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    Andres Toome • Green Street

    Andres Toome is Senior Vice President of Equity Research at Green Street, specializing in Pan-European residential, student housing, hotel, and self-storage sectors. He covers eleven listed European property companies and approximately thirty private residential market operators, with a special focus on Nordic and Swiss firms. Joining Green Street in 2018 after prior roles at Victoria Partners in Frankfurt and a buy-side research position in asset management, Toome brings a strong background in real estate equities and Emerging European/Nordic markets analysis. He holds a Master’s in Finance from Tallinn University of Technology, with additional study at HHL Leipzig Graduate School of Management, and a Bachelor’s in mechanical engineering.

    Andres Toome's questions to BALD-B.ST leadership

    Andres Toome's questions to BALD-B.ST leadership • Q3 2024

    Question

    Andres Toome inquired about the earnings capacity, noting the stable interest expense despite new debt, and asked how this line might progress with anticipated rate cuts. He also questioned if starting a new development project from scratch, including land acquisition, would be profitable today.

    Answer

    Jonas Erikson (executive) clarified that current interest costs are temporarily elevated due to pre-financing upcoming maturities, causing them to pay interest on both old and new debt. He stressed that the earnings capacity is a snapshot and does not yet reflect the impact of future interest rate cuts. Erik Selin (executive) added that new development profitability is location-dependent, viable in prime Stockholm or Gothenburg but too early elsewhere. Jonas Erikson also noted that conceptual projects, like the GoCo science park, have different and more favorable economics than standard speculative builds.

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    Andres Toome's questions to Fastighets AB Balder (FSTGY) leadership

    Andres Toome's questions to Fastighets AB Balder (FSTGY) leadership • Q3 2024

    Question

    Asked about the stability of the interest expense in the earnings capacity despite new debt and falling rates, and questioned the current profitability of starting new developments from scratch.

    Answer

    The interest expense is temporarily elevated due to pre-financing upcoming maturities, resulting in paying interest on both new and old debt. The earnings capacity figure is a snapshot at current rates and does not yet reflect the impact of future rate cuts. The profitability of new developments depends heavily on location (e.g., Stockholm, Gothenburg are viable) and the project concept, distinguishing between standard buildings and unique, conceptualized developments.

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    Andres Toome's questions to BALD B.ST leadership

    Andres Toome's questions to BALD B.ST leadership • Q1 2024

    Question

    Andres Toome of Green Street asked for more color on the performance of the hotel segment amid macroeconomic pressures and questioned the outlook for financing expenses in the earnings capacity, wondering if they are set to decline given lower interest rates.

    Answer

    Erik Selin, executive, stated that the hotel market is generally good, with the exception of a competitive Gothenburg market, and noted Balder's results are stable due to a high proportion of fixed-rent contracts. Regarding financing costs, Ewa Wassberg, executive, reiterated that they are expected to decline in the latter part of 2025. Jonas Erikson, executive, added that this is a net effect, as some maturing low-cost debt is being replaced with higher-cost bonds, which creates quarter-to-quarter stability or slight increases.

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