Heimstaden Bostad 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 4,012 million (3,812)
- Strong operating fundamentals leading to a 0.8% (-1.5%) increase in property values
- Privatisation sales, for the quarter, reached SEK 2,409 million with 516 residential units sold at a 24.6% premium to book value
- The NOI margin improved to 73.1% (69.6%) and the LTM NOI margin was 69.3% (66.2%) marking the 11th consecutive quarter of growth
- Real economic occupancy of 98.7% (98.1%)
- Net LTV of 54.8% (55.1%) and ICR of 2.0x (2.1x)
- S&P-defined LTV of 57.7% (57.2%) and S&P ICR of 1.6x (1.8x)
- In August, successfully refinanced part of the Dutch portfolio through a EUR 725 million sustainability-linked secured credit facility
- Issued two SEK bonds of SEK 1,100 million and SEK 1,300 million
Co-CEO Helge Krogsbøl comments:
- "We continue to deliver solid operational performance, reducing costs while achieving robust rental growth and high occupancy across our nine markets. For the first time ever, we surpassed SEK 4 billion in rental income, marking a significant milestone for our company, and increasing the NOI margin for the quarter to 73.1%”
Contact:
Frederik Stentoft Berling, Media
+45 21 30 94 89, media@heimstaden.com
Cody Nelson, Investor Relations
+47 948 94 196, ir@heimstaden.com
About Heimstaden Bostad:
Heimstaden Bostad is a leading European residential real estate company with around 162,000 homes across nine countries with a property value of SEK 330 billion. We acquire, develop, and manage properties with an evergreen perspective. Guided by our Scandinavian heritage and values Dare, Care, and Share – our about 2,000 colleagues fulfil our mission to enrich and simplify our customers’ lives through Friendly Homes. Read more at 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 25 October at 08:00 CET.
