interim report - CisionBerlin Hamburg Berlin Hamburg Property portfolio Fair value, EUR million...

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Akelius Residential Property AB (publ) interim report January to March 2020 2020 Jan–Mar 2019 Jan–Mar 2019 Jan–Dec Rental income, EUR million 118 129 496 Like-for-like growth in rental income, percent 6.7 2.8 5.7 Net operating income, EUR million 62 65 255 Like-for-like growth in net operating income, percent 11.7 0.2 2.9 Net operating income margin, percent 52.2 50.5 51.5 Adjusted net operating income margin, percent 65.8 65.7 64.1 EBITDA, EUR million 55 57 227 Profit before tax, EUR million 26 197 464 Property fair value, EUR million 11,791 12,830 11,964 Change in property fair value, percent 0.4 1.5 3.4 Number of apartments 43,947 50,788 44,226 Real vacancy residential, percent 1.0 1.2 1.1 Loan-to-value, percent 37 44 40 Interest coverage ratio excluding realized value growth 12 months 2.2 1.8 2.0 Definitions on pages 32–34.

Transcript of interim report - CisionBerlin Hamburg Berlin Hamburg Property portfolio Fair value, EUR million...

Page 1: interim report - CisionBerlin Hamburg Berlin Hamburg Property portfolio Fair value, EUR million 3,050 828 Proportion of property fair value, percent 26 7 Capitalization rate, percent

Akelius Residential Property AB (publ)

interim reportJanuary to March 2020

2020 Jan–Mar

2019 Jan–Mar

2019 Jan–Dec

Rental income, EUR million 118 129 496

Like-for-like growth in rental income, percent 6.7 2.8 5.7

Net operating income, EUR million 62 65 255Like-for-like growth in net operating income, percent 11.7 0.2 2.9

Net operating income margin, percent 52.2 50.5 51.5

Adjusted net operating income margin, percent 65.8 65.7 64.1

EBITDA, EUR million 55 57 227

Profit before tax, EUR million 26 197 464

Property fair value, EUR million 11,791 12,830 11,964

Change in property fair value, percent 0.4 1.5 3.4

Number of apartments 43,947 50,788 44,226

Real vacancy residential, percent 1.0 1.2 1.1

Loan-to-value, percent 37 44 40Interest coverage ratio excluding realized value growth 12 months 2.2 1.8 2.0

Definitions on pages 32–34.

Page 2: interim report - CisionBerlin Hamburg Berlin Hamburg Property portfolio Fair value, EUR million 3,050 828 Proportion of property fair value, percent 26 7 Capitalization rate, percent

The company’s plan to decrease leverage has succeeded. Loan-to-value has been reduced from 44 to 37 percent during the past 15 months. Main explanations are property disposals at significant premiums.

Interest coverage ratio is at an increasing trajectory. The coverage was 2.2, which is 0.4 higher than one year ago. Main explanations are lower leverage and higher like-for-like income.

liquidity EUR 820 millionShort term loans amount to EUR 472 million, meaning that the liquidity covers short term loans by 1.7 times. Besides the liquidity, the company has EUR 6 billion in unencumbered assets.

like-for-like income growth 12 percentLike-for-like rental income grew 7 percent, net operating income 12 percent. Main explanations are reduced vacancy, upgrades and index increases.

vacancy rate decreased 0.7 percentage pointsDuring the past 12 months like-for-like vacancy decreased 1.7 percentage points, and during the quarter 0.7 percentage points.

property values increased 0.4 percentProperty values increased EUR 42 million, or 0.4 percent. Berlin remained flat.

It is too early to estimate the full impact of the Corona pandemic on property values.

What is quite clear though is that property valuations for the commencing quarters will be tainted with more uncertainty than normal. As transaction volumes goes down, the number of comparable property transactions decreases.

However, what is also quite clear is that demand for rental apartments is very resistant to crisis, in whatever shape it may come. Our apartments have never been utilized as much as during the past month as residents have stayed home to avoid getting infected – as opposed to hotels, schools, offices, shopping malls, restaurants which to a large extent have been empty.

rent collection 3 percentage points lower than normal The collection rate for April rents was 3 percentage points lower than normal, which likely is an effect of the Corona pandemic.

reducing staff by 58 in BerlinModernization of residential properties is no longer possible due to the new rent regulation in Berlin. Akelius will reduce staff by 58 employees that have worked with construction related work, such as upgrading of apartments and buildings.

This was a very painful decision, which the company postponed as long as possible, hoping that politicians would come to their senses. They did not.

Pål Ahlsén, CEO and Managing Director

loan-to-value 37 percent, liquidity EUR 820 million

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property portfolio March 31, 2020

fair value properties EUR 11,791 million

Fair value

CityResidential

units Residential Commercial TotalEUR

million EUR/sqm

Capitaliza-tion rate, percent

Berlin 14,053 881 71 952 3,050 3,205 2.02London 2,240 88 16 104 922 8,829 4.12Hamburg 3,595 198 12 210 828 3,965 3.67Paris 1,552 48 5 53 414 7,809 4.06Europe 21,440 1,215 104 1,319 5,214 3,956 2.87

Stockholm 5,924 424 33 457 1,578 3,448 2.70Malmö 4,077 266 83 349 921 2,637 3.22Copenhagen 1,031 82 6 88 326 3,690 2.95Scandinavia 11,032 772 122 894 2,825 3,156 2.90

New York 1,736 117 4 121 985 8,114 4.31Toronto 3,506 181 5 186 868 4,668 3.76Montreal 3,862 258 7 265 822 3,107 4.30Boston 974 63 2 65 561 8,648 4.24Washington 1,238 93 4 97 467 4,809 4.65North America 11,316 712 22 734 3,703 5,045 4.22

Other 159 9 - 9 49 5,397 3.74Total/Average 43,947 2,708 248 2,956 11,791 3,989 3.33

Lettable space thousand sqm

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development residential in-place rentEUR million

Apr 1 2019

changesales Apr 1 2019

Apr 1 2020

purchases

445

like-for-like

3476 -63

29 442413

Apr 1 2020

7.0%

484

in-place rent all unit types Apr 1 2020

Mar 31 2020

Dec 31 2019

upgraded apartments 21,558 upgraded apartments 49.1 percent

Dec 31 2019

47.749.1

sales and purchases

0.2

upgraded like-for-like

1.2

Mar 31 2020

21,080 21,558

changes in the property portfolio

36 apartments sold during 2020

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number of apartments 262

move inmove out net letting

-1,480

1,742

262

net letting January to March 2020

rental income EUR 5.8 million

move inmove out net letting

-18.7

24.5

5.8

like-for-like growth

rental income 6.7 percent net operating income 11.7 percent

3.2

2019 2019

5.1

2015 2016

4.0

2017

8.0

2018 Jan-Mar 2020

2.9

6.7

11.7

2015

10.7

2016 2017 2018 Jan-Mar 2020

5.75.1

4.14.3

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real vacancy 1.0 percent

2019

1.4

2011 2012

0.7

2013

0.7

2014

0.7

average

1.0

Apr 1 2020

1.0

2018

0.9

2017

1.1

2016

1.3

2015

1.0 1.1

development vacancypercent

9.00.7 -1.7

Apr 1 2020

changesales Apr 1 2019

Apr 1 2020

purchases

8.10.18.0

like-for-like

Apr 1 2019

9.7

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percentCapitalization

rateDiscount

rateJan 1, 2020 3.67 5.66Purchases 0.00 0.00Sales 0.00 0.00Like-for-like -0.35 -0.37Exchange difference 0.01 0.01Mar 31, 2020 3.33 5.30

EUR million

Return, percent

Cash flow -2,479 -20.72Required rate of return 2,520 21.06Sales 1 0.01Purchases - 0.00Total change in value 42 0.35

capitalization rate 3.33 percent

EUR millionGrowth Jan–Mar

percentFair value, Jan 1, 2020 11,964Revaluations 42 0.4Investments 117 1.0Purchases 18 0.1Sales -96 -0.8Exchange differences -254 -2.1Fair value, Mar 31, 2020 11,791 -1.4Net operating income 62 0.5Total property return 104 Per annum: 3.5

annual property return 3.5 percent

income return value growth average annual property return

change in value EUR 42 million

201816141210 8 6 4 2 0

2019Jan–Dec

2014Jan–Dec

2015Jan–Dec

2016Jan–Dec

2017Jan–Dec

2018Jan–Dec

percent

2020Jan–Mar

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interest expensesliquidity

unsecured loanssecured loans

loan-to-value ratio 37 percent

interest expenses and liquidityEUR million

liquidity

profit before tax and revaluation

cash uses and sourcesEUR million, 12 months forward

short-term loansinvestmentscontracted purchases

equity and hybrid capital ratio 53 percent

cash uses cash sources

558

50

472

36

contracted sales

Dec 312019

Mar 312020

37

12

25

Dec 312019

Mar 312020

Jan–Mar 2019

Mar 31 2019

Jan–Mar 2020

Mar 31 2020

24

820

financing

1,005

820

14639

53

45

840

14

26

50

46

4

358

39

hybrid bondsordinary equity

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liquidityfixed interest term

debt maturities

interest rate hedges, interest rateEUR million, percent, year

debt maturitiesEUR million, year

interest rate 2.41 percentfixed interest terms 4.7 years debt maturities 5.5 years

0–1

472

1–2

753

3–4

608

4–5

743

>52–3

49

0–1

9.34

1–2

695

1.96

2–3

42

3–4

771

4–5

701

>5

2.03

1,925

2.02336

1,845

financing

1.06

Dec 31 2017

Dec 31 2018

Dec 31 2019

Dec 31 2016

Mar 312020

2.412.62 2.58 2.642.25

Dec 31 2016

Dec 31 2017

Dec 31 2018

Dec 31 2019

Mar 312020

4.55.0

5.35.6

4.5

5.7

4.5

5.4

4.7

5.5

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EUR millionApr 2019– Mar 2020

Earnings capacity as at Mar 31, 20201

Rental income 485 5222

Operating expenses -204 -188Maintenance -30 -25Net operating income 251 309Central administrative expenses -37 -37Other income and expenses 2 -1Reversal operational exchange differences -1 2Reversal depreciation 8 9EBITDA 223 282Other financial income and expenses -2 -12Adjusted EBITDA 221 270Net interest expenses -101 -106Interest coverage ratio excluding realized value growth 2.2 2.5Realized value growth 718 -Interest coverage ratio 9.3 -

Net debt as per Mar 31, 2020 4,409 4,409Net debt/EBITDA 19.8 15.6Net debt/EBITDA including realized value growth 4.7 - 1) The earnings capacity is based on the property portfolio as at Mar 31, 2020 and the property portfolio’s gross rent, real vacancy, estimated operating expenses, maintenance costs and central administration during a normal year. 2) Includes EUR 451 million in residential rental value as of Apr 1, 2020, EUR 37 million in rental income for commercial properties and parking, EUR -6 million in real vacancy for apartments and EUR 40 million in other income. Residential rental value of EUR 451 million minus real vacancy and discounts offered is equivalent to EUR 445 million in residential in-place rent.

interest coverage ratio 9.3

adjusted EBITDArealized value growth

EBITDA EUR 223 million

financing

current interest and debt coverage capacity

Apr 2019– Mar 2020

earnings capacity

201920182017

236223231 227

282

Apr 2019– Mar 2020

201920182017 earnings capacity

4.7

2.8

1.9 1.8

2.8

2.2

7.1

2.5

9.3

2.5

7.8

5.8

2.01.0

Page 11: interim report - CisionBerlin Hamburg Berlin Hamburg Property portfolio Fair value, EUR million 3,050 828 Proportion of property fair value, percent 26 7 Capitalization rate, percent

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Berlin Hamburg

Berlin

Hamburg

Property portfolioFair value, EUR million 3,050 828Proportion of property fair value, percent 26 7Capitalization rate, percent 2.02 3.67Proportion upgraded apartments, percent 42 55Average apartment size, sqm 63 55Walk score 91 91

Average rent residential EUR/apt/month EUR/apt/monthTotal portfolio Apr 1, 2019 557 629Sales and completed objects* 0 13Like-for-like Apr 1, 2019 557 642Like-for-like increase 25 24– Increase in percent 4.4 3.8Like-for-like Apr 1, 2020 581 666Purchases and new constructions 0 0Total portfolio Apr 1, 2020 581 666New lease level 819 804

Vacancy rate residential percent percentReal vacancy rate 1.0 0.7Apartments being upgraded 2.5 4.1Vacancy rate 3.5 4.8

*) A consequence of, for instance, a split of an apartment, where one apartment object is ended and two new ones are created.

like-for-like properties sold properties or signed sales 2020

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London Paris

London ParisProperty portfolioFair value, EUR million 922 414Proportion of property fair value, percent 8 4Capitalization rate, percent 4.12 4.06Proportion upgraded apartments, percent 65 30Average apartment size, sqm 39 31Walk score 86 97

Average rent residential EUR/apt/month EUR/apt/monthTotal portfolio Apr 1, 2019 1,370 734Sales and completed objects - 0Like-for-like Apr 1, 2019 1,370 734Like-for-like increase 93 48– Increase in percent 6.7 6.5Like-for-like Apr 1, 2020 1,463 782Purchases and new constructions - 4Total portfolio Apr 1, 2020 1,463 786New lease level 1,598 985

Vacancy rate residential percent percentReal vacancy rate 1.0 1.9Apartments being upgraded 13.9 34.6Vacancy rate 14.9 36.5

like-for-like properties

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Stockholm

Stockholm MalmöProperty portfolioFair value, EUR million 1,578 921Proportion of property fair value, percent 13 8Capitalization rate, percent 2.70 3.22Proportion upgraded apartments, percent 54 58Average apartment size, sqm 72 65Walk score 70 91

Average rent residential EUR/apt/month EUR/apt/monthTotal portfolio Apr 1, 2019 730 676Sales and completed objects -11 3Like-for-like Apr 1, 2019 719 679Like-for-like increase 21 25– Increase in percent 3.0 3.7Like-for-like Apr 1, 2020 740 704Purchases and new constructions - 0Total portfolio Apr 1, 2020 740 704New lease level 822 739

Vacancy rate residential percent percentReal vacancy rate 0.0 0.0Apartments being upgraded 1.8 0.8Vacancy rate 1.8 0.8

Malmö

like-for-like properties

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Copenhagen

Copenhagen New YorkProperty portfolioFair value, EUR million 326 985Proportion of property fair value, percent 3 8Capitalization rate, percent 2.95 4.31Proportion upgraded apartments, percent 39 38Average apartment size, sqm 80 67Walk score 95 96

Average rent residential EUR/apt/month EUR/apt/monthTotal portfolio Apr 1, 2019 918 1,946Sales and completed objects - -Like-for-like Apr 1, 2019 918 1,946Like-for-like increase 41 105– Increase in percent 4.4 5.4Like-for-like Apr 1, 2020 959 2,051Purchases and new constructions - -Total portfolio Apr 1, 2020 959 2,051New lease level 1,437 3,101

Vacancy rate residential percent percentReal vacancy rate 0.0 1.9Apartments being upgraded 1.6 15.0Vacancy rate 1.6 16.9

New York

like-for-like properties

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Washington D.C.Boston

Boston Washington D.C.

Property portfolioFair value, EUR million 561 467Proportion of property fair value, percent 5 4Capitalization rate, percent 4.24 4.65Proportion upgraded apartments, percent 74 62Average apartment size, sqm 64 75Walk score 91 89

Average rent residential EUR/apt/month EUR/apt/monthTotal portfolio Apr 1, 2019 2,343 1,839Sales and completed objects - -Like-for-like Apr 1, 2019 2,343 1,839Like-for-like increase 105 114– Increase in percent 4.5 6.2Like-for-like Apr 1, 2020 2,448 1,953Purchases and new constructions - -29Total portfolio Apr 1, 2020 2,448 1,924New lease level 2,654 2,069

Vacancy rate residential percent percentReal vacancy rate 4.4 1.9Apartments being upgraded 12.4 24.7Vacancy rate 16.8 26.6

like-for-like properties

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interim report, January to March 2020

Toronto Montreal

like-for-like properties

Toronto MontrealProperty portfolioFair value, EUR million 868 822Proportion of property fair value, percent 7 7Capitalization rate, percent 3.76 4.30Proportion upgraded apartments, percent 47 51Average apartment size, sqm 52 67Walk score 78 83

Average rent residential EUR/apt/month EUR/apt/monthTotal portfolio Apr 1, 2019 809 784Sales and completed objects 0 -Like-for-like Apr 1, 2019 809 784Like-for-like increase 62 34– Increase in percent 7.7 4.3Like-for-like Apr 1, 2020 871 818Purchases and new constructions - 0Total portfolio Apr 1, 2020 871 818New lease level 1,146 900

Vacancy rate residential percent percentReal vacancy rate 1.9 1.6Apartments being upgraded 7.3 16.7Vacancy rate 9.2 18.3

acquired properties 2020 sold properties or signed sales 2020

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result

rental income EUR 118 million Rental income was EUR 118 million (129), a decrease of 7.9 percent compared to the same period in 2019. This decrease is due to property sales which have reduced the property portfolio in comparison to the same period in 2019.

Like-for-like growth in rental income was EUR 6 million (3) or 6.7 percent (2.8).

During the period, 4,713 rental contracts (6,433) with an annual rent of EUR 69 million (118) were renewed or renegotiated. The new yearly rent is EUR 70 million (120), an increase of 2.1 percent (1.4).

The vacancy rate for residential units decreased by 0.9 percentage points to 8.1 percent (9.0) compared to the same period in 2019. This is mainly due to fewer apartments being upgraded. 87 percent (87) was due to upgrades or planned sales of apartments.

The real vacancy rate decreased by 0.1 percentage points during 2020 to 1.0 percent (1.2).

net operating income EUR 62 millionNet operating income was EUR 62 million (65). Property expenses totaled EUR 56 million (64). EUR 6 million (8) was attributable to maintenance, corresponding to EUR 9 (9) per square meter and year.

Like-for-like growth in net operating income was 11.7 percent (0.2). Increase in rental income drove the growth in net operating income.

Net operating income margin was 52.2 percent (50.5).

Adjusted net operating income margin was 65.8 percent (65.7).

Adjusted net operating income excludes income from operating expenses which is included in the rent invoiced to the tenants, such as utility expenses and property taxes.

It highlights the ongoing earnings capacity from property management related to rental services.

EBITDA EUR 55 millionEBITDA was EUR 55 million (57), a decrease of 4 percent compared to the same period in 2019. The change is mainly explained by a reduced property portfolio. This is partly offset by higher rental income in like-for-like portfolio and reduced operating expenses and maintenance in comparison to rental income.

net financial items EUR -68 millionInterest expenses were EUR -24 million (-39) and interest income was EUR 0 million (1). The decrease of interest expenses is due to lower interest rates and a decreased average loan volume in 2020 compared with 2019. Interest expenses for the hybrid bonds were EUR -6 million (-5).

Financial derivatives affected earnings by EUR -35 million (-8).

Other financial income and expenses amounted to EUR -3 million (1).

profit before tax EUR 26 millionProfit before tax was EUR 26 million (197). The increase in the fair value of properties had a positive impact on the profit, although a significantly lower impact than for the same period in 2019.

tax expenses EUR 9 millionTax expenses totaled EUR 9 million (45). EUR 7 million (45) was deferred tax, mainly due to unrealized gains on properties.

Akelius has no ongoing tax disputes.

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property portfolio

fair value EUR 11,791 millionThe fair value was EUR 11,791 million (12,830), which is equivalent to an average of EUR 3,989 (3,713) per square meter.

The average capitalization rate for the entire portfolio was 3.33 percent (3.68), compared to 3.67 percent at year-end 2019. The decrease is mainly due to the lower capitalization rate requirements in Berlin. See table on page 7.

increase in property value 0.4 percent The increase in property value was EUR 42 million (192), or 0.4 percent (1.5). See table on page 7.

The rent regulation in Berlin lowers rent levels for five years. Despite this, there has been no significant change in value of Akelius property portfolio in Berlin. The property valuations in Berlin assume a lower rental income over a period, which is offset by a lower capitalization rate requirement.

Akelius has not noted significantly lower property prices at the end of the period due to Corona pandemic.

property purchases EUR 18 million Property purchases amounted to EUR 18 million (74) during the period.

The average capitalization rate for purchased properties was 5.00 percent (3.82).

property investments EUR 117 millionInvestments in properties amounted to EUR 117 million (90).

On an annual basis, this corresponds to EUR 158 (105) per square meter.

24 percent (40) of the total investments were due to apartment upgrades.

Due to the Corona pandemic and new rent regulations, investments will decrease significantly for the full year 2020 compared with 2019.

property sales EUR 96 million In total, Akelius sold properties for EUR 96 million (1).

Properties sold during the first quarter in 2020 were located in Germany.

Income from the sale of properties totaled EUR 1 million (0) excluding EUR 1 million (1) in transaction costs.

assets and liabilities held for saleAkelius has signed agreements for the sale of properties in Germany and Canada.

The sales will be finalized during the year. EUR 39 million (1,110) relates to investment properties and EUR 5 million (160) to deferred taxes.

Well-kept residential properties are attractive investments for many types of investors and provide a liquidity reserve during the entire business cycle.

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financing

equity and hybrid capital ratio 53 percent Equity decreased by EUR 113 million to EUR 5,413 million (5,554) during the period, due to changes in the group’s currency translation reserve.

The equity and hybrid capital ratio amounted to 53 percent (47). The improvement is a result of Akelius Residential Property AB issuing a hybrid bond of EUR 500 million during the first quarter.

loan-to-value ratio 37 percent Loans excluding the hybrid bonds decreased by EUR 387 million during the period, to EUR 4,470 million (5,744).

The loan-to-value ratio decreased by 3 percentage points since last year to 37 (44).

Secured loans were EUR 1,456 million (2,370)compared to EUR 1,658 million at the end of 2019. Secured loan-to-value ratio was 12 percent (18), 2 percentage points lower than at the year-end 2019. The secured loans were borrowed from 24 banks (32) in five countries.

Unsecured loans include 11 bonds (9) and loans from large investors and related companies.

debt maturities 5.5 years Loans have an average maturity of 5.5 years (5.4), compared to 5.4 at the end of 2019.

EUR 472 million (628) matures within one year.

The average loan-to-value ratio on short-term loans was 33 percent (39).

Short-term loans consist of borrowings from 11 banks (14) and capital market financing.

interest rate hedge 4.7 years EUR 1,925 million (2,339) had a fixed interest rate term of more than five years and EUR 336 million (1,039) had a fixed interest rate term of less than one year.

The average interest rate was 2.41 percent (2.58).

On average, the underlying interest rate is secured for 4.7 years (4.3), compared to 4.5 years at the end of 2019.

liquidity EUR 820 million Available funds in the form of cash equivalents and unutilized credit facilities totaled EUR 820 million (358).

Unutilized credit facilities amounted to EUR 748 million (337) with an average maturity of 1.7 years. Only facilities intended to be kept are extended at least one year prior to maturity. The unutilized bilateral credit agreements are provided by 7 banks (8).

The fair value of the unencumbered properties was EUR 5,713 million (5,741).

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other financial information

cash flowOperating cash flow before change in working capital was EUR 12 million (8).

Cash flow from investing activities was EUR -151 million (-152). Cash required for the acquisition of properties is secured before the agreements are signed. Profitable but non-mandatory upgrades can be stopped within a three-month period.

Cash flow from financing activities was EUR 211 million (168).

parent companyThe Parent Company’s profit before tax was EUR 42 million (-6). Financial income mainly includes interest income, currency exchange effects related to currency derivatives, bonds and other financial instrument in foreign currency.

D-sharesThe total number of ordinary shares of class D was 220,000,000, equivalent to EUR 344 million reported in equity.

D-shares represent 6.45 percent of the total number of shares in Akelius Residential Property AB.

On March 31, 2020, the price paid per D-share was EUR 1.308.

ratingIn 2020, Standard and Poor’s confirmed the investment grade rating BBB with a stable outlook for Akelius Residential Property AB and its senior unsecured debt.

The rating for Akelius Residential Property AB’s hybrid bonds is BB+.

staff1,453 people (1,398) were employed as at March 31 compared to 1,456 at the end of 2019.

related party transactionsNet debt from related parties decreased by EUR 17 million (14).

annual general meeting April 3, 2020The announcement was posted on the company’s website, www.akelius.com

significant events after the end of the reporting periodModernization of residential properties is no longer possible due to the new rent regulation in Berlin. Akelius will reduce staff by 58 employees that have been involved with construction related work.

Page 21: interim report - CisionBerlin Hamburg Berlin Hamburg Property portfolio Fair value, EUR million 3,050 828 Proportion of property fair value, percent 26 7 Capitalization rate, percent

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consolidated statement of comprehensive income

EUR million

2020 Jan-Mar

3 months

2019 Jan-Mar

3 months

2019 Jan-Dec

12 monthsRental income 118 129 496Operating expenses -50 -56 -210Maintenance -6 -8 -31Net operating income 62 65 255Central administrative expenses -7 -8 -29Other income and expenses - - 1EBITDA 55 57 227Depreciation and operational foreign exchange differences -2 -1 -5Realized revaluation of investment properties1 - - 176Unrealized revaluation of investment properties1 41 191 227Operating profit 94 247 625Interest income - 1 1Interest expenses -24 -39 -116Interest expenses hybrid bonds -6 -5 -19Other financial income and expenses -3 1 1Change in fair value of derivatives -35 -8 -28Profit before tax 26 197 464Current tax -2 - -29Deferred tax -7 -45 -50Profit for the period 17 152 385

Other comprehensive incomeItems that will be reclassified to profit or lossCurrency translation difference -221 91 124Change in the hedging of currency risk 107 -60 -98Tax attributable to the hedging of currency risk -13 - 4Revaluation reserve2 - 1 1Tax attributable to the revaluation reserve - - -Total other comprehensive income -127 32 31Comprehensive income for the period -110 184 416

Profit attributable to - owners of the Parent Company 18 150 379 - non-controlling interests -1 2 6

Total comprehensive income attributable to - owners of the Parent Company -109 182 410 - non-controlling interests -1 2 6

Earnings per share before and after dilution, EUR 0.01 0.04 0.11

1) Net income from the revaluation and disposal for Jan-Mar 2020 include change in fair value of properties of EUR 42 million (192), minus transaction cost of EUR 1 million (0), minus revaluation reserve for owner-occupied properties of EUR 0 million (1). 2) The revaluation reserve consists of owner-occupied properties.

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interim report, January to March 2020

EUR million2020

Mar 312019

Mar 312019

Dec 31AssetsIntangible assets 21 13 19Investment properties 11,678 11,669 11,760Owner-occupied properties 74 51 73Lease agreement, right-of-use-assets1 17 12 16Tangible fixed assets 6 6 6Derivatives - - 1Deferred tax assets 3 1 2Financial assets 5 4 4Total non-current assets 11,804 11,756 11,881Trade and other receivables 162 95 116Derivatives 18 - 2Cash and cash equivalents 61 17 19Assets held for sale2 39 1,110 131Total current assets 280 1,222 268Total assets 12,084 12,978 12,149Total equity attributable to the Parent Company’s shareholders 5,333 5,474 5,441Non-controlling interests 80 80 85Total equity 5,413 5,554 5,526Loans 3,998 5,116 4,267Hybrid bonds3 999 499 499Lease liabilities 14 10 13Derivatives 87 48 60Deferred tax liabilities 942 827 935Provisions - 1 2Other liabilities 17 16 17Total non-current liabilities 6,057 6,517 5,793Loans 472 628 590Lease liabilities 3 2 3Derivatives 7 11 4Provisions 2 1 -Trade and other payables 125 105 220Liabilities held for sale4 5 160 13Total current liabilities 614 907 830Total equity and liabilities 12,084 12,978 12,149Interest-bearing liabilities- unsecured loans 3,014 3,374 3,199- secured loans 1,456 2,370 1,658Subtotal 4,470 5,744 4,857- hybrid bonds 999 499 499Total 5,469 6,243 5,3561) EUR 11 million for leased offices and EUR 6 million for site leasehold agreements. 2) EUR 33 million is attributable to investment properties in Germany and EUR 6 is attributable to investment properties in Canada. Sale price is respective EUR 34 million and EUR 6 million. 3) New hybrid bond has been issued. 4) EUR 4 million is attributable to deferred tax in Germany and EUR 1 million to deferred tax in Canada.

consolidated statement of financial position

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interim report, January to March 2020

consolidated statement of changes in equity

Attributable to the Parent Company’s shareholders

EUR millionShare

capital

Share pre-

mium

Currency trans-lation

reserveRetained earnings Total

Non- con-

trolling interests

Total equity

Balance at Dec 31, 2018 211 1,460 -209 3,830 5,292 78 5,370EUR conversion* -24 -145 24 145 - - -Adjusted balance at Jan 1, 2019 187 1,315 -185 3,975 5,292 78 5,370Other comprehensive income for the period - - 32 150 182 2 184Balance at Mar 31, 2019 187 1,315 -153 4,125 5,474 80 5,554Other comprehensive income for the period - - -2 230 228 4 232Redeemed shares -1 -585 - -21 -607 - 607Share issue 13 372 - -7 378 - 378Dividend - - - -32 -32 - -32Acquired minority - - - - - 1 1Balance at Dec 31, 2019 199 1,102 -155 4,295 5,441 85 5,526Profit for the period - - - 18 18 -1 17Other comprehensive income - - -126 -1 -127 - -127Total other comprehensive income for the period - - -126 17 -109 -1 -110Transactions with minority 1 1 -1 -Divestment of minority - - - - - -3 -3Balance at Mar 31, 2020 199 1,102 -281 4,313 5,333 80 5,413

*) The Parent Company, Akelius Residential Property AB, changed functional currency from Swedish kronor to Euro as of 2019.

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interim report, January to March 2020

consolidated statement of cash flows

EUR million

2020 Jan–Mar

3 months

2019Jan–Mar

3 months

2019Jan–Dec

12 monthsNet operating income 62 65 255Central administrative expenses -9 -9 -36Other income and expenses - - 1Reversal of depreciation and impairment losses 2 1 4Interest paid -39 -49 -132Income tax paid -4 - -23Cash flow before changes in working capital 12 8 69Change in current assets -31 -23 -44Change in current liabilities 1 -1 24Cash flow from operating activities -18 -24 49

Investments in intangible assets -3 -2 -10Investments in investment properties -117 -90 -468Acquisition of investment properties -18 -74 -181Acquisition of net assets - - 5Proceeds from the sale of investment properties 96 1 1,616Proceeds from the sale of net assets1 -6 - -49Purchase and sale of other assets2 -103 13 78Cash flow from investing activities -151 -152 991

Share issue - - 378Repurchase of preference shares - - -607Acquisition of minority shares -3 - 1Loans raised 893 653 1,686Repayment of loans -740 -468 -2,406Purchase and sale of derivative instruments 62 -8 -44Amortization IFRS 16 leasing -1 - -2Dividend ordinary shares - - -Dividend preference shares - -9 -40Cash flow from financing activities 211 168 -1,034

Cash flow for the period 42 - 6Cash and cash equivalents at the beginning of the period 19 13 13Translation differences in cash and cash equivalents - 4 -Cash and cash equivalents at the end of the period 61 17 19 For Jan–Mar 2020 1) Mainly related to a discount provided for deferred tax. 2) Including EUR -84 million in prepayment received for signed property sale in Germany 2019 and EUR -1 million in transaction costs for sold properties.

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interim report, January to March 2020

Duration,years

Interest rate hedge,

EUR million

Interest rate hedgeAverage interest

rate, percentShare,

percentDebt maturities,

EUR millionShare,

percent0–1 336 9.34 8 472 111–2 695 1.96 16 753 172–3 42 3.37 1 49 13–4 771 1.06 17 608 134–5 701 2.02 15 743 165–6 750 2.54 16 756 176–7 427 1.84 10 380 97–8 480 0.95 11 263 68–9 123 2.26 3 141 39–10 46 0.65 1 - -> 10 99 4.51 2 305 7Total 4,470 2.41 100 4,470 100

loans

carrying value and fair value of interest-bearing liabilities

EUR million

2020Mar 31

Carrying value

2020 Mar 31

Fair value

2019Dec 31

Carrying value

2019Dec 31

Fair valueLoans 4,470 4,230 4,857 4,738Hybrid bonds 999 868 499 532Total 5,469 5,098 5,356 5,269

financial instrument

Carrying value and fair value of outstanding derivatives and interest-bearing liabilities excluding leasing are shown in the tables below.Derivatives are valued continuously at fair value through profit or loss.

Financial instruments that are not measured at fair value through profit and loss are measured at amortized cost using the effective interest rate method.

The fair values of hybrid bonds are based on level 1 and the fair values of derivatives and other loans are based on level 2 in the fair value hierarchy.

Compared to 2019, no transfers have been made between different levels in the fair value hierarchy for derivatives and borrowings and no significant changes have been made to valuation techniques.

EUR million2020

Mar 312019

Dec 31Assets 18 3Liabilities 93 64

derivatives recorded at fair value

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interim report, January to March 2020

segment information

Jan–Mar 2020, EUR million Europe Scandinavia North America TotalRental income 51 29 38 118Operating expenses -19 -12 -19 -50Maintenance -2 -2 -2 -6Net operating income 30 15 17 62Revaluation of investment properties 13 1 28 42Total property return 43 16 45 104Total property return, percent 3.2 2.2 5.0 3.5Net operating income margin, percent 57.1 53.2 44.7 52.2Property fair value 5,245 2,843 3,703 11,791

Jan–Mar 2019, EUR million Europe Scandinavia North America TotalRental income 58 35 36 129Operating expenses -22 -15 -19 -56Maintenance -3 -2 -3 -8Net operating income 33 18 14 65Revaluation of investment properties 122 18 52 192Total property return 155 36 66 257Total property return, percent 11.1 4.3 8.4 8.6Net operating income margin, percent 57.4 49.9 39.9 50.5Property fair value 6,009 3,380 3,441 12,830

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interim report, January to March 2020

key figures2020

Mar 312019

Dec 312018

Dec 312017

Dec 312016

Dec 31

EquityEquity, EUR million 5,413 5,526 5,370 4,901 4,279Equity ratio, percent 45 45 43 46 46Equity and hybrid capital ratio, percent 53 50 47 46 46Return on equity, percent -2 8 9 19 37Net asset value, EUR million 6,433 6,533 6,284 5,840 5,127

Net operating incomeRental income, EUR million 118 496 482 469 472Growth in rental income, percent -7.9 2.7 2.8 -0.6 1.8Like-for-like growth in rental income, percent 6.7 5.7 3.2 5.1 4.1Net operating income, EUR million 62 255 259 251 244Growth in net operating income, percent -4.8 -1.3 3.3 4.4 6.3Like-for-like growth in net operating income, percent 11.7 2.9 5.1 10.7 8.0Net operating income margin, percent 52.2 51.5 53.6 53.4 51.7Adjusted net operating income margin, percent 1 65.8 64.1 69.3 68.0 66.2

FinancingLoan-to-value ratio, secured loans, percent 12 14 19 18 24Loan-to-value ratio, percent 37 40 44 44 43Unencumbered asset ratio 2.02 1.87 1.74 1.63 1.18Interest coverage ratio 12 months 9.3 7.8 2.8 4.7 4.5Interest coverage ratio excluding realized value growth 12 months 2.2 2.0 1.8 1.9 1.9Average interest rate, percent 2.41 2.25 2.64 2.58 2.62Fixed interest term, years 4.7 4.5 4.5 5.3 4.5Debt maturities, years 5.5 5.4 5.7 5.6 5.0

PropertiesNumber of apartments 43,947 44,226 50,407 47,177 46,516Rentable area, thousand sqm 2,956 2,968 3,422 3,228 3,236Real vacancy rate, residential, percent 1.0 1.1 1.4 0.9 1.1Vacancy rate, residential, percent 8.1 8.6 9.6 6.6 5.0Turnover of tenants, percent 15 15 14 14 15Fair value, EUR per sqm 3,989 4,031 3,617 3,292 2,834Capitalization rate, percent 3.33 3.67 3.67 3.60 3.82Change in capitalization rate2, percentage points -0.35 0.00 0.02 -0.22 -0.49Fair value of properties opening balance, EUR million 11,964 12,379 10,624 9,171 7,965Change in fair value, EUR million 42 423 553 886 1,343Investments, EUR million 117 468 349 288 316Purchases, EUR million 18 181 1,286 1,297 643Sales, EUR million -96 -1,616 -300 -737 -957Exchange difference, EUR million -254 129 -133 -281 -139Fair value of properties closing balance, EUR million 11,791 11,964 12,379 10,624 9,171

1) Adjustment for revenue from operating expenses invoiced to the tenants in Germany, France, Canada, United States and Sweden amounted to EUR 24 million (30) for Jan–Mar 2020. 2) Like-for-like capitalization rate.

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interim report, January to March 2020

condensed statement of comprehensive income for the Parent Company

EUR million

2020 Jan–Mar

3 months

2019 Jan–Mar

3 months

2019 Jan–Dec

12 monthsCentral administrative expenses -2 -3 -5Financial income 102 59 266Financial expenses -35 -47 -178Change in the fair value of derivatives -23 -15 -26Appropriations - - 14Profit before tax 42 -6 71Tax -15 3 4Profit for the period 27 -3 75

condensed statement of financial position for the Parent Company

EUR million2020

Mar 312019

Mar 312019

Dec 31Shares in subsidiaries 2,629 2,655 2,629Receivables from Group companies 4,189 4,346 4,207Derivatives 18 - 3Prepaid expenses and accrued income from Group companies 42 47 4Deferred tax assets 29 46 44Other assets 56 24 37Cash and cash equivalents 44 4 -Total assets 7,007 7,122 6,924Total equity 1,360 1,501 1,332Interest-bearing liabilities 4,016 4,396 3,880Interest-bearing liabilities from Group companies 1,504 1,130 1,612Derivatives 89 54 57Other current liabilities 35 33 43Other current liabilities from Group companies 3 8 -Total equity and liabilities 7,007 7,122 6,924

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interim report, January to March 2020

alternative performance measures

Reconciliation for the purposes of the Guidelines published by the European Securities and Markets Authority is set out below.

EUR million2020

Mar 312019

Mar 312019

Dec 31Equity 5,413 5,554 5,526Deferred tax 939 826 933Deferred taxes reported as liability for sale 5 160 13Derivatives 76 59 61Net asset value 6,433 6,599 6,533

Total interest-bearing liabilities 5,469 6,243 5,356Hybrid bonds -999 -499 -499Cash and cash equivalents -61 -17 -19Pledged cash assets - -1 -Net debt 4,409 5,726 4,838Total assets 12,084 12,978 12,149Cash and cash equivalents -61 -17 -19Pledged cash assets - -1 -Net asset 12,023 12,960 12,130Loan-to-value ratio, percent 37 44 40

Net debt 4,409 5,726 4,838Less senior unsecured debt -3,014 -3,374 -3,199Secured debt minus pledged cash, cash and cash equivalents 1,395 2,352 1,639Net asset 12,023 12,960 12,130Loan-to-value ratio, secured loan, percent 12 18 14

Equity 5,413 5,554 5,526Hybrid bonds 999 499 499Equity and hybrid bonds 6,412 6,053 6,025Total asset 12,084 12,978 12,149Equity ratio, percent 45 43 45Equity and hybrid capital ratio, percent 53 47 50

Page 30: interim report - CisionBerlin Hamburg Berlin Hamburg Property portfolio Fair value, EUR million 3,050 828 Proportion of property fair value, percent 26 7 Capitalization rate, percent

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interim report, January to March 2020

alternative performance measures, continued

EUR million2020

Mar 312019

Mar 31Intangible assets 21 13Unencumbered properties 5,713 5,741Lease agreement, right-of-use-assets 17 12Tangible fixed assets 6 6Deferred tax 3 1Financial assets 5 4Trade and other receivables 162 95Derivative 18 -Unencumbered assets 5,945 5,872

Unsecured loans 3,014 3,374Subordinated debt -12 -21Cash and cash equivalents -61 -17Net unsecured senior debt 2,941 3,336

Unencumbered asset ratio 2.02 1.76

EUR million2020

Jan–Mar2019

Jan–MarPercent growth

Rental income 118 129 -7.9Exchange differences - -Purchases and sales -2 -17Service revenue -8 -10Like-for-like rental income 108 102 6.7

Net operating income 62 65 -4.8Exchange differences - -Purchases and sales -1 -10Like-for-like net operating income 61 55 11.7

EUR million2020

Jan–Mar2019

Jan–MarProceeds from the sale of properties 96 1Costs of sale -1 -1Acquisition costs -40 -Accumulated investments -10 -Realized value growth 45 -

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interim report, January to March 2020

other information

basis of presentationThe Akelius Residential Property Group’s Interim report has been prepared in accordance with IAS 34, Interim Financial Reporting and the Swedish Annual Accounts Act. The financial statements of the Parent Company, Akelius Residential Property AB, corporate identity number 556156-0383, have been prepared in accordance with the Swedish Annual Accounts Act and the accounting standard RFR 2, Accounting for Legal Entities. Disclosures in accordance with IAS 34 Interim Financial Reporting are submitted both in the notes and in other sections of the interim report. The figures in this interim report have been rounded, while the calculations have been made without rounding. As a result, the figures in certain tables and key figures may appear not to add up correctly.

accounting principles New and amended IFRS standards that came into effect after January 1, 2020 have not had any material impact on the Group’s financial reports.

risks and uncertaintiesOperational risks are limited by concentrating the property portfolio to residential properties in metropolitan areas. Strong residential rental markets in Sweden, Germany, Canada, England, France, the United States and Denmark reduce the risk of long-term vacancies.

To reduce risk or variations in cash flow further, interest rates are secured on a long-term basis. Access to capital from a large number of banks and through the capital market mitigates the refinancing risk. Overseas investments are hedged to reduce the impact of currency movements related to the Group s equity-to-assets ratio.

There have been no material changes in the company’s assessment of risks since the publication of the 2019 annual report.

Corona pandemicIn addition to these, risks associated to Corona pandemic have occurred. For information regarding our view and its impact see page 2 and 17–18.

Pål Ahlsén, CEO, Managing Director

Stockholm, Sweden, May 4, 2020, Akelius Residential Property AB (publ)

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adjusted EBITDAEBITDA plus other financial income and expenses. It highlights current cash flow capacity from property management excluding financial income and expenses.

adjusted net operating income marginNet operating income in relation to rental income excluding income from operating expenses included in the rent invoiced to the tenants, such as utility and property taxes. It highlights the ongoing earning capacity from property management related to rental services only.

annual property returnGain from the revaluation of investment properties and net operating income on an annual basis in relation to the fair value of the properties at the beginning of the year. It illustrates the total return on the property portfolio.

capitalization rateThe rate of return used in assessing the terminal value of property in the fair value assessment.

cash sources Cash sources include liquidity, contracted sales and profit before tax and revaluation.

cash usesCash uses include investments, contracted purchases and short-term loans.

debt maturities, yearsVolume-weighted remaining term of interest-bearing liabilities and derivatives on the balance sheet date. It illustrates the company’s refinancing risk.

debt coverage capacityProfit before tax and revaluation, including realized value growth. Net operating income and realized value growth are reinvested into existing and new properties. This leads to a growing operating surplus. The earnings capacity is based on the property portfolio at balance sheet date and the portfolio’s gross rent, real vacancy, estimated operating expenses and maintenance costs during a normal year, as well as central administrative expenses.

discount rateRate of return used in assessing the present value of future cash flow and terminal value in the fair value assessment of properties.

EBITDANet operating income and central administrative expenses, other income and expenses with add-back of depreciation and impairment charges and operating exchange rate differences. It highlights current cash flow capacity from property management.

equity ratioEquity in relation to total assets. It highlights the company’s financial stability.

income returnNet operating income on an annual basis in relation to the fair value of the properties at the beginning of the year. It measures the yield on the property portfolio.

in-place rentContracted rent excluding rental discounts and temporary charges.

interest rate hedge total loans yearVolume-weighted remaining term of interest rates on interest-bearing liabilities and derivatives on the balance sheet date. It illustrates the company’s financial risk.

definitions

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interim report, January to March 2020

interest coverage ratioAdjusted EBITDA plus realized value growth for the latest rolling 12-month period in relation to net interest expenses for the latest rolling 12-month period. It illustrates the company’s sensitivity to interest rate changes.

liquid financial assetsDebt securities and equity securities traded on a regulated market and with an investment grade rating. It is used to calculate liquidity.

like-for-like propertiesProperties owned during the compared periods. This means that properties that were acquired or sold during any of the compared periods are excluded. It facilitates the analysis and the comparison between different periods, when properties that do not figure in all the periods are excluded.

loan-to-value ratioNet debt divided by net assets. This key figure shows financial risk.

loan-to-value ratio, secured loansNet debt reduced by unsecured interest-bearing debt divided by net assets. This key figure shows financial risk.

net assetTotal assets minus pledged cash, cash and cash equivalents. It is used to illustrate the company’s net assets.

net asset value Equity, deferred tax and derivatives. It is used to highlight the company’s long-term capital that is not interest-bearing.

net debtInterest-bearing liabilities less subordinated debt, cash and cash equivalents. It is used to facilitate analysis of the company’s real indebtedness.

net financial itemsThe net of interest income, interest expenses, other financial income and expenses and changes in the fair value of derivatives. It measures the net of financial operations.

net lettingThe sum of agreed contracted annual rents for new lettings for the period less terminated annual rents. Demonstrates the effect of the vacancy development illustrated in annual rent.

net interest expensesTotal interest expenses less interest on subordinated debt, one-off financing charges and interest on cash, cash equivalents and liquid financial assets. It is used to facilitate analysis of the company’s interest results.

net operating incomeRental income less property costs. It highlights the ongoing earning capacity from property management.

net operating income marginNet operating income in relation to rental income. It highlights the ongoing earning capacity from property management.

other income and expensesItems from secondary activities such as gains on disposals of fixed assets other than investment properties, income and expenses from temporary services rendered after the sale of properties. It summarizes income and expenses from business operations ancillary to the main business operations.

property costsThis item includes direct property costs such as operating expenses, utility expenses, maintenance costs, leasehold fees and property taxes.

definitions, continued

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interim report, January to March 2020

property portfolioInvestment property, owner-occupied properties, and investment property classified as assets held for sale.

realized value growthProceeds from the sale of investment properties minus acquisition costs, accumulated investments and costs of sale. This item demonstrates the actual result of sales measured from the acquisition to sale.

real vacancy rateThe total number of vacant apartments less the number of apartments vacant due to renovation work or planned sales, in relation to the total number of apartments. Real vacancy is measured on the first day after the month-end. This rate facilitates the analysis of long term vacancy for the company.

renewed and renegotiated rental contracts All changes in rental levels for remaining tenants. This item highlights changes in contracts with existing customers.

rental incomeRental value less vacancies and rent discounts.

rental value 12 months rent for apartments, including a market rent for vacant apartments.

return on equityComprehensive income divided by opening equity. It shows the return offered on the owners’ invested capital.

unencumbered asset ratioUnencumbered assets divided by unsecured debt minus subordinated debt and cash equivalents. It is used to assess unencumbered assets in relation to unsecured senior interest-bearing liabilities.

vacancy rateThe number of vacant apartments in relation to the total number of apartments. The vacancy rate is measured on the first day after the month-end.

value growthChanges in the value of investments properties excluding investment and change in currencies. It demonstrates the changes in value of properties cleared for currency effects and capital spent.

walk scoreRating of how easy it is to complete daily errands without a car. Locations are rated on a scale from 0 to 100, where 100 is the best. Walk score is provided by Walkscore.com and grade the locations of the properties.

definitions, continued

Page 35: interim report - CisionBerlin Hamburg Berlin Hamburg Property portfolio Fair value, EUR million 3,050 828 Proportion of property fair value, percent 26 7 Capitalization rate, percent

Head office, SwedenSvärdvägen 3A Box 104, S-182 12 Danderyd +46 (0) 8 566 130 00 akelius.com

SwedenRosenlundsgatan 50 Box 38149 100 64 Stockholm +46 (0)10-722 31 00 akelius.se

GermanyErkelenzdamm 11-13 D-10999 Berlin +49 (0) 30 7554 110 akelius.de

Canada289 Niagara Street Toronto M6J 0C3 +1 (416) 214-2626 akelius.ca

England10 Bloomsbury Way London WC1A 2SL +44 (0) 800 014 8579 akelius.co.uk

France24 rue Cambacérès 75008 Paris +33 1 40 06 85 00 akelius.fr

United States300 A Street, 5th Floor Boston, MA 02210 +1 857 930-3900 akelius.us

DenmarkNørre Voldgade 80, 2. floor 1358 Copenhagen K +45 88 62 62 78 akelius.dk

Akelius in brief

apartments for metropolitansAll apartments are in metropolitan cities, such as Berlin, Hamburg, Paris, London, Toronto, Montreal, New York, Boston, Washington D.C., Stockholm and Copenhagen.

better livingAkelius’ mission is to provide tenants with better living by continuously upgrading buildings and service.

acquire via cherry-pickingAkelius prefers to make many smaller acquisitions of properties that are exactly right, by cherry-picking, rather than making a few large acquisitions of properties that are not quite right.

strong capital structure, low refinancing risk Akelius has agreements with 30 banks, listed senior unsecured bonds and listed common shares of class D. Akelius is one of Europe’s largest listed residential companies and has ten thousand shareholders.

first-class personnelMore than two hundred employees have graduated from the Residential Real Estate Management program at Akelius Business School.

financial calendar

interim report Jan-Jun 2020 August 3, 2020

interim report Jan–Sep 2020 October 26, 2020

year-end report 2020 February 8, 2021

annual report 2020 March 12, 2021