Kvartalsrapport Q1 2024

===== SIDA 1 =====

Key figures
2024
Jan–Mar
2023
Jan–Mar
2023/2024 
Apr-Mar
2023  
Jan–Dec 
Property-related key figures
Rental income, SEKm 135.9 142.5 559.0 565.7
Lettable time-weighted area, 000s m2 258.2 301.7 285.3 284.6
Property yield, % 2.9 2.5 3.1 3.2
Carrying amount per m2, SEK 50,601 51,279 49,956 50,068
Financial key figures
Cash flow, SEKm 39.8 80.3 194.6 235.4
Investments, SEKm 367.0 86.3 611.8 331.2
Average interest rate, % 2.52 2.46 2.52 2.21
Property management margin, % 40.2 51.7 45.0 47.9
Loan-to-value (L TV) ratio, % 44.1 48.0 44.1 44.1
Net L TV, % 43.8 47.8 43.8 43.1
NOI margin, % 69.1 66.5 71.8 71.1
Per share data
Loss before tax, SEK –0.20 –1.38 –5.14 –6.32
Loss after tax, SEK –0.24 –1.14 –3.42 –4.31
Dividend, SEK1) 0.52 0.45 0.45 0.52
Share price at 31 March, SEK 34.70 28.50 34.70 35.45
NAV, SEK 46.13 51.55 46.13 46.42
1) Dividend stated as proposed to the 2024 AGM.
Interim Report  
1 January – 31 March 2024
Q1
Contact person:
Patrik Emanuelsson, CEO
+46 (0) 8-5225 47 50 
patrik.emanuelsson@hebafast.se
The quarter:  
1 January – 31 March 2024
• The loss for the period was SEK –40.1m (–187 .4) correspond-
ing to SEK –0.24 (–1.14) per share. 
• Income from property management increased by 17% to 
SEK 54.6m (46.6) excluding the share of profit from jointly 
controlled entities in Q1 2023
• Rental income amounted to SEK 135.9m (142.5). 
• Net operating income (NOI) was SEK 93.8m (94.8). 
• Unrealised changes in the value of properties amounted 
to SEK –52.8m (–268.6). 
• Ownership of two senior living facilities in Tyresö was 
 transferred to Heba in March.
• A new green and sustainability-linked financing framework 
was published.
• Credit rating upgraded to BBB with Stable Outlook.
• Heba completed the renovation of the Rådsbacken 12 prop-
erty in Huddinge during the quarter. Only 98 apartments 
remain to be renovated, after which the entire holding will 
have been upgraded to modern standards.

===== SIDA 2 =====

Heba maintained its brisk pace in Q1 and continues to 
deliver according to plan. We do what we say, and I am 
proud to say what we do. 
• Residential rents were raised by 5.1% on average as of 1 January.
• Heba acquired two senior living facilities in Tyresö. 
• We sold two properties within our joint venture with Åke 
 Sundvall to Svenska Bostäder.
• We published a new green and sustainability-linked financing 
framework that received top marks from an independent review 
organisation.
• Heba’s credit rating was upgraded to BBB with Stable Outlook. 
• The environmental management system was recertified with 
zero non-conformances and no recommendations for 
 improvement. 
• We launched the new Heba website.
State of the market and property valuations
The market is obviously still awaiting recovery and stabilisation. 
The Swedish stock market is directly affected by the smallest 
movements, particularly in the US. Although we are receiving 
clear signals that inflation is heading down and that a rate cut 
could occur before summer, the Riksbank has not yet lowered the 
policy rate. The corporate bonds and commercial paper market 
has begun to recover and we could moving towards a situation in 
which bonds are interesting again. 
Prices for commonhold apartments have begun trending 
upwards, although thus far the transaction market remains hesi-
tant. It is still difficult to determine property values due to the lack 
of deal data. Again this quarter, there was a minor decrease of 
0.4% in the value of our properties. One interesting reflection 
regarding property valuations in the last two years is that the nor-
mally critical location factor has had no impact on property valua-
tions. This means that our properties, which enjoy prime locations 
in Stockholm, have been adjusted downwards as much – or even 
Heba strengthens 
income from 
 property 
 management
Over a long, cold winter with no change 
in interest rates, Heba generated stronger 
income from property management of 
SEK 54.6m (46.6) for the first quarter of 
2024. That is an increase by 17% compared 
to the same period last year, excluding 
profit from the jointly controlled entities 
we then had. Heba continues to deliver 
according to plan. 
2Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024HEBA FASTIGHETS AB

===== SIDA 3 =====

more than – properties in the rest of the country. Conse-
quently, the conditions for a recovery when the market turns 
around are good, and the recovery will most likely begin this 
year. One unmistakable sign that Heba owns attractive proper-
ties is that we, unlike many others, were able to sell properties 
at good prices last year. We closed an agreement with Svenska 
Bostäder in Q1 2024 regarding 300 apartments in Vårberg. 
The sale was executed within our JV with Åke Sundvall.
Buying and selling in the same market is increasing 
the share of public buildings
Increasing the share of public buildings has been a target for 
Heba for several years. When the market was red-hot, demand 
and thus prices for public buildings were very high. In the cur-
rent state of the market, there have been opportunities to 
acquire senior living and care facilities at favourable price lev-
els. Accordingly, Heba decided during the quarter to acquire 
two senior living facilities from Hemsö. The acquisition could 
be executed at a significant discount compared to when the 
market was at its peak. With this acquisition, we have now 
exceeded our target for the share of NOI from public buildings 
above 20%. It is now above 25%. In so doing, we are creating an 
excellent complement to our residential assets and strength-
ening our property yield. In addition, leases for public buildings 
are long-term and rents are indexed. 
Proof of continuous improvement
We continued to see the results of our efforts with continuous 
improvement in Q1. In one clear example, certification of our 
environmental management system was renewed after the 
system was audited with zero non-conformances or recom-
mendations for improvement. The green financing framework 
has been updated with a sustainability-linked component. In 
the new framework, we have aimed higher than any other 
property company by setting specifications against the tough-
est requirements in the EU Taxonomy and the Green Bond 
Standard, for example. The independent review performed by 
Morningstar Sustainalytics concluded that the framework will 
lead to positive environmental change and the organisation 
assessed Heba’s key figures as “Very Strong” and its ESG tar-
gets as “Highly Ambitious”. 
Last year’s fruitful efforts to strengthen the company’s 
financial position are another fine illustration. In connection 
with the annual review, NCR adjusted our credit rating to BBB 
Stable Outlook.
Record-low energy use – yet again
The effort to constantly improve our energy efficiency is also 
progressing. Even though our energy use was already very low, 
we can demonstrate this quarter that we are getting even bet-
ter: the new record-low is 80 kWh/m2.
New website reflects the company
We have now wrapped up the comprehensive brand project, 
which took about three years, by launching a new website. 
Stylish and contemporary, the new website effectively com-
municates what Heba is today and where Heba is heading. You 
are invited to visit ir.hebafast.se
Peak condition bodes well
The company is in great shape. Our portfolio is modern. Virtu-
ally all properties are new or recently renovated. We have an 
outstanding project portfolio of properties in good locations in 
Stockholm. It is highly likely that we will begin building a couple 
of these projects this year. Looking at our key figures com-
pared to those of our competitors, we are outstripping them in 
most areas. 
And thus both human capital and structural capital are at 
peak performance. 
Patrik Emanuelsson
CEO Heba Fastighets AB
“We say what 
we do and do 
what we say”
Financial targets
Heba’s annual financial targets, 2024–2025:
• Income from property management above 
SEK 200m excluding income from commonhold 
apartments.
• L TV ratio below 50%.
• NOI margin above 70%.
• Increase the share of consolidated NOI generated 
by public buildings during the period.
• Annual dividend of at least 40% of income from 
property management, adjusted for tax.
HEBA FASTIGHETS AB 3Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 4 =====

Our core business is to own, manage and develop 
residential rental properties and public buildings 
in the Stockholm-Mälaren Region.
Our value-creating business model
Acquisitions
New build projects 
Built properties
Product development
Focus on the sharing 
economy and 
 digitalisation
New builds
Land allocations
Property development
Densification, upgrading and 
renewal (ROT)
Long-term and efficient management of 58 
properties in the Stockholm-Mälaren Region.
46 residential rental properties and 12 public 
buildings
Value generated
For shareholders
Long-term profitability and 
growth, returns to shareholders
For employees
Committed employees
For the environment
Resource-efficient and sustain-
able solutions
For customers
Attractive communities
For the community
Responsible partners
Contributions to UN Global SDGs
Heba has identified eight global SDGs 
that guide us in our ESG and sustaina-
bility work
Input values • Borrowed and internal capital
• Expertise, experience
• Resources – energy, water, building materials 
• Buildings and building rights
• Tenant relationships
• Partner relationships
• Investment in Colive
• Operate coworking 
under own management
Income from property management
Our vision 
We shall be the best in Sweden at creating secure and 
attractive homes and communities.
Our business concept
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 and 
commitment, 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 Fastighets AB
4HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 5 =====

Heba is the long-term choice
Heba is on the forefront of the responsible business move-
ment. Sustainability is embedded throughout our organi-
sation and ESG is a critical aspect of every decision.
Stable growth through acquisitions 
and the role of builder
Backed by the company’s strong financial position and effi-
cient organisation, our acquisitions generate operational reve-
nues. Moving forward, we are eager to assume the role of 
builder of properties intended for sale or ownership. 
Strong financial position
Low average interest, carefully balanced financing and strong 
key figures combined with efficient property management will 
generate dividends when property values rise again.
Efficient organisation
We act with professional pride in everything we do and we aim 
to do things in an exemplary manner. Our strong financial posi-
tion, satisfied tenants, framework for green and sustainable 
financing, energy conservation and optimal action in both 
upturns and downturns while maintaining earnings capacity.
Stable dividend producer
Our strong financial position means that we can prioritise divi-
dends to our shareholders, who make an essential contribution 
to running our business. 
Secure segment
There is huge demand for residential rentals and public build-
ings. Public buildings that include nursing homes and other 
senior living facilities are let under long-term contracts that 
are updated according to index.
Attractive properties in an  
attractive market
Our modern properties enjoy central locations in the 
 Stockholm-Mälaren Region.
The Heba investment case
5HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 6 =====

A long-term and  
sustainable corporate  
citizen
Sustainability is reflected in everything Heba does, today and in 
the future, proceeding from our responsibility as an employer, our 
social responsibility and our environmental responsibility. The 
ESG programme is meant to ensure that the company meets its 
long-term ESG objectives in alignment with the UN Global 
 Sustainable Development Goals (SDGs). Future-proofing the 
business is intertwined with successful enterprise.
Our three focus areas
Our employees are our most important resource. Making sure 
that each and every one of our employees can thrive and 
develop ensures long-term sustainability. Heba is working 
actively to be an equal and inclusive workplace that creates the 
conditions for a sustainable, customer-oriented company. Our 
working environment shall be safe and secure from the physi-
cal, psychological and social perspectives. Heba takes a pro-
active approach to avoiding occupational accidents and illness 
and preventing risks.
The foundation of our role in society is running Heba’s business 
in an ethically, socially and environmentally responsible man-
ner. We offer an opportunity for a safe, secure and suitable 
home to people of all ages and with a variety of needs for 
social care and service. We are also committed to social initia-
tives through partnering with and donating to organisations 
that help and support vulnerable groups.
Heba’s long-term sustainability target is for property manage-
ment to be climate-neutral by 2030 and the entire organisa-
tion to be climate-neutral by 2045. Heba supports the 1.5 
degree target of the Paris Agreement. Limiting the indirect 
emissions of our business is the most important component 
for attaining that goal. It is also important to prepare the 
organisation for various scenarios caused by climate impact.
1 
Our organisation
2 
Our role in society
3 
Our environment
Overall ESG targets
Our targets are: • Heba shall be committed to an active sustainability programme that is reflected in 
everything the company does. In the day-to-day work as well as the company’s long-
term approach to property development and management. Property management shall 
be climate-neutral by 2030 and all operations by 2045. 
• Heba shall have satisfied tenants with a service index on par with or above the median 
value for privately owned housing companies in large cities.
• Heba shall be perceived as an attractive employer that encourages skills development 
and cooperation among its employees.
6HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 7 =====

Revenue and profit
Rental income decreased to SEK 135.9m (142.5) due to the 
property sales closed in 2023. Property costs amounted to 
SEK 42m (47 .7). Income from property management 
decreased by 25.9% to SEK 54.6m (73.7), due to lower rental 
income during the period and a loss of SEK –0.5m (profit: 
27 .1m) from investments in jointly controlled entities, where 
commonhold apartment projects were exited in Q1 2023. 
Unrealised changes in the value of investment properties and 
interest rate derivatives amounted to SEK –38.0 million 
(–301.5). The loss before tax was SEK –32.5m (–227 .8) corre-
sponding to SEK -0.20 per share (-1.38). The loss after tax was 
SEK -40.1m (-187 .4) or SEK -0.24 per share (-1.14).
Interim Report 1 January–31 March 2024
Properties in the Stockholm-Mälardalen Region
58 (75)
Residential properties
45 (63)
Public buildings
12 (10)
Project properties:
1 (2)
Lettable space
258,200 (303,300)
Number of residential units
3,148 (3,971)
Number of non-residential units
339 (422)
Property holdings and market 
The Heba Group’s property holdings at the end of the Q1 2024 
interim reporting period (Q1 2023 in brackets) 
The vacancy rate for residential and non-residential units 
remains very low at 0.03% for residential and 0.42% for 
non-residential at the end of the reporting period.
Opalen 2, Täby
7HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 8 =====

Investments and disposals
Care homes in Tyresö
Heba signed an agreement with Hemsö Fastighets AB in 
 February 2024 to acquire two senior living facilities in Tyresö, 
Stockholm. The facilities comprise 115 apartments. Ownership 
was transferred in March 2024 when Heba acquired all shares 
in the company. The agreed property value was SEK 347m. 
Costs incurred in Q1 2024 amount to SEK 335.6m in consider-
ation of the received tax rebate. The investment is estimated 
at about SEK 336m. 
Källberga Nynäshamn 
Heba closed an agreement in October 2021 with a company 
controlled by MAMA Management AB to acquire rental apart-
ments in Källberga Nynäshamn. The deal was executed as a 
forward funding transaction in which Heba acquired the shares 
in the company, which entered into a turnkey contract. The 
properties comprise 123 rental apartments. Ownership was 
transferred in November 2022. Procurement of contractors is 
in progress. Construction start is planned in 2024, with com-
pletion in 2026. Costs incurred amount to SEK 70.9m, includ-
ing 0.5m in Q1 2024. The investment is estimated at about 
SEK 373m. 
Other investments
Other new investments amount to SEK 7 .5m (8.3). 
SEK 23.4m (58.8) was invested in value-add measures in 
other properties during the period. 
The total investment in investment properties in Q1 2024 
was SEK 367 .0m (85.8). 
SEK –01m (0.5) was invested in other non-current assets 
during the period.
Disposals
There were no disposals during the period.
Investments
Property Location No. of apts Property type Transfer of ownership Construction start Completion year Estimated investment, SEKm
Krusmyntan 1 & 2 Tyresö 115 Care properties March 2024 336
Källberga Nynäshamn 123 Rental apartments Nov 2022 2024 2026 373
Total 238 709
Källberga Nynäshamn
8HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 9 =====

Partnerships
Vårbergstoppen
Heba and Åke Sundvall Byggnads AB are running a rental 
property project in Vårbergstoppen through a partnership 
agreement. The rental property project comprising 300 apart-
ments is distributed between two buildings. Construction of 
the project began in Q2 2021. Under the agreement, the par-
ties each own 50% of the project. The total investment is esti-
mated at about SEK 800m and will be completed in 2024 and 
2025. A contract with Svenska Bostäder on the sale of these 
two properties was signed in February 2024. The deal was exe-
cuted as a corporate transaction in which Svenska Bostäder 
acquires the shares and thus, indirectly, the properties. The 
exits are planned for September 2024 and June 2025. The 
deal is conditional upon approval by the board of directors of 
AB Svenska Bostäder, the board of directors of Stockholms 
Stadshus AB and the Stockholm City Council. 
Framtidens Stora Sköndal
Heba and Åke Sundvall Byggnads AB are building 600 homes 
in Framtidens Stora Sköndal, phase 2a, through a partnership 
agreement. The housing project is divided among 260 rental 
apartments and 340 commonhold apartments. Under the 
agreement, the parties each own 50% of the project. The pro-
ject is currently in the process of detailed development plan-
ning and the total investment is estimated at about SEK 2bn.
Skärgårdsskogen Skarpnäck
Heba and Åke Sundvall Byggnads AB are running a common-
hold apartment project of approximately 100 apartments in 
Skärgårdsskogen Skarpnäck, through a partnership agree-
ment. Under the agreement, the parties each own 50% of the 
project. The project is currently in the process of detailed 
development planning and the total investment is estimated at 
about SEK 250m.
Partnerships
Property Location No. of apts Property type Acquisitions Construction start Completion year Estimated investment, SEKm1)
Vårbergstoppen Vårberg 300 Rental apartments Oct 2020 Q2 2021 2024/2025 800
Stora Sköndal Sköndal 260 
340
Rental apartments 
Commonhold apartments
Nov 2020 2,000
Skärgårdsskogen Skarpnäck 100 Commonhold apartments Sep 2021 250
Total 1,000 3,050
1) Heba’s share is 50%. 
Stora Sköndal, Sköndal
9HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 10 =====

Property valuation
The market value of the properties was SEK 13,087 .5m at 31 
March 2024 according to valuations performed, as compared 
to SEK 12,773.2m at the end of 2023. One third of the Group’s 
properties, excluding properties currently undergoing renova-
tion and project properties in early phases, were valued exter-
nally, half by Savills Sweden AB and half by Novier Real Estate 
AB. Properties undergoing renovation and project properties 
in early phases have been valued internally. These properties 
are categorised at Level 3 of the fair value hierarchy according 
to IFRS 13, meaning that the value is based on analysis of each 
property’s status and rental/market situation. 
Approach
Heba has decided to perform internal valuation of two thirds of 
the property portfolio and external valuation of one third of the 
portfolio in conjunction with the end of each quarterly report-
ing period. In conjunction with the end of the annual reporting 
period, all properties owned by the Group will be externally val-
ued apart from the exceptions mentioned above. Discounted 
cash flow (DCF) is the principal valuation method applied, 
where an estimated future net operating income is calculated 
over an estimation period of five to ten years that takes into 
account the present value of an assessed market value at the 
end of the estimation period. Yield requirements are individual 
per property depending on analysis of executed transactions 
and the market position of the properties. Comparison and 
analysis of completed real estate transactions in each 
sub-market were also performed. The average yield require-
ments were 4.2% for externally valued public buildings and 3.1% 
for residential property. The total valuation decrease was 
–0.4% (–1.7) during the period of January-March. The change 
in value is due mainly to low transaction volume and higher 
yield requirements for residential property in the Stockholm 
region.
Changes in the carrying amount of investment properties: 
Investment properties (SEKm)
2024  
Jan–Mar
2023  
Jan–Mar
2023  
Jan–Dec
Carrying amount at the beginning  
of the period 12,773.2 15,718.2 15,718.2
Acquisitions and new builds 344.3 27.0 102.6
Investments in existing properties 22.8 58.7 224.8
Disposals – – –2,187 .8
Change in value –52.8 –268.6 –1,084.5
Carrying amount at the end of the period 13,087.5 15,535.3 12,773.2
Financial position 
Cash and cash equivalents amounted to SEK 40.0m (37 .6). 
Shareholders’ equity amounted to SEK 6,397 .4m (7 ,037 .1), 
corresponding to an equity ratio of 46.6% (42.8). The L TV ratio 
was 44.1% (48.0) and the base L TV ratio was 43.8% (48.8). 
Cash flow from operating activities after changes in working 
capital amounted to SEK 39.8m (80.3). Interest-bearing liabil-
ities decreased to SEK 5,777 .8m (7 ,458.0). Of that amount, 
SEK 0.0m (0.0) consists of the used portion of overdraft facili-
ties of SEK 132.0m (140.0) and SEK 546.2m (1,525.0), which 
accrue interest at a variable rate. The decrease in inter-
est-bearing liabilities is mainly driven by bond buybacks of 
about SEK 1,100m that mature in 2023 and 2024, as well as 
repayment of secured short-term debt. 
Heba has a commercial paper programme with a distributable 
amount framework of SEK 4,000m. Heba had outstanding 
commercial paper of SEK 150m (403) at the end of the report-
ing period. Heba always has liquidity or unused credit commit-
ments that cover outstanding commercial paper upon matu-
rity. 
At the end of the reporting period, the average interest rate 
was 2.52% (2.46). Unused credit commitments amount to SEK 
2,032.0m (1,630.0), including the unused portion of an over-
draft facility of SEK 132.0m (140.0). 
There are no liabilities denominated in foreign currencies. 
Pledged collateral and guarantee commitments
Collateral pledged for interest-bearing liabilities amounted to 
SEK 4,632.3m (4,977 .1). The parent company has issued guar-
antee commitments for credit facilities of SEK 500m in rela-
tion to a residential project in Vårbergstoppen
LTV and average interest rate on property loans (%)
0
10
20
30
40
50
2024202320222021202020192018201720162015
Jan–Mar
0
1
2
3
4
5
 LTV (%) 
 Average interest rate on property loans (%)
10HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 11 =====

Fixed interest rate structure
The fixed interest rate structure and average interest rates at 
31 March 2024 are shown on the following table. 
Fixed interest rate structure 31 Mar 2024
Maturity
Volume 
(SEKm)
Average interest 
rate including 
forward interest 
rate swap (%)
Share 
(%)
< 1 year 1,546.1 4.36 27
1–2 years 320.0 5.44 6
2–3 years 200.0 1.07 3
3–4 years 750.0 1.76 13
4–5 years 1,050.0 2.22 18
5–6 years 880.0 1.60 15
6–7 years 100.0 1.29 2
7–8 years 931.7 2.20 16
8–9 years – – –
9–10 years – – –
Total 5,777 .8 2.76 100
The table shows all agreed rates for the respective maturities 
via loans and interest rate derivatives. The table includes inter-
est rate derivatives with future start dates and the average 
interest rate may thus differ from the rate Heba is currently 
paying. The average rate for period 1 includes the credit margin 
for all variable-rate loans.
In order to interest-rate hedge variable rate interest-bearing 
liabilities, Heba contracted interest rate swaps totalling SEK 
3,950.0m (4,550.0) at the end of the reporting period, which 
mature between 2024 and 2031, of which SEK 550m are swap 
futures with start dates in 2024 and 2025.
Interest rate derivatives are recognised at fair value at each 
quarterly reporting period and the change is recognised in the 
statement of comprehensive income. As at 31 March, the fair 
value of the derivatives was SEK 114.2m (194.9). 
All interest rate derivatives are measured based on quoted 
prices in official markets or according to generally accepted 
calculation methods. The derivatives are classified at Level 2 
according to IFRS 13. A netting provision is found in the ISDA 
Master Agreement that provides the right to set off receiva-
bles against payables to the same counterparty. Heba has 
determined that there are no material differences between the 
fair value and the carrying amount of financial instruments 
apart from interest-bearing liabilities, where fair value exceeds 
the carrying amount by SEK 61.6 million. 
Cash conversion cycle structure
The cash conversion cycle structure for Heba’s property loans 
as at 31 March 2024 is shown on the following table.
Cash conversion cycle structure 31 Mar 2024
Maturity
Credit agreement 
(SEKm)
Used 
(SEKm)
Commercial paper programme 4,000.0 150.0
< 1 year 1,100.0 768.0
1–2 years 2,185.0 1,685.0
2–3 years 1,610.0 410.0
3–4 years – –
4–5 years 440.0 440.0
5–6 years 959.3 959.3
6–7 years 500.0 500.0
7–8 years 681.7 681.7
8–9 years 183.8 183.8
9–10 years – 0.0
Total 11,659.8 5,777 .8
The average cash conversion cycle of the loan portfolio, 
including loan commitments, was 3.8 years (3.9) and the aver-
age fixed interest duration was 3.8 years (3.0). 
Rating
Heba was given a long-term issuer credit rating of BBB, Stable 
Outlook, by Nordic Credit Rating in Q1 2024. 
MTN programme for issuance of notes and green 
framework 
Heba established an MTN (Medium Term Notes) programme 
in January 2021 with an amount framework of SEK 2,000m and 
simultaneously launched a green financing framework. In Jan-
uary 2022, Heba expanded the existing MTN programme to a 
total amount framework of SEK 5,000m. Under the MTN pro-
gramme, Heba has the option to issue notes on the capital 
market and the green and sustainability-linked financing 
framework also gives Heba the option to issue green bonds 
and commercial paper. 
Lease liability 
Heba’s ground lease agreements are the most important lease 
agreements where Heba is the lessee. There are also a few 
leases of minor value that refer primarily to office equipment. 
Recognised right-of-use assets have been measured at the 
same value as the recognised lease liability upon transition to 
the new lease standard. The lease liability for ground leases 
amounted to SEK 127 .4 million at 31 March 2024. The amount 
was calculated at an average marginal interest rate of 3%. The 
cost of ground lease payments is recognised as a financial 
expense because the ground lease agreements are perpetual 
and thus the entire payment consists of interest only because 
there is no amortisation of the lease liability. The cost in legal 
entities is treated as ground lease payments and is included in 
NOI.
11HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 12 =====

All of Rådsbacken is 
now in mint condition
Heba’s Rådsbacken 12 property in Huddinge comprises 385 rental 
apartments distributed among ten buildings. The buildings have 
been renovated in stages over a period of five years. Tenants 
moved into the last building in March 2024. Only 98 apartments 
remain to be renovated, after which the entire property holding 
will have been upgraded to modern standards. 
Read more, external link
HEBA FASTIGHETS AB 12Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 13 =====

Significant risks and uncertainties 
Rental income
Of Heba’s total rental income, 70% is derived from residential 
tenants. The vacancy rate is very low and rents are relatively 
certain and predictable. All of Heba’s properties are located in 
the Stockholm-Mälaren Region and are in desirable locations 
where demand is high. 
Operating costs
Heating costs are Heba’s largest operating cost item. The 
majority of the property portfolio is connected to the district 
heating network. Eight properties are heated mainly with geo-
thermal heat pumps. Heba is actively engaged in reducing 
energy use in the property portfolio but heating costs can vary 
from year to year depending on weather conditions and energy 
prices. 
Market value
The market value of the total property portfolio varies 
depending on the current economy and interest rate situation. 
When the property yield requirement in relation to the normal-
ised net operating income (NOI) of the valuation falls by 0.5%, 
the market value rises by more than SEK 2.3bn. If the property 
yield rises by 0.5%, the market value will fall by more than SEK 
1.7bn. 
Finance policy
Heba’s finance policy governs how financial risks must be man-
aged and sets limits, as well as determines which financial 
instruments can be used. Heba has a relatively low L TV ratio. 
However, the Group is exposed to risks including interest rate 
risk due to interest-bearing borrowings. Interest rate risk refers 
to the risk of adverse impact on the Group's financial perfor-
mance and cash flows due to changes in the market interest 
rate. How quickly a persistent change in interest levels affects 
consolidated net financial income depends on the fixed inter-
est duration of borrowings. In order to limit the effect of 
changes in interest rates, about 73% of the total loan principal 
has been interest hedged for more than one year. Heba works 
continuously with the maturity structure of borrowings to opti-
mise fixed interest terms and purchases of interest rate deriva-
tives with regard to expected interest rate changes to ensure 
that favourable loan terms are achieved. Heba’s current inter-
est-bearing liabilities of SEK 918m comprise commercial paper 
of SEK 150m, bonds of SEK 92m and bank loans of SEK 676m. 
The company intends to redeem the bonds at maturity and 
refinance the remaining debt. As needed, the debt can be 
secured against the company’s loan commitments of SEK 
1.9bn.
Accounting policies 
Heba complies with International Financial Reporting Stand-
ards (IFRS) adopted by the EU and interpretation of the same 
(IFRIC). 
This interim report was prepared in accordance with IAS 34 
Interim Reporting and the Swedish Annual Accounts Act. The 
accounting policies applied to the Group and the parent com-
pany coincide with the accounting policies applied when pre-
paring the most recent annual report. 
Heba follows ESMA Guidelines on Alternative Performance 
Measures of 3 July 2016 (APMs). The Guidelines cover finan-
cial performance measures that are not defined under IFRS. 
The principle behind APMs is that they should be used by man-
agement to assess the financial performance of the company 
and are thus deemed to provide valuable information to ana-
lysts and other stakeholders. Calculations of APMs are availa-
ble on Heba’s investor relations website, ir.hebafast.se.
13HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 14 =====

Sustainability
When we talk about climate impact, we divide it into three main 
areas: the things we use on an ongoing basis, like energy, the 
waste we produce, both from our tenants and in projects, and 
what we put in, such as materials and produce selection, pri-
marily in connection with new builds and renovations. In order 
to eventually achieve a fully climate neutral business, we are 
working methodically to minimise, improve and engage in 
advocacy. We cannot achieve climate neutrality on our own. 
We must work closely with suppliers, partners, tenants and 
other stakeholders – which is why advocacy is one of our key 
priorities. In addition to that we have control over, our role is to 
contribute to sustainable development along several parts of 
the chain and invite others to engage in conversation, training 
and exchange of skills and knowledge.
Reduction of energy use 
Heba’s energy target is to reduce energy use after degree days 
correction by about 18% to 78 kWh/m2 Atemp by 2028 (base 
year 2021). Beyond the overall target, Heba shall work towards 
bringing all individual properties below 99 kWh/m2 Atemp and 
for all new builds to achieve 20% better energy performance 
than required under current Boverket building regulations 
(BBR). Energy use was 80 kWh/m2 in Q1 2024, which is in line 
with the planned reduction. 
EU Green and Sustainability-Linked Financing Frame-
work
Heba launched an EU Green and Sustainability-Linked Financ-
ing Framework during the quarter. The framework was pre-
pared in accordance with the current EU Taxonomy and the 
European Green Bond Standard and replaces Heba’s previous 
green financing framework. With this framework, Heba’s aim is 
to reinforce the link between financing and sustainability strat-
egies and objectives. The framework was prepared in partner-
ship with Handelsbanken and reviewed by Morningstar Sus-
tainalytics, an independent organisation. They concluded that 
the framework will lead to positive environmental change, and 
assessed Heba’s key figures as “Very Strong” and the compa-
ny’s sustainability targets as “Highly Ambitious”. 
Monitoring of the Supplier Code of Conduct
Ensuring sustainable value chains is important from numerous 
perspectives, including environmental responsibility, climate 
impact, working conditions, human rights and anti-corruption. 
In 2022, Heba began the effort to audit our significant suppli-
ers based on the Suppliers’ Code of Conduct prepared by the 
Swedish Property Federation All of Heba’s significant suppliers 
will be audited based on the code by 2030.
We are convinced that in partnership with our suppliers we 
can make a difference in all areas of sustainability, particularly 
by setting the appropriate standards and working together. 
Reduction of energy use,  
degree days corrected
0
30
60
90
120
150
Q1 2024202320222021202020192018
 kWh/slash.tabkvm
Outcome Q1 2024
80 kWh
Target 2028
78 kWh
14HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 15 =====

The Heba share
Heba’s Class B share is listed on Nasdaq Stockholm AB, Mid 
Cap. Information about the number of shareholders and the 
ten largest shareholders is available on Heba’s investor rela-
tions website, ir.hebafast.se 
Dividend
The board of directors is proposing a divided of SEK 0.52 per 
share for the 2023 financial year. The dividend corresponded 
to a dividend yield of about 1.5% based on the share price as at 
31 December 2023. If the annual general meeting endorses the 
board proposal, the dividend is expected to be paid on 2 May 
based on the record date of 26 April 2024. 
Share buyback
Heba Fastighets AB decided in September 2023 to carry out a 
share buyback programme. The programme was approved by 
the 2023 AGM and is aimed at transferring shares to partici-
pants in L TI 2021, L TI 2022 and L TI 2023. The acquisition is lim-
ited to a maximum of 30,000 Class B shares in the company 
and 16,000 shares have been bought back thus far. 
Ownership structure, 31 Mar 2024
Name
Total number 
of Class A 
shares
Total number 
of Class B 
shares
Equity  
(%)
Votes 
(%)
IC Industricentralen Holding AB 35,571,807 21.54 11.51
Ericsson, Charlotte 1,998,320 8,661,897 6.46 9.27
Vogel, Johan 1,866,240 8,570,178 6.32 8.81
Vogel, Anna 1,866,240 8,220,992 6.11 8.70
Holmbergh, Christina 1,848,320 7 ,819,608 5.86 8.51
Eriksson, Anders 1,828,320 6,621,836 5.12 8.06
Härnblad, Birgitta Maria 2,065,640 6,059,936 4.92 8.65
Ericsson, Ulf 6,290,000 3.81 2.04
Spiltan Aktiefond Stabil 4,903,671 2.97 1.59
Sundström, Maria 635,680 2,890,000 2.14 2.99
Total, largest shareholders 12,108,760 95,609,925 65.24 70.14
Other shareholders 3,871,880 53,529,435 34.76 29.86
Total 15,980,640 149,139,360 100.00 100.00
Dividend (SEK/share)
0.0
0.2
0.4
0.6
0.8
1.0
20222021202020192018201720162015
 
15 % 7 %
13 %
22 %
9 %
23 %
–44 %
8 %
NAV (Net Asset Value) per share (SEK)
0
10
20
30
40
50
60
2024202320222021202020192018201720162015
Jan–Mar
8 %
7 %
9 %
11 %
10 %
12 %
21 %
27 %
–9 %
–11 %
Share price performance 2017–2023 (SEK)
0
10
20
30
40
50
60
70
80
20242023202220212020201920182017
Jan–Mar
15HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 16 =====

Parent company 
Rental income in the parent company amounted to SEK 58.5m 
(59.9) and profit before appropriations and tax was SEK 10.7m 
(–14.9). 
Events after the end of the r 
eporting period 
There are no events after the end of the interim period to 
report. 
Information 
The information in this interim report is such that Heba 
 Fastighets AB is required to publish according to the Swedish 
Securities Market Act. The information was released for publi-
cation on this date.
Stockholm, 23 April 2024
Heba Fastighets AB (publ)
Patrik Emanuelsson
Chief Executive Officer
HEBA FASTIGHETS AB 16Q1| INTERIM REPORT 1 JANUARY–31 MARCH 2024

===== SIDA 17 =====

Current earnings capacity
Heba’s current earnings capacity is presented below on a 
twelve-month basis as at 31 March 2024, including the entire 
property portfolio as of the reporting date.
Current earnings capacity is disclosed in connection with 
interim reports and year-end reports. It is important to under-
stand that the presentation is a snapshot, and not a forecast 
for the next twelve months. Earnings capacity does not include 
any assessment of any changes in rentals, vacancies, costs or 
interest rates. Heba’s consolidated statement of comprehen-
sive income is also affected by the value trend for the property 
holdings and by derivatives. These factors are not considered 
in current earnings capacity.
Properties acquired and exited and projects completed dur-
ing the period are extrapolated at an annual rate. Deductions are 
made for disposals of properties that have been exited, on a 
full-year basis. No deductions are made for properties for which 
sale agreements have been made but have not yet closed.
Assumptions for current earnings capacity
Rental value consists of contracted rental income for the entire 
property portfolio, including rent increases and index adjust-
ments for 2024. Vacancy is assumed according to the current 
vacancy rate and contracted discounts. Other income is based 
on outcomes and extrapolated for the full year, less non- 
recurring items.
Operating and maintenance costs according to budgeted 
costs for a normal year. Property tax is calculated based on 
current assessed values for tax purposes.
Central administration and profit or loss from investments in 
jointly controlled entities are calculated based on outcomes 
and extrapolated for the full year. 
Financial income is calculated based on outcomes and 
extrapolated for the full year, less non-recurring items. The 
costs of interest-bearing liabilities were based on the average 
interest level for the Group, including the effect of derivative 
instruments. Ground rent is calculated based on current 
ground leases.
SEKm 31 March 2024
Rental value 562
Vacancy, discounts and other income 1
Rental income 563
Operating costs –147
Maintenance costs –3
Property tax –5
Net operating income (NOI) 408
Central administration –39
Profit or loss from investments in jointly controlled entities, current1) –3
Net financial income (- expenses) –130
Income from property management 236
1)  This does not include commonhold apartment income and other items affecting 
profit or loss per disposals within investments in jointly controlled entities.
HEBA FASTIGHETS AB 17Q1| INTERIM REPORT 1 JANUARY–31 MARCH 2024

===== SIDA 18 =====

Consolidated statement of comprehensive income
SEKm
2024  
Jan–Mar
2023  
Jan–Mar
2023/2024 
Apr–Mar
2023
Jan–Dec
Rental income 135.9 142.5 559.0 565.7
Property costs
Operating costs –40.1 –45.0 –149.2 –154.0
Maintenance costs –0.6 –1.0 –2.9 –3.4
Property tax –1.4 –1.7 –5.7 –6.1
Net operating income (NOI) 93.8 94.8 401.1 402.1
Central administration –10.7 –9.2 –38.0 –36.5
Profit or loss from investments in jointly controlled entities –40.5 27.1 –31.7 35.9
Financial income 8.0 7.3 35.1 34.3
Interest expenses –35.0 –45.1 –166.9 –177.0
Interest expenses, leases –0.9 –1.2 –3.9 –4.1
Income from property management including changes in value in jointly 
controlled entities 14.6 73.7 195.7 254.7
Of which income from property management 1) 54.6 73.7 251.6 270.7
Impairments of financial assets –9.0 – –19.6 –10.6
Gain or loss from disposals of property –0.1 – –75.5 –75.4
Change in value, investment properties –52.8 –268.6 –868.7 –1,084.5
Change in value, interest rate derivatives 14.8 –32.9 –80.7 –128.3
Profit or loss before tax –32.5 –2 27.8 –848.8 –1,044.1
Current tax –0.1 – 0.2 0.3
Deferred tax –7.5 40.4 283.5 331.4
Profit or loss for the period –40.1 –1 87.4 –565.0 331.8
Other comprehensive income – – – –
Comprehensive income for the period –40.1 –1 87.4 –565.0 –712.3
Per share data 
Profit or loss after tax, SEK2) –0.24 –1.14 –3.42 –4.31
Dividend (2024 proposal), SEK 0.45 0.52
Total dividend (2024 proposal), SEK 000s 74,304 85,854
1) Income from property management does not include changes in value attributable to jointly controlled entities.
2) There is no dilutive effect as there are no potential ordinary shares. There are no non-controlling interests.
Condensed consolidated statement of financial position
SEKm
2024
31 Mar
2023
31 Mar
2023
31 Dec
ASSETS
Intangible assets 5.1 6.1 5.3
Investment properties 13,087.5 15,535.3 12,773.2
Right-of-use assets 1 27.4 156.7 126.3
Property, plant and equipment 6.8 6.5 7.5
Investments in jointly controlled entities 0.4 28.1 14.3
Financial non-current assets 310.7 41 7.5 307.3
Other non-current securities holdings 9.1 25.2 18.1
Interest rate derivatives 114.2 194.9 99.5
Current assets 40.2 41.5 26.4
Cash and cash equivalents 40.0 37.6 247. 2
Total assets 13,741.5 16,449.5 13,625.0
EQUITY AND LIABILITIES
Shareholders’ equity 6,397.4 7,0 37.1 6,437.5
Non-current interest-bearing liabilities 4,859.9 5,253.0 4,916.5
Deferred tax liabilities 1,333.8 1,669.2 1,326.2
Lease liability 1 27.4 156.7 126.3
Tax liabilities 0.2 – –
Current interest-bearing liabilities 918.0 2,205.0 712.0
Other current liabilities 104.9 128.5 106.6
Total liabilities 7,344.1 9,412.4 7,1 87.6
Total equity and liabilities 13,741.5 16,449.5 13,625.0
18HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 19 =====

Consolidates statement of changes in equity
SEKm Share capital
Other capital 
 contributions
Retained  
earnings
Total equity  
attributable to  
shareholders in the parent
Opening balance, 1 Jan 2023 34.4 6.9 7 ,183.2 7,224.5
Comprehensive income for the period –187.4 –187.4
Closing balance, 31 Mar 2023 34.4 6.9 6,995.8 7,0 37.1
Opening balance, 1 April 2023 34.4 6.9 6,995.8 7,0 37.1
Comprehensive income for the period –524.9 –524.9
Transactions with owners
Share buyback –0.4 –0.4
Dividend –74.3 –74.3
Closing balance, 31 Dec 2023 34.4 6.9 6,396.2 6,437.5
Opening balance, 1 Jan 2024 34.4 6.9 6,396.2 6,437.5
Comprehensive income for the period –40.1 –40.1
Closing balance, 31 Mar 2024 34.4 6.9 6,356.1 6,397.4
Condensed consolidated cash flow statement
SEKm
2024  
Jan–Mar
2023  
Jan–Mar
2023
Jan–Dec
OPERA TING ACTIVITIES
Profit or loss before tax –32.5 –2 27.8 –1,044.1
Adjustment for non-cash items
Less share of profit or loss in jointly controlled entities 40.5 –27.1 –35.9
Amortisation, depreciation and impairments of assets 9.8 0.8 –27.0
Valuation uplifts, investment properties 52.8 268.6 1,084.5
Change in value of derivative instruments –14.8 32.9 128.3
Other profit and loss items not affecting liquidity –5,8 –6.7 49.7
Tax paid –0.1 – 0.3
Cash flow from operating activities before changes in working capital 49.9 40.7 209.9
Change in working capital –10.5 39.6 25.5
Cash flow from operating activities 39.8 80.3 235.4
INVESTING ACTIVITIES
Investments in investment properties –367.0 –85.8 –327.4
Investments in financial assets – – –3.5
Other investments 0.1 –0.6 –3.8
Investments in associates – – –16.1
Dividends received from associates 7.7 20.0 58.0
Change in non-current receivables –38.0 –1,0 119.5
Sales of investment properties 0.9 – 2,062.6
Disposals of other non-current assets – 0.9 2.8
Cash flow from (-used in) investing activities –396.4 –66.4 1,892.2
FINANCING ACTIVITIES
Borrowings 310.0 560.0 1,409.0
Repayment of loans –160.6 –637.0 –3,315.6
Share buyback – – –0.4
Dividend paid – – –74.3
Cash flow from (-used in) financing activities 149.4 –7 7.0 –1,981.2
Cash flow for the period –207 .2 –63.1 146.4
Cash and cash equivalents at the beginning of the period 247. 2 100.8 100.8
Cash and cash equivalents at the end of the period 40.0 37.6 247. 2
19HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 20 =====

Segment reporting, Group
January–March 2024
SEKm Central city
Stockholm 
Immediate suburbs Northwest Northeast Southwest Southeast Group
Rental income 14.4 47.7 8.8 39.1 24.5 1.3 135.9
Property costs –4.8 –13.4 –2.7 –13.4 –7.6 –0.1 –42.0
Net operating income (NOI) 9.6 34.3 6.1 25.7 16.9 1.2 93.9
Investment properties, carrying amount 1,742.2 3,695.7 795.4 4,219.2 2,216.3 418.7 13,087.5
January–March 2023
SEKm Central city
Stockholm 
Immediate suburbs Northwest Northeast Southwest Southeast Group
Rental income 14.0 48.1 4.2 21.4 46.8 8.0 142.5
Property costs –4.2 –19.1 –1.5 –7.3 –13.1 –2.5 – 47.7
Net operating income (NOI) 9.8 29.0 2.7 14.1 33.7 5.5 94.8
Investment properties, carrying amount 1,903.4 5,386.2 985.9 4,580.9 2,253.5 425.4 15,535.3
Consolidated net operating income (NOI) as above coincides 
with recognised NOI in the statement of comprehensive 
income. The difference between NOI of SEK 93.8m (94.8) and 
the loss before tax of SEK –32.5m (–227 .8) consists of: central 
administration, SEK –10.7m (–9.2); interest expenses, leasing, 
SEK –0.9m (–1.2); net financial expense, SEK –27m (–37 .8); 
profit (-loss) from investments in associates, SEK –40.5m 
(27 .1); loss from disposals of property, SEK –0.1m (–); and 
change in value, SEK –38.0m (–301.5). 
Heba’s business includes management of a homogeneous 
property portfolio. No material differences in terms of risks 
and opportunities are deemed to exist. The Group’s internal 
reporting system is structured to track geographical areas. 
Segment reporting as above is consistent with internal report-
ing to management. 
From 1 January 2022, the area segments were adjusted in 
terms of name and property division. The adjustment was 
made to reflect the fact that Heba now owns properties out-
side Stockholm and its immediate suburbs. Comparison fig-
ures for quarters in previous years have also been restated.
The distribution per property category for January-March 
2024 is as follows: 
SEKm
Residential 
properties
Public 
 buildings Group
Rental income 105.3 30.5 135.9
Property costs –36.1 –5.9 –42.0
Net operating income (NOI) 69.2 24.6 93.8
Investment properties, carrying amount 10,347 .2 2,740.2 13,087 .5 
20HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 21 =====

Parent company income statement
SEKm
2024  
Jan–Mar
2023  
Jan–Mar
2023
Jan–Dec
Rental income 58.5 59.9 245.0
Property costs
Operating costs –24.1 –25.7 –94.7
Maintenance costs –0.7 –1.3 –4.5
Property tax –0.9 –1.0 –3.9
Ground lease payments –0.6 –0.6 –2.4
Net operating income (NOI) 32.2 31.3 139.5
Depreciation of properties –6.5 –6.6 –27.0
Gross profit 25.7 24.7 112.2
Central administration –10.7 –9.2 –36.2
Gain or loss from disposals of property – – –31.9
Profit or loss from investments in Group companies –29.0 – 693.5
Financial income 21.0 26.5 107 .2
Interest expenses –11.0 –24.1 –80.7
Change in value of derivative instruments 14.8 –32.9 –128.3
Profit or loss after net financial income or expenses 10.7 –14.9 636.2
Appropriations – – –50.3
Current tax – – –
Deferred tax –9.5 3.1 33.4
Profit or loss for the period 1.3 –11.8 619.3
Condensed parent company balance sheet
SEKm
2024
31 Mar
2023
31 Mar
2023
31 Dec
ASSETS
Intangible assets 5.1 6.1 5.3
Property, plant and equipment 2,387.1 2,557 .2 2,385.5
Financial non-current assets 3,090.3 4,052.9 3,003.1
Derivative instruments 114.2 194.9 99.5
Current receivables 770.5 20.4 791.9
Cash and cash equivalents 39.3 37.0 246.5
Total assets 6,406.6 6,868.5 6,531.7
EQUITY AND LIABILITIES
Shareholders’ equity 2,170.4 1,612.7 2,169.2
Untaxed reserves 2.7 1.8 2.7
Provisions 213.9 234.8 204.4
Non-current liabilities 3,508.9 2,990.5 3,497.1
Current liabilities 510.7 2,028.7 658.4
Total liabilities 4,236.2 5,255.8 4,362.5
Total equity and liabilities 6,406.6 6,868.5 6,531.7
21HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 22 =====

Key figures, Group
2024
Jan–Mar
2023
Jan–Mar
2023
Jan–Dec
2022
Jan–Mar
2021
Jan–Mar
2020
Jan–Mar
Property-related key figures
Lettable time-weighted area, 000s m2 258 302 285 267 254 241
Property yield, % 1) 2.9 2.5 3.2 2.1 2.3 2.4
Rental income per m2, SEK 2,115 1,890 1,987 1,752 1, 679 1, 594
Property costs per m2, SEK 655 633 574 601 572 542
Carrying amount per m2, SEK 50,601 51,279 50,068 55,232 47,906 46, 560
Financial key figures
Cash flow, SEKm 2) 39.8 80.3 235.4 30.5 41.4 61.3
Investments, SEKm 367.0 86.3 327.4 118.4 121.4 191.2
NOI margin, % 3) 19) 69.1 66.5 71.1 65.7 65.9 66.0
Property management margin, % 4) 19) 40.2 51.7 47.9 47.7 45.6 44.4
Interest coverage ratio, multiple 5) 19) 2.6 2.6 2.5 4.6 4.3 4.6
Average interest rate for property loans, % 6) 19) 2.5 2.5 2.2 1.1 1.1 1.3
Debt/equity ratio, multiple 7) 19) 0.9 1.1 0.9 0.8 0.8 0.6
LT V,  % 8) 19) 44.1 48.0 44.1 43.0 42.3 34.3
Net L TV, % 9) 19) 43.8 47.8 42.1 40.0 40.7 34.3
Equity ratio, % 10) 19) 46.6 42.8 47. 2 47.7 47.4 51.9
Return on equity, % 11) 19) –2.5 –10.5 –10.4 10.5 6.9 3.5
Return on total assets, % 12) 19) 0.1 –4.4 –5.7 6.9 4.5 2.8
Per share data
Profit or loss after tax, SEK13) –0.24 –1.14 –4.31 1.21 0.64 0.29
Cash flow, SEK 14) 19) 0.24 0.49 1.43 0.19 0.25 0.37
Shareholders’ equity, SEK 15) 19) 38.94 42.62 38.99 46.59 37.74 33.64
NAV, SEK 16) 19) 46.13 51.55 46.42 56.61 46.60 41.44
Share price, SEK 17) 34.70 28.50 35.45 75.80 57.7 5 41.90
Carrying amount, properties, SEK 18) 19) 79.27 94.09 77.36 90.11 74.02 62.79
Shares outstanding at the end of the period, 000s 165,104 165,120 165,104 165,120 165,120 165,120
Average shares outstanding, 000s 165,104 165,120 165,117 165,120 165,120 165,120
Definitions
1) Net operating income in relation to the carrying amount of proper-
ties at the end of the period. 
2) Income from property management less tax paid, adjusted for net 
interest paid and non-cash items and after changes in working 
capital. 
3) NOI in relation to rental income. 
4) Income from property management in relation to rental income. 
5) Income from property management plus interest expenses in rela-
tion to interest expenses. 
6) Average interest rate for property loans on the reporting date. 
7) Interest-bearing liabilities in relation to visible equity at the end of 
the period. 
8) Interest-bearing liabilities in relation to the carrying amount of 
properties at the end of the period.
9) Interest-bearing liabilities and declared dividend less cash and 
cash equivalents in relation to the carrying amount of properties at 
the end of the period.
10) Visible equity in relation to total assets at the end of the period. 
11) Profit after tax in relation to average visible equity. 
12) Profit or loss before tax excluding items affecting comparability 
plus interest expenses in relation to average total assets. 
13) Profit or loss for the period in relation to average shares outstand-
ing during the period. 
14) Cash flow from operating activities in relation to average shares 
outstanding during the period. 
15) Shareholders’ equity in relation to shares outstanding at the end of 
the period. 
16) Shareholders’ equity plus interest rate derivatives and deferred tax 
liabilities in relation to shares outstanding at the end of the period. 
17) Share price at the end of the period
18) Carrying amount of properties in relation to shares outstanding at 
the end of the period 
19) Calculations of APMs are available on Heba’s website, hebafast.se. 
22HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 23 =====

Auditor’s review report
Heba Fastighets AB (publ) CRN 556057-3981 
We have reviewed the condensed interim financial information 
for Heba Fastighets AB (publ) as of 31 March 2024 and the 
three-month period then ended. The Board of Directors and 
the Managing Director are responsible for the preparation and 
presentation of this interim financial information in accordance 
with IAS 34 and the Annual Accounts Act. Our responsibility is 
to express a conclusion on this interim report based on our 
review. 
Scope of review 
We conducted our review in accordance with the International 
Standard on Review Engagements ISRE 2410, Review of 
Interim Report Performed by the Independent Auditor of the 
Entity. A review consists of making inquiries, primarily of per-
sons responsible for financial and accounting matters, and 
applying analytical and other review procedures. A review is 
substantially less in scope than an audit conducted in accord-
ance with International Standards on Auditing and other gen-
erally accepted auditing standards in Sweden. The procedures 
performed in a review do not enable us to obtain assurance 
that we would become aware of all significant matters that 
might be identified in an audit. The conclusion expressed on 
the basis of a review therefore does not provide the level of 
assurance of a conclusion based on an audit. 
Conclusion 
Based on our review, nothing has come to our attention that 
causes us to believe that the interim report was not prepared, 
in all material respects, in accordance with IAS 34 and the 
Swedish Annual Accounts Act regarding the Group, and in 
accordance with the Swedish Annual Accounts Act regarding 
the Parent Company 
Stockholm, 23 April 2024 
Ernst & Young AB 
Fredric Hävrén 
Authorised Public Accountant
23HEBA FASTIGHETS AB Q1 | INTERIM REPORT 1 JANUARY – 31 MARCH 2024

===== SIDA 24 =====

Heba is a long-term and experienced property owner that develops, owns 
and manages residential properties and public buildings centrally located 
in the Stockholm-Mälaren Region. On the strength of our expertise and 
commitment, we offer safe, secure and sustainable homes with high 
 amenity standards for people to enjoy living in throughout various phases 
of their lives. We create value for shareholders and society through satisfied 
tenants, safer and more attractive communities and trustful partnerships. 
The Heba Group comprises 58 properties, including 12 public buildings.  
The properties are comprised of 3,148 residential units and 339 non- 
residential units. Heba was founded in 1952 and has been listed on 
 Nasdaq Stockholm AB Nordic Mid Cap since 1994. 
hebafast.se
Contact persons:
Patrik Emanuelsson, CEO
+46 8-522 547 50, patrik.emanuelsson@hebafast.se 
Hanna Franzén, CFO
+46 8-442 44 59, hanna.franzen@hebafast.se
Reporting calendar
Annual General Meeting
APR
24
2024
Interim Report January–June 2024
JUL
10
2024
Interim Report January–September 2024
OCT
23
2024
Year-end Report 2024FEB
2025
Annual Report 2024MAR
2025