Heimstaden Bostad: Interim report January-September 2020
- Rental income for the period was up 66 percent compared to 2019, primarily driven by acquisitions.
- Like-for-like rental income growth was 4 percent.
- The net operating income margin increased to 58 percent (57), mainly due to lower repair and maintenance costs.
- Continued strong performance and resilient markets have resulted in limited impact from Covid-19.
- Acquisitions amounted to SEK 20,217 million and change in fair value of
investment- and development properties amounted to SEK 6,044 million (3,324).
- As of September 30, 2020, the fair value of the portfolio was SEK 139 billion and included 100,870 apartments.
- Purchase agreement signed for the acquisition of 3,902 residential units in
- Strong financial position with a loan-to-value ratio of 43 percent.
Commenting on the results, CEO Patrik Hall said:
“We are pleased to report another strong result for Heimstaden Bostad. Our net operating income and earnings improved during the period, and our sustainable long-term investments have contributed to reduced operating expenses. Operationally, vacancy rates are at stable, low levels throughout the portfolio, which is a testament to the resilience of residential real estate during these challenging times.
As Covid-19 continues to impact people’s lives, our top priority is the health and safety of our customers and employees. At the same time, we are committed to make positive contributions in the local communities where we are present.
With our strong organisation and robust balance sheet, Heimstaden Bostad is well positioned for continued sustainable growth and to enrich and simplify our customers lives through friendly homes.”
For more information, contact:
Patrik Hall, CEO
+46 705-85 99 56
Arve Regland, CFO
+47 47 90 77 00
About Heimstaden Bostad
Heimstaden Bostad is a leading real estate company in Europe, with a focus on acquiring, developing and managing housing and premises. Through our values Care, Dare and Share, we create value for our owners and friendly homes for our tenants. Heimstaden Bostad has about 100,900 apartments and a property value of approximately SEK 139 billion. The head office is located in Malmö, Sweden. For more information, visit www.heimstadenbostad.com.
This information is such information that Heimstaden Bostad AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted, through the agency of the above contact persons, for publication on October 28, 2020 at 09:00 CET.