1	719	625	1,345
Profit for the year	-	-	752	752
Total comprehensive income	0	0	752	752
Capital raisings	0	382	0	382
Transaction costs and tax	0	0	0	0
Total capital raisings	0	382	0	382
Closing Equity as of 31 Dec 2021	1	1,101	1,377	2,479

SEK m	Share capital	Other capital	Retained earnings incl. profit for the year	Total Equity
Opening Equity as of 1 Jan 2022 Profit for the year	1	1,101	1,377 308	2,479 308
Total comprehensive income	0	0	308	308
Capital raisings	0	808	0	808
Transaction costs and tax	0	-4	0	-4
Total capital raisings	0	803	0	804
Closing Equity as of 30 Jun 2022	1	1,905	1,685	3,591

Comments on the Statement of Financial Position

Investment properties

At the end of the period, the property holding encompassed 77 properties with a total lettable area of 682,362 square meters, including major ongoing projects.

The recognized value of all properties amounted to SEK 7,253 m (4,365) at the end of the period, including SEK 88 m (83) relating to major ongoing projects and SEK 62 m (0) relating to building rights.

Value growth of investment properties

Valuation method and completion

The properties are recognized at fair value in accordance with IFRS 13 Level 3. The company's policy is that the entire property holding is valued externally on a quarterly basis. The main method used is cash flow calculations, that determine the present value of operating income, investments and residual value. The calculation period is adjusted for the remaining term and existing rental agreements, and varies between 5 and 20 years. The valuation includes an CPI adjustment assumption of 5 % for 2023.

All properties were subject to an external valuation by Newsec at the end of the period. The average direct return requirement in the valuations was 5.2%, which remains unchanged compared to the start of the year.

Net asset value (NAV) per share after dilution, SEK

5.6 11.1 18.3 21.3 0 5 10 15 20 25 2019-12 2020-12 2021-12 2022-06

Net asset value (NAV) per share after dilution, SEK

Transactions

In the period, SLP acquired eight properties with a total lettable area of approximately 63,200 square meters. One of the acquisitions relates to desirable land in Landskrona where an environmentally certified new production project of approximately 5,500 square meters will be built. A tenyear lease agreement for approximately 3,600 square meters with an annual rent of SEK 2.5 million was signed with a planned move-in in March 2023.

During the period, a property with a total area of approximately 11,000 square meters was sold and vacated.

New construction, conversions and extensions

During the period, a total of SEK 185 m (85) was invested in existing property holdings, in both new construction and conversion as well as other investments. Other investments mainly related to tenant adaptations and projects aimed at reducing the properties' energy consumption.

Change in investment properties	SEK m
Opening carrying value as of 1 Jan 2022	6,498
+ Property acquisitions	517
+ Investments	185
- Divestments	-117
+/-Value changes	171
Closing carrying value as of 30 Jun 2022	7,253

Leasing agreements, right of use

Parts of the property holding include right-of-use agreements that generate right-of-use assets and leasing liabilities. The lower right-of-use asset and leasing liability are attributable to the sale of the retail property.

Property Smederöd 1:10 in Stenungsund.

Financing

Equity

Group equity amounted to SEK 3,591 m (1,754), corresponding to an equity/assets ratio of 46.5% (38.5) compared to the risk threshold minimum of 35%. Equity was positively impacted by profit for the period ofSEK 308 m and capital raised in relation to the listing on Nasdaq Stockholm of SEK 750 m, less transaction costs after tax relating to the IPO of SEK -4 m.

In connection with two of the acquisitions in the period, payment was made both in cash and in the form of share-based consideration. The share-based consideration consisted of convertible debentures totalling SEK 24 m which were converted to Class B shares. The number of share was based on the company's weighted average share price the week before taking possession of the property. The acquired properties were valued at fair value, implying an increase in equity of SEK 34 m.

The new share issue of SEK 145 m registered in the period was recognised within equity in 2021 in relation to the conversion of debentures.

Interest-bearing liabilities

The Group's interest-bearing liabilities amounted to SEK 3,527 m (2,380), corresponding to a loan-to-value ratio of 45.4% (53.1) compared to the long-term risk threshold of a maximum of 60%. All liabilities are comprised of secured bank financing.

Maturity structure Interest maturity structure Credit agreement Approved SEK m Of which utilized, SEK m Proportion of utilized amount, % 0-1 years 770 370 10 0-1 years 2,055 1-2 years 945 945 27 1-2 years 312 2-3 years 2,144 2,144 61 2-3 years 465 3-4 years 67 67 2 3-4 years 215 4-5 years 0 0 0 4-5 years 350 >5 years 0 0 0 >5 years 130

The change in interest-bearing liabilities is linked to the financing of acquisitions and increased credit in connection with the refinancing of existing liabilities. At the end of the period, the average interest rate including cost of derivatives was 2.0% (1.7). The higher interest rate is a result of a higher 3 month Stibor.

The average period for tied up capital was 2.1 years (2.5) and the fixed interest period 1.6 years (2.0). The average credit margin was 1.53% (1.59).

The proportion of loans with interest rate hedging via derivatives was 62%.

SLP has renegotiated approximately SEK 700 million of its existing loan portfolio to so-called green loans. The financing agreements are based on those parts of SLP's property portfolio that are environmentally certified according to certain standards, or have a low energy consumption. These green loans contain a margin discount of between 5-10 points per year compared to current loans.

Cash and cash equivalents

Cash and cash equivalents amounted to SEK 237 m (61) at the end of the period. In addition to cash and cash equivalents, the company has access to available funds in the form of unutilized acquisition credits totalling SEK 300 m and an unutilized overdraft facility of SEK 100 m. Due to the strong financial position, acquisition credits and credit facilities have been reduced by a total of SEK 200 m in the second quarter.

		Interest rate hedging via interest rate swaps
Maturity	SEK m	Fixed interest, %*	Contractual interest rate, %*
0-1 years	705	0.11	-0.70
1-2 years	312	0.11	-0.70
2-3 years	465	0.31	-0.50
3-4 years	215	0.22	-0.59
4-5 years	350	0.75	-0.06
>5 years	130	0.27	-0.54
Total	2,176

*Contractual interest rate comprises the differences between fixed interest and 3 months Stibor as of 30 June 2022.

Credit agreement	Approved SEK m	Of which utilized, SEK m	Proportion of utilized amount, %	Maturity date	SEK m	Average interest, %
0-1 years	770	370	10	0-1 years	2,055
1-2 years	945	945	27	1-2 years	312
2-3 years	2,144	2,144	61	2-3 years	465
3-4 years	67	67	2	3-4 years	215
4-5 years	0	0	0	4-5 years	350
>5 years	0	0	0	>5 years	130
Total	3,927	3,527	100	Total	3,527	2.0

Cash Flow Statement

Statement of Cashflow
SEK m	2022 Jan-Jun	2021 Jan-Jun	2021 Jan-Dec
Operating activities
Operating profit before financial items	120	86	181
Adjustment for depreciation/amortization and impairment	0	0	0
Adjustment for other items not affecting cash flow	25	0	0
Interest received	0	0	0
Interest paid	-35	-23	-51
Tax paid	-6	-11	-5
Cash flow from operating activities before change in working capital	105	53	126
Cash flow from change in working capital
Change in current receivables	15	3	-14
Change in current financial liabilities	-62	16	44
Cash flow from operating activities	59	71	156
Investing activities
Investments in existing properties and projects	-185	-85	-210
Investments in other non-current assets	-3	0	0
Investments in investment properties	-442	-617	-1,674
Sales of properties under management	139	36	36
Cash flow from investing activities	-490	-665	-1,848
Financing activities
New share issue, net	720	110	110
Borrowing	12	1,731	3,275
Loan amortization	-106	-1,258	-1,725
Change in current financial liabilities	0	0	0
Cash flow from financing activities	627	583	1,661
Cash flow for the period	195	-11	-31
Opening Cash and cash equivalents for the period	41	72	72
Closing cash and cash equivalents for the period	237	61	41

Cash flow from operating activities before change in working capital, SEK m

Cash flow from operating activities before changes in working capital, SEK m

Property Okularet 12 in Falköping.

Key performance indicators

Key performance indicators	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	2021 Jan-Dec	2020 Jan-Dec	2018 Nov 2019 Dec
Property-related key performance indicators		3 months 3 months	6 months		6 months 12 months 12 months		14 months
Rental income, SEK m	104	63	200	121	268	96	19
Operating income, SEK m	84	50	157	96	212	78	13
Economic vacancy, % 1	92.9	92.4	92.9	92.4	92.1	91.3	86.4
Remaining tenancy period, years 1	6.2	6.5	6.2	6.5	6.4	7.1	3.7
Net rental income, SEK m 1	1.2	10.7	4.9	11.1	25.8	5.3	13.6
Rental value, SEK m 1	431	298	431	298	390	217	51
Rental value, SEK/m2 1	645	616	645	616	648	528	359
Investment properties, SEK m	7,253	4,365	7,253	4,365	6,498	3,352	774
Investment properties, SEK/m2	10,629	8,854	10,629	8,854	10,353	8,146	5,429
No. of properties	77	53	77	53	70	45	11
Lettable area, m2 (000)	682	495	682	495	628	411	142
Direct return requirement valuation, %	5.2	5.5	5.2	5.5	5.2	5.6	6.4
Financial key performance indicators
Profit from property management, SEK m	60	34	86	63	131	48	4
Excluding listing expenses, SEK m	-		110		139
Profit for the period, SEK m	150	197	308	299	752	416	208
Equity/assets ratio, %	46.5	38.5	46.5	38.5	37.0	38.1	55.8
Loan-to-value ratio, % 2	45.4	53.1	45.4	53.1	55.1	53.9	27.0
Interest coverage ratio, multiple 2	4.7	4.5	3.6	4.0	3.8	4.9	3.0
Excluding listing expenses, multiple	-	-	4.3	-	4.0	-	-
Average interest, %	2.0	1.7	2.0	1.7	1.7	2.2	1.8
Fixed interest period, years	1.6	2.0	1.6	2.0	1.8	2.1	0.3
Capital tied up, years	2.1	2.5	2.1	2.5	2.5	2.4	1.8
Return on Equity, %	4.4	11.9	10.1	19.1	39.1	45.3	86.5
Equity, SEK m	3,591	1,754	3,591	1,754	2,479	1,345	477
Equity after dilution, SEK m	3,603	1,766	3,603	1,766	2,491	1,357	481
Share-related key performance indicators3
Profit before dilution, SEK	0.8	1.4	1.9	2.1	5.4	3.6	4.0
Profit after dilution, SEK	0.8	1.3	1.8	2.1	5.3	3.6	4.0
Net asset value (NAV) after dilution, SEK	21.3	13.5	21.3	13.5	18.3	11.1	5.6
Growth in net asset value (NAV) after dilution, %	5	14	17	22	65	97	-
Profit after dilution, SEK Excluding listing expenses, SEK	0.3 -	0.2	0.5 0.7	0.4	0.9 1.0	0.4	0.1
Growth in profit from property management per share after dilution, %	43	-	15	210	126	906	-
Excluding listing expenses, %	-	-	48	-	140	-	-
Cash flow after dilution, SEK2	-	-	0.6	0.4	0.9	0.4	0.0
No. of outstanding shares before dilution, m	181.5	145.0	181.5	145.0	145.0	135.0	95.4
No. of outstanding shares before dilution, m	183.5	147.0	183.5	147.0	147.0	137.0	96.6
Average no. of shares before dilution, m	180.6	145.0	165.6	140.0	140.0	115.2	51.5
Average number of shares after dilution, m	182.1	147.0	167.1	142.0	142.0	116.8	52.7
Share price at the end of the period, SEK	25.6	-	25.6	-	-	-	-

¹Figures are affected by new definitions of key performance indicators from 2021 onwards

²Historical figures have been adjusted to correspond to new definitions. For definitions, see section Reconciliation tables and definitions

3 Historical figures have been adjusted for the completed share splits

Parent Company Income Statement

Parent Company Income Statement in summary
2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	2021 Jan-Dec
5	4	12	7	15
-7	-6	-40	-11	-39
-2	-2	-28	-4	-24
2	4	1	0	0
0	2	-27	-4	-25
0	0	0	0	25
0	2	-27	-4	0
0	-1	0	0	0
0	1	-27	-4	0
0	1	-27	-4	0

Parent Company Balance Sheet

Parent Company Balance Sheet in summary
SEK m	30/06/2022	30/06/2021	31/12/2021
ASSETS
Non-current assets
Tangible non-current assets	3	0	1
Financial assets	3,658	1,066	2,739
Total non-current assets	3,661	1,066	2,739
Current assets
Current receivables	5	110	5
Cash and cash equivalents	144	3	12
Total current assets	148	113	16
TOTAL ASSETS	3,809	1,179	2,755
EQUITY AND LIABILITIES
Equity
Restricted equity	1	1	1
Unrestricted equity	1,561	670	819
Total Equity	1,563	671	820
Liabilities
Non-current liabilities	2,234	490	1,903
Current liabilities	13	19	33
TOTAL EQUITY AND LIABILITIES	3,809	1,179	2,755

Shares and shareholders

Shares

SLP has two share classes, Class A shares and Class B shares. Class A shares confer the right to 5 votes per share, and Class B shares to 1 vote per share. From 23 March 2022, SLP's Class B shares (short name SLP B) were listed on Nasdaq Stockholm, Mid Cap. At the end of the period, SLP had a total of 181,541,235 shares outstanding before dilution.

On 8 March 2022, at the Annual General Meeting, it was resolved to execute a share split. Each share was split into 5 new shares. The split of shares is reflected in all disclosures in this report.

Several new share issues were issued in the period.

Due to the conversion of debentures to equity, in relation to the 2021 acquisitions, the number of Class B shares increased by 7,931,730 (post the subsequent 5:1 share split). The new share issue increased share capital by approximately SEK 52,878.

In relation to the public offering and subscription of Class B shares ahead of the listing on Nasdaq Stockholm, the number of Class B shares increased by 27,777,778 shares through the new issue, which increased share capital by SEK 185,185.

In connection with two of the acquisitions in the period, payment was made both in cash and in the form of share-based consideration. The share-based consideration consisted of convertible debentures totalling SEK 24 m which were converted to 831,727 Class B shares which increased share capital by SEK 5,545.

Warrants

SLP has four warrant programs for employees. In total, employees hold warrants with subscription rights corresponding to 455,000 Class A shares and 1,495,000 Class B shares. The programs have varying expiry dates between Q1 2023 and Q4 2023 with a strike price of SEK 3.3, SEK 3.7 and SEK 10.8 per share respectively.

Share price

Marketplace	Nasdaq Stockholm
Name of share	Swedish Logistic Property B
Ticker	SLP B
ISIN code	SE0017565476
Segment	Real Estate
Total shares outstanding	181,541,235
Total listed Class B shares	126,063,270
Closing rate, SEK	25.60
Total market value, SEK m*	4,647

Information as of 30 June 2022.

*Market value of all shares in the company, based on the last price paid for a Class B share on 30 June 2022.

Shareholders as of 30 June 2022		No. of shares			Proportion of
	Class A	Class B		Total share capital	voting rights
Agartha AB	12,012,375	15,819,375	27,831,750	15.3%	18.8%
Fridam Fastigheter AB	12,012,375	15,819,375	27,831,750	15.3%	18.8%
Skandrenting AB	11,957,785	15,834,270	27,792,055	15.3%	18.7%
HME Investment AB	11,716,250	9,993,750	21,710,000	12.0%	17.0%
Bergendahl & Son Aktiebolag	6,223,825	10,713,230	16,937,055	9.3%	10.4%
Nordnet Pensionsförsäkring	0	12,025,030	12,025,030	6.6%	3.0%
Evolv Fastigheter AB	0	6,017,175	6,017,175	3.3%	1.5%
Jacob Karlsson	1,296,855	4,105,587	5,402,442	3.0%	2.6%
Capital Group	0	4,739,069	4,739,069	2.6%	1.2%
ODIN Fonder	0	2,575,400	2,575,400	1.4%	0.6%
SEB Fonder	0	2,474,864	2,474,864	1.4%	0.6%
Tosito AB	0	2,293,465	2,293,465	1.3%	0.6%
Personal	258,500	2,053,873	2,312,373	1.3%	0.8%
Övriga	0	21,598,807	21,598,807	11.9%	5.4%
Totalt	55,477,965	126,063,270	181,541,235	100.0%	100.0%

Source: Euroclear Sweden.

Other information

Employees

The company had 13 employees at the end of the period. The company has its own staff in acquisitions, management, projects, letting and finance. Caretakers and technicians are subcontracted out to local collaboration partners in order to optimize services for all tenants.

Transactions with closely related parties

During the period, rental income was invoiced to EKOgruppen Hässleholm AB in accordance with a current rental agreement.

The parent company provided property administration services to subsidiaries with a total value of SEK 10 m.

All transactions with closely related parties have been priced on market terms.

Risks and uncertainty factors

The Group's operations, financial position and profit can be positively and negatively affected by risks and external factors. The estimated risks are mapped, evaluated and managed on an ongoing basis. For more information about risks and uncertainties, see the Annual Report 2021.

Analysis and risk assessment were carried out regarding our and our tenants operations in relation to the war in Ukraine. We can not see that any of our tenants' operations have any direct exposure to Russia. However, the operations, depending on which industry they operate in, could potentially be impacted indirectly due to inflation or new potential sanctions. Furthermore, we have not noted any direct impact on SLP's operations in terms of cost increases, project delays or increased credit margins. However, the proportion of SLP's loans that do not have interest hedging via derivatives is impacted by the increased 3 month Stibor interest rate. In the current circumstances, we assess the total impact as low.

Annual General Meeting

On 8 March 2022, SLP held its Annual General Meeting (AGM). The AGM resolved to adopt new Articles of Association to meet the requirements of a public and listed company. Furthermore, it was resolved to split each share into five, to adopt principles for a Nomination Committee and guidelines for the remuneration of senior executives.

The AGM authorised the Board to issue new shares and/or convertibles up to 15 percent of the total number of shares in the Company after completion.

Estimates and judgements

In order to prepare the company's Financial Statements in accordance with accepted accounting practice, the management and Board make estimates and judgements that affect the recognition of assets and liabilities, and income and expenses, as well as other information presented in the Year-end Report. Actual outcomes may differ from these estimates. Reporting is especially sensitive to estimates and judgements forming the basis for the valuation of investment properties. For a Sensitivity analysis, see the Annual Report 2021.

Accounting principles

This summary Interim Report has been prepared in accordance with International Accounting Standards (IAS) 34 Interim Reporting. In the Report, IFRS includes the application of the EU's International Reporting Standards (IFRS) and the interpretations of the International Reporting Interpretations Committee (IFRIC).

Investment properties are recognised at fair value in accordance with Level 3 in the fair value hierarchy.

The parent company applies the Annual Accounts Act and RFR 2 Accounting for Legal Entities.

Segment reporting

The Group consists of a single segment, Investment properties.

Audit review

The Report has not been subject to a summary review.

Significant events after the end of the period

No significant events after the end of the period.

The Board and CEO hereby offer their assurance that the Report presents a fair view of the company's and Group's operations, financial position and profit, and that it describes the material risks and uncertainties the company and the companies included in the Group face.

Malmö, Sweden, 14 July 2022

CHAIRMAN Erik Selin DEPUTY CHAIRMAN Greg Dingizian CEO Peter Strand

DIRECTOR Sophia Bergendahl DIRECTOR Jacob Karlsson

DIRECTOR Sofia Ljungdahl DIRECTOR Unni Sollbe

This information is such that Swedish Logistic Property AB (publ) is obliged to disclose in accordance with the EU's Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication at 08.45 a.m. CEST on 14 July 2022.

The interim report is published in Swedish and English. The Swedish version is the original version and takes precedence over the English if it differ from the original.

Reconciliation tables and definitions

SLP applies the guidelines for alternative key performance indicators issued by the European Securities and Market Authority (ESMA). Alternative key performance indicators are defined as financial measures in addition to historical or future profit performance, financial position, financial profit or cash flows that are not defined or indicated in the applicable rules for financial reporting according to IFRS. The starting point is that alternative key performance indicators are used by management to evaluate financial performance and thereby provide shareholders and other stakeholders with valuable information.

DEFINITIONS

Key performance indicators	Definition	Purpose
Property-related key performance indicators
Rental income, SEK m	Rental income according to the Income Statement, SEK m	Illustrates Group income from property letting.
Operating income, SEK m	Operating income according to the Income Statement, SEK m	Illustrates the Group's surplus from property letting after deductions for property expenses and property administration.
Economic vacancies, %	Contractual annual rent for rental agreements at the end of the period as a percentage of rental value.	Illustrates the financial degree of utilization of SLP's properties.
Net rental income, SEK m	Net amount of annual rent excluding discounts, supplements and property tax, for newly signed, terminated and renegotiated contracts. No consideration is given to the contract term.	Illustrates the Group's income potential.
Rental value, SEK m	Contractual annual rent plus estimated market rent for vacant premises.	Illustrates the Group's income potential.
Rental value, SEK/m2	Contractual annual rent plus estimated market rent for vacant spaces in relation to lettable area, excluding ongoing projects.	Illustrates the Group's income potential.
Investment properties, SEK m	Investment properties according to the Statement of Financial Position, SEK m.	Illustrates the market value of the Group's investment properties at the end of the period.
Investment properties, SEK/m2	Investment properties, SEK m in relation to lettable area.	Illustrates value growth for the Group's investment properties in relation to area.
Lettable area, m2	Lettable area at the end of the period including major ongoing projects.	Illustrates SLP's ability to achieve its overarching targets.
Direct return requirement valuation, %	Average direct return requirement based on external valuation at the end of the period.	Illustrates the properties' financial return based on an external valuation.
Financial key performance indicators
Profit from property management, SEK m	Profit from property management according to the Income Statement, SEK m	Illustrates the profitability of property management.
Excluding listing expenses	Profit from property management according to the Income Statement, excluding listing expenses, SEK m	Illustrates the profitability of property management.
Profit for the period, SEK m	Profit for the period according to the Income Statement, SEK m	Illustrates the Group's profit for the period.
Equity/asset ratio, %	Equity as a percentage of total assets (total equity and liabilities).	Illustrates the Group's financial risk.
Loan-to-value ratio, %	Interest-bearing liabilities less cash and cash equivalents as a percentage of investment properties at the end of the period.	Illustrates the Group's financial risk.
Interest coverage ratio, multiple	Profit from property management plus financial costs in relation to financial costs.	Illustrates the Group's financial risk.
Excluding listing expenses	Profit from property management, excluding listing expenses, plus financial costs in relation to financial costs.	Illustrates the Group's financial risk.
Average interest, %	Average interest rate on the loan portfolio including derivatives on the Balance Sheet date.	Illustrates the Group's interest rate risk relating to interest-bearing liabilities.
Fixed interest period, years	Average remaining fixed interest period on the loan portfolio including derivatives.	Illustrates interest-rate risk for the Group's interest bearing liabilities.
Capital tied up, years	Average remaining period for capital tied up in the loan portfolio.	Illustrates the (re)financing risk for the Group's interest-bearing liabilities.
Return on Equity, %	Profit for the period as a percentage of average equity after dilution.	Illustrates the return on capital in the period.
Equity, SEK m	Equity according to the Statement of Financial Position, SEK m.	Illustrates Group equity at the end of the period.
Equity after dilution, SEK m	Equity according to the Statement of Financial Position including outstanding warrants.	Illustrates the Group's equity at the end of the period including warrants.
Share-related key performance indicators
Profit before dilution, SEK	Profit for the period in relation to average number of shares before dilution.	IFRS key performance indicators
Profit after dilution, SEK	Profit for the period in relation to the average number of shares after dilution resulting from outstanding warrants.	IFRS key performance indicators
Net asset value (NAV) after dilution, SEK	Equity including warrants plus reversal of deferred tax and derivatives according to the Statement of Financial Position in relation to the number of outstanding shares at the end of the period after dilution.	Established measure of Group NAV which enables analysis and comparison between property companies. Also illustrates SLP's ability to achieve overarching targets.
Growth in net asset value (NAV) after dilution, %	NAV per share after dilution for the current period in relation to the previous period expressed as a percentage.	Illustrates SLP's ability to achieve its overarching targets.
Profit from property management after dilution, SEK	Profit from property management in relation to average number of shares after dilution.	Illustrates SLP's profit from property management per share after dilution in a consistent manner for listed companies.
Excluding listing expenses	Profit from property management excluding listing expenses, in relation to average number of shares after dilution.	Illustrates SLP's profit from property management per share after dilution in a consistent manner for listed
Growth in profit from property management per share after dilution, %	Profit from property management per share after dilution for the current period in relation to the preceding period expressed as a percentage. Profit from property management ,excluding listing expenses, per share	companies. Illustrates SLP's ability to achieve its overarching targets.
Excluding listing expenses	after dilution for the current period in relation to the preceding period expressed as a percentage.	Illustrates SLP's ability to achieve its overarching targets. Illustrates the company's ability to generate cashflow
Cash flow after dilution, SEK	Cash flow from operating activities before change in working capital in relation to the average number of outstanding shares after dilution.	from operating activities before change in working capital.
No. of outstanding shares before dilution, m	Number of outstanding shares at the end of the period including warrants.
No. of outstanding shares before dilution, m	Number of outstanding shares at the end of the period including warrants.
Average no. of shares before dilution, m	Average number of shares for the period excluding outstanding warrants.
Average number of shares after dilution, m	Average number of shares in the period including outstanding warrants.
Share price at the end of the period, SEK	Share price at the end of the period.

Reconciliation table

Property-related key performance indicators

Key performance indicators	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	2021 Jan-Dec	2020 Jan-Dec
Economic vacancies, %
A. Contractual annual rent at the end of the period, SEK m	400	275	400	275	359	198
B. Rental value at the end of the period, SEK m	431	298	431	298	390	217
A / B Economic vacancies, %	92.9	92.4	92.9	92.4	92.1	91.3
Net rental income, SEK m
A. Annual rental value of lettings for the period, SEK m	11.6	28.7	39.3	32.1	59.6	18.4
B. Annual rental value for terminated tenancies in the period, SEK m	10.4	18.0	34.4	21.0	33.8	13.1
A-B Net rental income, SEK m	1.2	10.7	4.9	11.1	25.8	5.3
Rental value, SEK m
A. Contractual annual rent at the end of the period, SEK m	400	275	400	275	359	198
B. Estimated market rent for vacant premises, SEK m	31	23	31	23	31	19
A+B Rental value, SEK m	431	298	431	298	390	217
Rental value, SEK/m2
A. Contractual annual rent at the end of the period, SEK m	400	275	400	275	359	198
B. Estimated market rent for vacant premises, SEK m	31	23	31	23	31	19
C. Lettable area excl. ongoing projects, m2 / 1,000	0.668	0.484	0.668	0.484	0.602	0.411
(A+B)/C Rental value, SEK/m2	645	616	645	616	648	528
Investment properties SEK/m2
A. Investment properties, SEK m	7,253	4,365	7,253	4,365	6,498	3,352
B. Lettable area, m2/1,000	0.682	0.495	0.682	0.495	0.628	0.411
A/B Investment properties SEK/m2	10,629	8,854	10,629	8,854	10,353	8,146

Financial key performance indicators

Key performance indicators	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	2021 Jan-Dec	2020 Jan-Dec
Profit from property management excluding listing expenses, SEK m
A. Profit from property management according to the Income Statement, SEK m	60	34	86	63	131	48
B. Excluding listing expenses, SEK m	0	0	25	0	8	0
A+B Profit from property management excluding listing expenses, SEK m	60	34	110	63	139	48
Loan-to-value ratio, %
A. Interest-bearing liabilities according to Balance Sheet, SEK m	3,527	2,380	3,527	2,380	3,620	1,878
B. Cash and cash equivalents according to Balance Sheet, SEK m	237	61	237	61	41	72
C. Investment properties according to Balance Sheet, SEK m	7,253	4,365	7,253	4,365	6,498	3,352
(A – B) / C Loan-to-value ratio, %	45.4	53.1	45.4	53.1	55.1	53.9
Return on Equity, %
A. Profit for the period according to the Income Statement, SEK m	150	197	308	299	752	416
B. Equity after dilution at the end of the period, SEK m	3,603	1,766	3,603	1,766	2,491	1,357
C. Equity after dilution at the start of the period, SEK m	3,296	1,569	2,491	1,357	1,357	481
A / ((B + C)/2) Return on Equity, %	4.4	11.9	10.1	19.1	39.1	45.3
Equity after dilution, SEK m
A. Equity according to the Balance Sheet, SEK m	3,591	1,754	3,591	1,754	2,479	1,345
B. Equity from outstanding warrants, SEK m	12	12	12	12	12	12
A+B Equity after dilution, SEK m	3,603	1,766	3,603	1,766	2,491	1,357

Reconciliation table

Key performance indicators	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	2021 Jan-Dec	2020 Jan-Dec
Interest coverage ratio excluding listing expenses, multiple
A. Profit from property management according to the Income Statement, SEK m	60	34	86	63	131	48
B. Financial expenses according to the Income Statement, SEK m	16	10	33	21	47	12
C. Listing expenses, SEK m	0	0	25	0	8	0
(A+B+C) / B Interest coverage ratio excluding listing expenses, multiple	4.7	4.5	4.3	4.0	4.0	4.9

Share-related key performance indicators

Key performance indicators	2022 Apr-Jun	2021 Apr-Jun	2022 Jan-Jun	2021 Jan-Jun	2021 Jan-Dec	2020 Jan-Dec
Net asset value (NAV) per share after dilution, SEK
A. Equity after dilution, SEK m	3,603	1,766	3,603	1,766	2,491	1,357
B. Deferred tax according to the Balance Sheet, SEK m	415	224	415	224	354	161
C. Derivatives according to the Balance Sheet, SEK m	-108	-4	-108	-4	-13	2
No. of outstanding shares after dilution, m	183.5	147.0	183.5	147.0	154.91	137.0
(A+B+C) / D Net asset value (NAV) per share after dilution, SEK	21.3	13.5	21.3	13.5	18.3	11.1
Growth in net asset value (NAV) after dilution, %
A. Net asset value (NAV) per share after dilution, current period	21.3	13.5	21.3	13.5	18.3	11.1
B. Net asset value (NAV) per share after dilution, previous period	20.2	11.9	18.3	11.1	11.1	5.6
A–B/B Growth in net asset value (NAV) after dilution, %	5	14	17	22	65	97
Profit from property management per share after dilution, SEK
A. Profit from property management, SEK m	60	34	86	63	131	48
Average number of shares after dilution, m	182.1	147.0	167.1	142.0	142.0	116.8
A/ B Profit from property management per share after dilution, SEK	0.3	0.2	0.5	0.4	0.9	0.4
Profit from property management, excluding listing expenses, per share after dilution, SEK
A. Profit from property management, SEK m	60	34	86	63	131	48
B. Listing expenses	0	0	25	0	8	0
Average number of shares after dilution, m	182.1	147.0	167.1	142.0	142.0	116.8
A+B / C Profit from property management, excluding listing expenses, per share after dilution, SEK	0.3	0.2	0.7	0.4	1.0	0.4
Growth in profit from property management per share after dilution, %
A. Profit from property management per share after dilution, current period	0.3	-	0.5	0.4	0.9	0.4
B. Profit from property management per share after dilution, SEK	0.2	-	0.4	0.1	0.4	0.0
A–B/B Growth in profit from property management after dilution, %	43	-	15	210	126	906
Growth in profit from property management, excluding listing expenses, after dilution, %
A. Profit from property management, excluding listing expenses after dilution, current period	0.3	-	0.7	0.4	1.0	0.4
B. Profit from property management, excluding listing expenses after dilution, previous period	0.2	-	0.4	0.1	0.4	0.0
A–B/B Growth in profit from property management, excluding listing expenses, after dilution, %	43	-	48	210	140	906
Cash flow per share after dilution, SEK
A. Cash flow from operating activities before change in working capital, SEK m	-	-	105	53	126	44
Average number of shares after dilution, m	-	-	167.1	142.0	142.0	116.8
A/ B Cash flow per share after dilution, SEK	-	-	0.6	0.4	0.9	0.4

¹ Number of shares outstanding after dilution in relation to converted debentures which amounted to 7,931,730 after the share split.

Calendar

Calendar
Interim Report Jan-Sep 2022	24 October 2022
Year-end Report 2022	16 February 2023
Annual Report 2022	4 April 2023
Annual General Meeting 2023	26 April 2023
Interim Report Jan-Mar 2023	26 April 2023

Swedish Logistic Property AB (publ) Corp. ID no.: 559179–2873 Strömgatan 2, SE-212 25 Malmö, Sweden www.slproperty.se