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Fitch Affirms Rating of ’B-’ for Heimstaden AB, Removed Rating Watch Negative, and Assigned a Negative Outlook

Fitch affirmed Heimstaden AB’s Long-Term Issuer Default rating (IDR) of ‘B-‘. At the same time Fitch removed the Rating Watch Negative (RWN) and assigned a Negative Outlook.Today Fitch stated “the rating actions follow Heimstaden AB’s successful SEK5.7 billion bond issuance with proceeds being used to prepay tendered and bonds maturing in 2025 and 2026. The completion of the 1Q25 bond issuance extends these debt maturities to mid-2028 and 2030, while providing Heimstaden AB with sufficient liquidity until its next bond maturity risk in March 2027.”

Heimstaden AB (publ) Announces Issuance of New Notes, Final Tender Offer Results, and Call for Early Redemption

Issuance of New NotesHeimstaden AB (publ) (“Heimstaden” or the “Company”) today announces the successful pricing of EUR 430 million 5NC3 Senior Unsecured Fixed Rate Notes (the “New EUR Notes”) as well as SEK 750 million 3.5 year Senior Unsecured Floating Rate Notes (the “New SEK Notes” and, together with the New EUR Notes, the “New Notes”). The New Notes were priced on 17 January 2025 and will settle on 29 January 2025. The New EUR Notes carry a coupon of 8.375% until maturity and the New SEK Notes carry a coupon of 3 months STIBOR + 600 basis points until maturity. The proceeds from the

Heimstaden AB (publ) Announces Indicative Results of its Tender Offer for Certain SEK and EUR Senior Unsecured Notes

Heimstaden AB (publ) (“Heimstaden”) announces today the indicative results of its offer to holders of its outstanding SEK 500 million floating rate notes due April 2025 with ISIN XS2469914308 (of which SEK 158 million is currently held by Heimstaden) (the “SEK Apr-25 Notes”), SEK 1,200 million floating rate notes due October 2025 with ISIN SE0014991352 (of which SEK 290 million is currently held by Heimstaden) (the “SEK Oct-25 Notes”), and EUR 350 million fixed rate notes due March 2026 with ISIN SE0015657903 (the “EUR Notes”) (together referred to as the “Notes”) to tender their Notes for

Fitch Lowers Rating to ’B-’ for Heimstaden AB, Revises Outlook to Rating Watch Negative

Fitch lowers Heimstaden AB’s Long-Term Issuer Default rating (IDR) to ‘B-‘ and revises the Outlook to Rating Watch Negative (RWN) from Negative. Today Fitch stated “Heimstaden AB’s RWNs reflect the execution risk of its bond issuance planned for 1Q25 together with today’s tender offer to repay bonds maturing in 2025 and 2026. An unsuccessful bonds issuance will result in refinancing risk for its October 2025 bond, pointing to a rating downgrade. A successful bonds issuance leading to sufficient liquidity until its March 2027 refinancing risk, may result in an affirmation of the IDR with

Heimstaden AB (publ) Divests Danish Development Projects to Fredensborg 32 AS

Heimstaden AB (publ) (“Heimstaden”) has today agreed to divest all of its shares in Thors Have MidCo ApS, Næsbyvej MidCo ApS and Atriet ApS (the “Target Companies”) to Fredensborg 32 AS (“Fredensborg”) for a total gross purchase price of DKK 849 million and cash at closing of approximately 341 million on a cash and debt free basis (corresponding to approximately SEK 1,308 million and SEK 525 million*, respectively). The transaction is expected to close in February 2025.The Target Companies are, directly or indirectly, the holders of newly finalized or ongoing residential real estate

Heimstaden AB (publ) Contemplates Issuance of New Senior Unsecured Notes and Announces Tender Offer for Certain SEK and EUR Senior Unsecured Notes

Mandate for Fixed Income Investor Meetings Heimstaden AB (publ) (“Heimstaden”) has mandated J.P. Morgan S.E., Nordea Bank Abp, Pareto Securities AS, and Swedbank AB (publ) as joint arrangers and bookrunners to arrange a series of fixed income investor meetings commencing on 13 January 2025, to explore the possibility to issue new SEK and/or EUR denominated senior unsecured notes with an expected tenor of around 3–5 years (the “New Notes”). Subject to, inter alia, market conditions, a capital markets transaction may follow. Tender Offer In conjunction with the contemplated issue of

Heimstaden AB (publ) Defers Interest Payment on EUR Perpetual Hybrid Securities

In 2021, Heimstaden AB (publ) (“Heimstaden”) issued EUR 300 million perpetual hybrid securities with an annual fixed rate coupon of 6.75% and with ISIN SE0016278352 (the “Hybrid Securities”). According to the terms and conditions of the Hybrid Securities, Heimstaden may, at its sole discretion, elect to defer interest payments.The next interest payment under the Hybrid Securities is due on 15 January 2025, and Heimstaden has decided to defer said interest payment, as well as future interest payments under the Hybrid Securities, until further notice, to improve its credit profile. For

Heimstaden and Alecta Enter into Arbitration Proceedings

Alecta Tjänstepension Ömsesidig has initiated arbitration proceedings against Heimstaden Investment AB, a wholly owned subsidiary of Heimstaden AB (publ) under the shareholders agreement pertaining to Heimstaden Bostad AB (publ)Alecta argues that the establishment of Heim Global Investor AS by Fredensborg AS / Ivar Tollefsen, and the investments into its fund, competes with the business of Heimstaden Bostad AB (publ) and thus constitutes a breach of the shareholders agreement. Heimstaden Investment AB disagrees, noting that Heimstaden Bostad AB (publ) is not active within the business of

Heimstaden AB Q3 2024 Results

Highlights (figures in brackets refer to same quarter last year):  · Like-for-like rental growth of 6.3% (4.2%) and rental income of SEK 4,017 million (3,905) · Strong operating fundamentals leading to a 0.8% (-1.4%) increase in property values · Privatisation sales, for the quarter, reached SEK 2,409 million with 516 units sold at a 24.6% premium to book value · The NOI margin improved to 73.0% (69%) and the LTM NOI margin was 69.2% (66.4%) marking the 11th consecutive quarter of growth · Real economic occupancy of 98.7% (98.1%) · Net LTV of 57.4% (57.9%) and ICR of 1.

Heimstaden AB Q2 2024 Results

Highlights (figures in brackets refer to same quarter last year):  ·The Privatisation Plan continued to deliver in line with ramp-up expectations as H1 total sales reached SEK 2,818 million. In the second quarter of 2024, 363 units were sold with a 29.0% premium to book value  ·The NOI margin improved to 71.4% (69.0%) and the LTM NOI margin was 68.3% (66.2%)  ·NOI growth offset slightly expanding yields, leading to a 0.4% (-2.1%) increase in property values  ·Rental income at SEK 3,943 million (3,800) and like-for-like rental growth of 5.1% (5.7%)  ·Real

Heimstaden AB Q1 2024 Results

Highlights (figures in brackets refer to same quarter last year):   · The consistently strong operating environment saw NOI growth offsetting moderately expanding yields, leading to a 0.8% (-3.9%) increase in property values · Real economic occupancy of 98.3% (98.2%) · Rental income at SEK 3,876 million (3,698) and like-for-like rental growth of 5.2% (5.0%) · The NOI margin was 66.4% (64.9%) and the LTM NOI margin was 67.7% (64.9%) · Net LTV of 59.0% (54.9%) and ICR of 1.7x (2.4x) · The Privatisation Plan achieved a 31.5% premium to book value on 265 units sold.

Heimstaden 2024 Annual General Meeting

Heimstaden AB has today held its Annual General Meeting 2024 and mainly resolved upon the following in accordance with the presented proposals: · Adoption of the 2023 Annual, Governance, and Sustainability Report and the proposal for the allocation of the Company’s result and dividend · Granted discharge from liability to the current and former Board Members, and the CEO, for their management in 2023 · Re-election of Ivar Tollefsen as Chairperson and John Giverholt and Fredrik Reinfeldt as Board Members. Bente Landsnes elected as new Board Member  · Adoption of the proposal

Christian Fladeland Appointed co-CEO at Heimstaden AB Following Management Team Changes

Christian Fladeland and Helge Krogsbøl will jointly serve as CEOs of the company. Christian will oversee Investments, Corporate Finance, and Capital Raising, while Helge will lead the Management Team, Group Operations, and the Country Organisations. Heimstaden prioritises continuous improvement, adjusting the Management Team today to enhance financial and operational performance further. Helge Krogsbøl comments:"I am pleased that Christian is stepping up as co-CEO alongside me. While it represents a marginal practical change, our aligned roles and complementary skills will further

Heimstaden to Receive Deferred Purchase Price from Fredensborg for the Sale of Icelandic Portfolio

Following Heimstaden’s sale of Heimstaden ehf. to Fredensborg AS in October 2023, Heimstaden has today been notified by Fredensborg AS about its entry into a binding purchase agreement with SRE III slhf. (“Stefnir”).Upon transaction closure, Heimstaden will receive the net deferred purchase price of approx. SEK 750 million in cash inflow*, based on today’s SEK/ISK FX rate.  Closing is contingent on Icelandic Competition Authority approval, expected by end March 2024. Deputy CEO Christian Fladeland comments:"We are pleased to receive notification of the binding purchase agreement

Annual General Meeting in Heimstaden AB (publ)

The English text is an unofficial translation of the Swedish original. In case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.The shareholders of Heimstaden AB (publ), reg.no. 556670-0455 (the “Company”), are hereby summoned to the annual general meeting on Thursday 4 April 2024, at 10:00 a.m. CEST at the Company’s premises on Carl Gustafs Väg 1, Malmö. Registration for the general meeting will commence at 09:30 a.m. CEST. Notice of attendance etc. Shareholders who wish to attend and vote at the general meeting must: both

Heimstaden: 2023 Annual, Governance, and Sustainability Report, SEK Hybrid Bond Interest Payments Deferral, and No-Dividend proposal on any share classes.

Heimstaden AB publishes the 2023 Annual, Governance, and Sustainability Report and has decided to defer interest payments on SEK hybrid bonds and proposes to the AGM that no dividend on any share classes is paid.Highlights (figures in brackets: previous quarter): · The residential operating environment remains strong. Like-for-like rental growth increased to 5.6% (4.2%) and real economic occupancy increased to 98.4% (98.1%) · The NOI margin grew to 66.0% when compared to 61.8% a year ago and the FY NOI margin was 67.4% (66.4%) · Investment properties was valued at SEK 321 billion

Heimstaden Appoints Eva Møland Tørsleff as New Chief Legal Officer

Eva Møland Tørsleff brings over 27 years of expertise in Nordic real estate as she joins Heimstaden as Chief Legal Officer 1 March 2024.Eva is a lawyer admitted to the Danish High Courts and Commercial High Court, earned her Master of Law from the University of Aarhus in 1996. She comes from the position as Head of Legal at Nordstern, and also carries experience from renowned Danish firms such as Plesner and Accura. Eva Møland Tørsleff comments:“I am thrilled about the opportunity to join Heimstaden, Europe's leading residential real estate company. Their ambitious goals in governance,

Chief Legal Officer Kristian Berentsen Resigns

Chief Legal Officer Kristian Berentsen has decided to resign, effective 31 May 2024. “With an entrepreneurial mindset, we have built a competent and dedicated legal team across our markets. It has been a privilege to be part of this journey and I am confident in Heimstaden's ability to navigate market challenges with a solid foundation for the future”, says Kristian Berentsen. “Kristian has played a central role in scaling a legal and governance, risk, and compliance function for us as a Pan-European company. We appreciate his efforts and are pleased that he will stay with us until

S&P lowers Investment Grade Rating to ’BBB-’ for Heimstaden Bostad, Assigns Negative Outlook

S&P Global Ratings lowers Heimstaden’s subsidiary Heimstaden Bostad’s long-term issuer credit rating to ‘BBB- ‘from ‘BBB’ and assigns Negative Outlook.S&P attributed the one-notch downgrade to forecasted declines in their interest coverage ratio (ICR) as they stated that “forecasts won't maintain EBITDA interest coverage of above 1.8x over the next 12-24 months”.Despite the downgrade, S&P states in their upside scenario that the outlook would be resolved if the “ICR remains close to 1.8x, Debt / Debt Plus Equity remains at or below 60%, and refinancing conditions are favourable, or

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