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Rental Growth: Increased by 5.5% in the like-for-like portfolio.
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Net Operating Income: Increased by 7% like-for-like.
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Debt Reduction: Reduced by SEK32 billion over the last 24 months.
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Property Sales: Planned sale of properties in Vasters Sgklingan for SEK1.4 billion.
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Joint Ventures: Dissolved joint ventures amounting to SEK20 billion.
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Community Properties Assets: Valued at SEK44 billion.
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Loan to Value (LTV): Decreased to 61%.
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Interest Coverage Ratio: 2.0.
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Average Debt Maturity: 2.9 years.
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Average Interest Rate: 2.43%.
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Goodwill Impairment: SEK1.4 billion in Q3, unchanged in Q4.
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Property Portfolio Decrease: Decreased by SEK20 billion due to deconsolidation into joint ventures.
Release Date: February 19, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Rental growth increased by 5.5% in the like-for-like portfolio, indicating strong performance.
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Net operating income rose by 7% like-for-like, showcasing effective cost management and operational efficiency.
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The company successfully reduced its debt by SEK32 billion over the past 24 months, enhancing financial stability.
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Samhallsbyggnadsbolaget i Norden AB listed Sveafastigheter, now the largest listed pure residential company in Sweden, reflecting strategic growth.
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The company has a decentralized group structure with three focus business areas, which are expected to grow through construction and acquisitions.
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Administration and restructuring expenses remain high, driven by legal processes and additional organizational costs.
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Occupancy rates decreased slightly during 2024, particularly impacted by vacancies in Finland.
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The company faces challenges with high debt levels and aims to reduce them significantly, which may limit future investments.
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Loan-to-value ratio increased due to dividend payouts and property value changes, although it slightly decreased in the last quarter.
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The bond market was shut down to the company in May 2023, limiting financing options and necessitating asset sales to manage debt.
Q: Can you provide more details on the SEK2.5 billion facility, including its tenor and cost? A: We prefer not to disclose additional details beyond what is available in the finance pages of the report.
Q: Have you been able to refinance bank loans on properties secured at the parent level? A: Yes, we have refinanced bank loans at the parent level, particularly after dissolving larger joint ventures, which allowed us to refinance with a reputable Scandinavian bank.
