Heimstaden

Highlights

• Strong operational result with stable high occupancy and like-for-like growth at 5.0% (5.4%)
• Rental income of SEK 3.7 billion (3.5)
• Net operating income margin increased to 64.9% (61.8%)
• 3.8% decrease in value of investment properties
• Investment properties of SEK 342 billion and 160,766 homes
• Real economic occupancy of 98.2% (98.3%)
• Net LTV of 54.9% (53.6%) and ICR 2.3x (2.5x)
• Greater Manchester Pension Fund new investor in Heimstaden Bostad
• Heimstaden Bostad bought back senior unsecured bonds financed by existing liquidity available and equity from new and existing shareholders
• Heimstaden Bostad obtained SEK 12 billion in secured bank funding
• Sold shares in Heimstaden Bostad AB for a total cash consideration of SEK 1.15 billion

CEO Helge Krogsbøl comments:

"We are delivering strong operational results while the macro environment continues to negatively impact property values. Through a solid financing structure with a mix of bank and bond financing with significant loan volumes in banks available, Heimstaden Bostad is maintaining good control of maturities for the coming years. This quarter, I am especially pleased to welcome Greater Manchester Pension Fund as a new shareholder of Heimstaden Bostad, one of the UK's leading institutional investors, who shares our sustainable and customer-centred mindset."