Heimstaden Q2 2023 Results
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."