Heimstaden Q2 2023 Results
Highlights (figures in brackets refer to previous quarter):
• Continued strong operational result, driven by stable high occupancy and like-for-like rental growth of 5.7% (5.0%)
• Rental income of SEK 3.8 billion (3.7)
• Net operating income margin increased to 69.0% (64.9%)
• Less pronounced fair value adjustments on investment properties reported at negative 2.1%
• Investment properties of SEK 347 (342) billion and 162,166 (161,000) homes
• Real economic occupancy of 98.2% (98.2%)
• Net LTV of 57.2% (54.9%) and ICR 2.0x (2.3x)
• Initiated Icelandic asset portfolio optimisation, selling 3.7% in Q2 to 0.4% above book value
• Heimstaden Bostad obtained SEK 3 billion in secured bank funding and revised the financial policy to align with the current market circumstances
CEO Helge Krogsbøl comments:
“Our Q2 results demonstrate our operational key priority to deliver durable NOI growth through maintaining high occupancy levels, inflation-linked rent increases, and disciplined cost control throughout the business. We mitigate financial risk by prioritising a robust liquidity position, and with our continued access to bank financing, we exert effective control over upcoming maturities in the coming years.”
Contact:
Christian V. Dreyer, CCO
+47 907 24 999
media@heimstaden.com
Malin Lethenström, IR
+44 7748 055821
ir@heimstaden.com
Heimstaden is a leading European residential real estate manager and investor with around 162,000 homes across 10 countries with a property value of SEK 347 billion. We acquire, develop, and manage properties with an evergreen perspective. Guided by our Scandinavian heritage and values Care, Dare and Share – we fulfil our mission to enrich and simplify our customers’ lives through Friendly Homes. Heimstaden is listed on Nasdaq First North Growth Market. Read more at www.heimstaden.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 18 August 2023 at 08:00 CET.
