Heba again delivers stronger income from property management
Heba Fastighets AB improved income from property management for January-September 2023 by 20.4% over the same period last year. The increase in income from property management is mainly attributable to income from commonhold apartments. Heba has now carried out all sales announced last spring and in so doing has freed up nearly SEK 2bn in capital that will be used to reduce leverage.
Income from property management for the interim period increased to SEK 222.9m compared to SEK 185.2m for the same period in 2022. The NOI margin increased to 72.2% as compared to 71.2% last year. Property value amounted to SEK 14.3bn compared to SEK 15.7bn at the same date last year, which is linked to property disposals and the market value trend.
Heba Fastighets AB CEO Patrik Emanuelsson comments:
We are now seeing the effects of the property sales we executed in early summer. Many of the properties disposed of were owned outright or had low LTV, which has now given us the capital to reduce leverage. We have gathered the strength to withstand a protracted period of high interest rates with no need to raise additional capital.
Key figures for the period of 1 January-30 September 2023:
The loss for the interim period was SEK -654.5m (53.8), corresponding to SEK -3.96 (0.33) per share.
Income from property management was SEK 222.9m (185.2).
Rental income amounted to SEK 436.9m (372.5).
Net operating income was SEK 315.3m (265.3).
The change in the value of properties was SEK -1,003.8m(-337.6).
NAV decreased by 12.9% to SEK 47.05 (54.00) per share.
Heba will present results for the first nine months of 2023 in a pre-recorded video. The video will be published on the website shortly after the report is released.
Heba Fastighets AB (publ) is required to publish this information pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was released for publication by the contact persons above on 25 October 2023 at 12:00 CET.
About Heba
Heba is a long-term and experienced property owner that develops, owns and manages residential properties and public buildings in the Stockholm-Mälaren Region. On the strength of our expertise, we offer safe, secure and sustainable homes for people throughout various phases of their lives. We create value for shareholders and society through satisfied tenants, safer and more attractive communities and trustful partnerships. Heba was founded in 1952 and has been listed on Nasdaq Stockholm AB Nordic Mid Cap since 1994. Read more at: hebafast.se
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Heba Fastighets AB published this content on 25 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2023 11:47:42 UTC.
HEBA Fastighets AB is a Sweden-based company active within the real estate sector. The Company is engaged in the acquisition, management and operation of primarily residential real estate in the cities of Stockholm, Lidingo, Huddinge and Taby. As of December 31, 2011, the Companyâs real estate portfolio consisted of 60 properties with a total lettable area of 190,572 square meters. Most of the properties were built in the 1940âs, 1950âs and 1960âs. As of December 31, 2011, the Company had three wholly owned subsidiaries, namely HEBA Forvaltnings AB, HEBA Stockholm AB and HEBA Hyresratten AB. As of December 31, 2011, the Companyâs largest shareholder was JP Morgan Bank, which held 12.94% shares.
HEBA FASTIGHETS AB 
