Heimstaden Bostad Q1 2023 Results
Highlights
- Strong operational result with stable high occupancy and like-for-like growth at 4.8% (5.4%)
- Rental income of SEK 3.6 billion (3.4)
- Net operating income margin increased to 64.9% (60.8%)
- 3.9 % decrease in value of investment properties
- Investment properties of SEK 335 billion and 159,089 homes
- Real economic occupancy of 98.2% (98.2%)
- Net LTV of 52.7% (50.3%) and ICR 3.0x (3.5x)
- Greater Manchester Pension Fund new investor in Heimstaden Bostad
- Buyback of senior unsecured bonds financed by existing liquidity available and equity from new and existing shareholders
- Obtained SEK 12 billion in secured bank funding
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, we are 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, one of the UK’s leading institutional investors, who shares our sustainable and customer-centred mindset.”
Contact
Christian V. Dreyer, CCO
media@heimstaden.com
Malin Lethenström, IR
ir@heimstaden.com
About Heimstaden Bostad
Heimstaden Bostad is a leading European residential real estate company with around 159,000 homes across 9 countries and a property value of SEK 335 billion. We acquire, develop, and manage properties with an evergreen perspective. Guided by our Scandinavian heritage and values Care, Dare and Share - our 2,200 colleagues strive to 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 27 April 2023 at 07.00 CET.
