Kvartalsrapport Q3 2024

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

Q3
Contact person:
Patrik Emanuelsson, CEO
+46 (0) 8-5225 47 50 
patrik.emanuelsson@hebafast.se
The quarter:  
1 July – 30 September 2024
• Profit for the period was SEK 14.7m (–265.9), corresponding 
to SEK 0.09 (–1.61) per share. 
• Income from property management was SEK 55.9m (60.3). 
The decrease is attributable to property exits in the pre-
ceding year.
• Rental income amounted to SEK 141.8m (147 .6). 
• Net operating income (NOI) was SEK 105.2m (113.3). 
• Unrealised changes in the value of properties amounted 
to SEK 18.8m (–356.4). 
• Heba took ownership of a senior living facility in Näsby Park 
in Q2 and exited two properties in Midsommarkransen.
The period: 
1 January – 30 September 2024
• The loss for the period was SEK –7 .9m (–654.5), 
 corresponding to SEK –0.05 (–3.96) per share. 
• Income from property management increased by 3% to 
SEK 168.5m (163.6) excluding commonhold apartment 
income in jointly controlled entities.
• Rental income amounted to SEK 418.0m (436.9). 
• Net operating income (NOI) was SEK 302.9m (315.3). 
• Unrealised changes in the value of properties amounted 
to SEK –32.6m (–1,003.8). 
• Ownership of three senior living facilities , two in Tyresö 
and one in Näsby Park, was transferred to Heba in 2024.
• A new sustainability-linked green financing framework was 
published.
• Heba’s rating was upgraded to BBB with Stable Outlook.
• Heba completed the renovation of the Rådsbacken 12 
 property in Huddinge this year. Only 98 apartments remain 
to be renovated, after which the entire holding will have 
been upgraded to modern standards.
Key figures
2024
Jul–Sep
2023
Jul–Sep
2024
Jan–Sep
2023
Jan–Sep
2023/2024
Oct–Sep
2023
Jan–Dec 
Property-related key figures
Rental income, SEKm 141.8 147.6 418.0 436.9 546.8 565.7
Lettable time-weighted area, 000s m2 258.1 289.1 257 .2 294.3 255.0 284.6
Property yield, % 3.1 2.9 3.1 3.0 3.0 3.2
Carrying amount per m2, SEK 51,166 49,566 51,001 48,935 50,841 50,068
Financial key figures
Cash flow, SEKm 41.0 59.5 135.4 152.7 218.2 235.4
Investments, SEKm 262.9 84.9 652.1 271.2 712.1 331.2
Average interest rate, % 2.95 2.57 2.95 2.57 2.95 2.21
Property management margin, % 39.4 40.8 40.3 51.0 39.6 47.9
Loan-to-value (L TV) ratio, % 44.2 48.1 44.2 48.1 44.2 44.1
Net L TV, % 43.9 48.1 43.9 49.0 43.9 43.1
NOI margin, % 73.3 70.4 72.5 72.2 71.3 71.1
Per share data
Profit or loss before tax, SEK –0.01 –1.94 –0.03 –5.18 –1.17 –6.32
Profit or loss after tax, SEK 0.09 –1.61 –0.05 –3.96 –0.40 –4.31
Dividend, SEK 0.52 0.45 0.52
Share price at 30 September, SEK 37.1 5 23.95 37.1 5 23.95 37.1 5 35.45
NAV, SEK 46.42 47.05 46.42 47.05 46.42 46.42
Interim Report  
1 January – 30 September 2024

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

Heba continues to strengthen income from 
property management, amounting to SEK 
168.6m for the first three quarters of 2024. 
This is a 3% improvement compared to the 
same period last year, excluding profit from 
commonhold apartment sales. This was 
accomplished even though we sold away 
rental income of SEK 93m through divestiture 
of property assets. Heba’s total floor space is 
now the same as it was in 2017 , but income 
from property management has doubled. With 
efficient management, investments in public 
buildings and the dedicated efforts of skilled 
employees, we have achieved outstanding 
progress.
The change in the value of properties was 
 marginally positive for Q3 2024, while the 
cumulative change for the first three quarters 
was –0.3%. The NOI margin remains at a 
record-high 72.5%. We are delivering according 
to the financial targets for 2023–2025, which 
entails income from property management of 
more than SEK 200m for 2024.
Sustainable growth
2Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024HEBA FASTIGHETS AB

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

Important events in Q3 2024
Ownership of a senior living facility was transferred from Slättö 
to Heba in Q3. We have also entered into a general building 
contract for 48 residential rental units in Hägersten planned for 
completion in 2026. We exited two properties in Midsom-
markransen, which were sold to Sarak Fastigheter AB, and one 
property in Vårberg, sold to Svenska Bostäder, within the 
framework of our joint venture with Åke Sundvall AB. We also 
issued green bonds of SEK 350m within our new green financ-
ing framework.
Market overview and new targets 2025–2030
The market remains hesitant but is moving slowly forward. 
Inflation and interest rates are falling. Just as we predicted, the 
market is going to stabilise in 2025, but at a different level from 
before. We have delivered on our targets and the time has now 
come to gear up. The new financial targets set during the 
quarter for 2025–2030 are aligned with a policy of sustainable 
growth. The strategy for hitting the financial targets is to 
achieve growth through profitable acquisitions, new builds and 
exits. New builds must generate surplus value of at least 10%. 
We are focusing on a traditional builder role in which we build 
both to own and to sell while maintaining a strong balance 
sheet.
Ambitious ESG targets driving progress
In parallel, comprehensive action is required in the real estate 
sector to shoulder our responsibility for the environment and 
the world in which we live, here and now and for the genera-
tions to come. The CSRD entails stricter requirements for 
 sustainability reporting and Heba welcomes the higher 
 standards. No one is exempt. Each and every one of us must 
take action. At Heba, we need to alter our methods to ensure 
documented control of our properties in real time. At the same 
time, we must maintain our strong key figures while keeping 
our customers and employees happy. We will be working in an 
even more structured and systematic way and making full use 
of the strengths and opportunities of digitalisation. 
Heba intends to be the role model of our industry. 
Heba is a company with a strong financial position, highly 
 efficient in-house property management and satisfied ten-
ants. We are leading the way by far in many areas, especially 
sustainability. We are all facing a tremendous challenge to 
achieve the green transition and successfully deliver extremely 
comprehensive sustainability reporting. Those who succeed at 
this while delivering growth and sustaining a strong financial 
position along with satisfied tenants and employees will be the 
winners of tomorrow.
With our new targets and strategies, we have created the 
conditions for being the paragon of the industry by 2030.
Let's go!
Patrik Emanuelsson
CEO Heba Fastighets AB
New targets 2025–2030
Growth with financial stability 
• Average annual growth in income from property management of 5%r.
• Average annual L TV of 45% or below and never above 50%.
• NOI margin above 70%.
• Market value of properties exceeding SEK 20bn.
• At least 20% of NOI from public buildings.
• Shareholder dividend of at least 50% of income from property 
 management, adjusted for tax.
ESG targets 
• Property management climate-neutral by 2030 and all operations 
climate-neutral by 2045.
• Reduce energy use to 40 kWh/m2 (currently 79 kWh/m2) and ensure 
that all properties obtain energy class C or better by 2030. To hit 
these targets, we will be making the financially justifiable investments 
before 2030 that are necessary to achieve climate-neutral property 
management by 2030.
• All properties shall be environmentally certified as of 2025.
• Heba’s stock and financing shall be entirely green as of 2030. 
• Our actions in the area of social sustainability will include lowering the 
minimum income requirement for new tenants to the “normal 
amount” set by the Swedish Enforcement Authority needed to cover 
ordinary living expenses to make it possible for more people to obtain 
housing. As an additional target, we are aiming for all tenants to have 
sustainable leases by 2030 (currently 40%).
Turn to pages 6–8 to read more about Heba’s ESG targets.
3Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024HEBA FASTIGHETS AB

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

Our core business is to own, manage and 
develop residential rental properties and public 
buildings in the Stockholm-Mälaren Region.
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 Our value-creating business model
Acquisitions
New builds 
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 57 
properties in the Stockholm-Mälaren Region.
44 residential rental properties and  
13 public buildings
Value generated
For shareholders
Long-term profitability and growth, 
returns to shareholders
For employees
Committed employees
For the environment
Resource-efficient and  
sustainable 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
Sustainability
Income from property management
4HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Heba is the long-term choice
Heba is on the forefront of the responsible business movement. 
Sustainability is embedded throughout our entire organisation 
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 
 revenues. 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 in-house property man-
agement will generate dividends when property values rise 
again.
Efficient organisation
We act with professional pride in everything we do. 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.
Ambitious ESG targets
Demanding ESG targets and the transition to the forthcoming 
CSRD reporting standards are helping us prioritise. We need 
knowledge and digitalisation to succeed.
The Heba investment case
5Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024HEBA FASTIGHETS AB

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

Our employees are our most 
important resource
Making sure that each and every one of our employees 
can thrive and develop ensures long-term sustain-
ability. Heba is working actively to be an equal and 
inclusive workplace that creates the conditions for a 
sustainable, customer-oriented company. Our work-
ing environment shall be safe and secure from the 
physical, psychological and social perspectives. Heba 
takes a proactive approach to avoiding occupational 
accidents and illness and preventing risks.
Contributing to an ethical and 
socially sustainable society
To Heba, social sustainability means running the 
 business in an ethically, socially and environmentally 
correct manner. 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 initiatives through part-
nering with and donating to organisations that help 
and support vulnerable groups.
Aiming for climate-neutral 
 property management by 2030
Heba’s long-term sustainability target is for property 
management to be climate neutral by 2030 and the 
entire organisation by 2045. Heba supports the 1.5 
degree target of the Paris Agreement. Limiting the 
indirect emissions of our business is the most impor-
tant component for attaining that goal. It is also 
important to prepare the organisation for various 
 scenarios caused by climate impact.
Organisation Social sustainability Environment
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
6HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

• Attractive employer 
Heba is working hard to be an attractive employer 
with focus on employee satisfaction, skills develop-
ment and equal opportunity.
• Employee Satisfaction Index (ESI) 
ESI shall be in line with the industry average.
• Training 
Thirty 30 training hours shall be provided per 
employee/year.
• Gender balance  
Women/Men: 50/50 +–10%.  
Managers, Women/Men: 50/50 +–10%.
• Employee turnover 
Maximum of 10%.
• Absenteeism 
Rate of 2–4%.
• Diversity 
The company’s needs from the perspective of 
equal opportunity, diversity, gender and age shall 
be considered in connection with every recruitment.
• Security  
Security index for Heba’s residential properties of 
80 or above.
• Tenant satisfaction 
Heba shall have a service index on par with or above 
the median value for privately owned housing com-
panies in large cities.
• Lower income requirement to qualify for a lease 
The income requirement shall be based on the 
Enforcement Authority’s normal amount, i.e., 
 tenants should have SEK 6,090 left of their income 
to live on after the rent is paid.
• Sustainable leases 
All tenants shall have sustainable leases by 2030, 
meaning that they are contractually obligated to 
recycle, arrange green electricity supply and con-
tribute to a smoke-free property (40%).
• Social responsibility 
Heba shall provide at least 10 apartments every year 
for people who are structurally homeless, with focus 
on vulnerable women and children.
• Supplier value chains 
As of 2025, the value chains of significant suppliers 
shall be reviewed based on the Swedish Property 
Federation’s Code of Conduct.
• Property management climate-neutral by 2030 
and all operations climate-neutral by 2045.
• Reduced energy use 
Energy use halved from 80 kWh/m2 to 40 kWh/m2 
by 2030.
• Green buildings 
All properties categorised as energy class C or better.
• Green financing 
100% green financing by 2030.
• Green stock 
Heba stock shall be green as of 2030.
• Reduced emissions in building processes 
As of 2025, emissions during the construction 
phase shall be halved for all new builds started, 
based on current reference values provided by 
Boverket (the Swedish National Board of Housing, 
Building and Planning). 
All construction waste shall be sorted and prepared 
for recycling.
• Sustainable property management 
All properties shall be environmentally certified in 
operation and have been assessed for climate risk 
as of 2025.
• Contribute to the energy transmission in society 
All parking spaces shall be equipped for EV charging 
as of 2030.
Organisation Social sustainability Environment
ESG targets  
2025–2030
7HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Sustainability events Q3 2024
We are working systematically to reduce our direct and indirect 
emissions in order to achieve our long-term sustainability tar-
get of operating a climate-neutral business by 2045. As part of 
a chain of market actors, it is also important that in addition to 
what we can do ourselves we work together and put demands 
on partners and contractors. 
Updated energy use target
Heba updated the energy target in Q3 because the reductions 
have been achieved faster than planned. Energy use at the end 
of the quarter was 79 kWh/m2. Our new target is to reduce 
average energy use to 40 kWh/m2 by 2030, which corresponds 
to a reduction of about 50%. To achieve the target, we will be 
implementing justified, energy-saving investments in geo-
thermal heating and solar panels. We will continuously evaluate 
all investments to ensure profitability, monitor developments 
in energy-saving measures and adjust the plan to prevailing 
conditions.
Upgrading property energy classes
We are also upgrading all currently owned properties to energy 
class C or better. The energy classes of all properties were 
identified in Q3 as a basis for prioritised action plans.
Improved energy performance in new builds
In further actions to achieve the energy use target, all new 
builds from 2025 shall be built to ensure energy performance 
that is 20% better than required under current Boverket build-
ing regulations. 
Certification in operation
Heba has developed an internal environmental certification for 
properties in operation. Five properties were test-certified in 
Q3 as a pilot group. Heba will certify the entire portfolio by 
2030.
Preparations for CSRD reporting
Heba is required to report according to the new EU Corporate 
Sustainability Reporting Directive (CSRD) as of the 2025 
annual reporting period. In preparation, we have carried out a 
comprehensive gap analysis aimed at identifying the areas we 
need to improve in our sustainability reporting to meet the new 
requirements under CSRD standards. Implementation will be 
based on the results of the gap analysis. In order to meet the 
reporting requirements we need data that can only be gener-
ated by switching to more digital solutions. The transition will 
require employees to use new methods.
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 sup-
pliers based on the Suppliers’ Code of Conduct prepared by 
the Swedish Property Federation By the end of Q3, all signifi-
cant suppliers had signed the Code of Conduct and 23% of 
these will be reviewed in Q4 2024. All of Heba’s significant 
suppliers will be audited based on the code in 2025. 
Reduction of energy use,  
degree days corrected
0
30
60
90
120
150
Q3 2024202320222021202020192018
 kWh/slash.tabm/two.tab
Outcome Q3 2024
79 kWh
Target 2020
40 kWh
8HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Revenue and profit
Q3
Rental income decreased to SEK 141.8m (147 .6) due to the 
property sales closed in 2023. Property costs amounted to 
SEK 36.6m (34.2). Income from property management in Q3 
decreased by 7 .3% to SEK 55.9m (60.3). The decrease is 
attributable to lower rental income during the period and profit 
of SEK 1.9m (–17 .1) from investments in jointly controlled enti-
ties related to exits from commonhold apartment projects in 
2023. Unrealised changes in the value of investment proper-
ties and interest rate derivatives amounted to SEK –56.8m 
(–368.1). The loss before tax was SEK –1.3m (–320.9), corre-
sponding to SEK –0.01 per share (–1.94). Profit after tax was 
SEK 14.7m (–265.9) or SEK 0.09 per share (–1.61).
First nine months
Rental income decreased to SEK 418.0m (436.9) due to the 
property sales closed in 2023. Property costs amounted to 
SEK 115.1m (121.6). Income from property management fell by 
24.3% to 168.6m (222.9). The decrease is attributable to lower 
rental income during the period and a loss of SEK –41.3m (41.5) 
from investments in jointly controlled entities related to exits 
from commonhold apartment projects in 2023. Excluding 
income from commonhold apartments in jointly controlled 
entities, income from property management increased by 3% 
in the first nine months. Unrealised changes in the value of 
investment properties and interest rate derivatives amounted 
to SEK –124.0 million (–1,017 .7). The loss before tax was 
SEK –4.9m (–856.0), corresponding to SEK –0.03 per share 
(–5.18). The loss after tax was SEK –7 .9m (–654.5) or 
SEK –0.05 per share (–3.96).
Interim Report  
1 January – 30 September 2024
Properties in the Stockholm-Mälaren Region
57 (65)
Residential properties
43 (54)
Public buildings
13 (10)
Project properties:
1 (1)
Lettable space
259,200 (289,100)
Number of residential units
3,108 (3,800)
Number of non-residential units1)
117 (126)
Property holdings and market 
The Heba Group’s property holdings at the end of the Q3 2024 
interim reporting period (Q3 2023 in brackets)
The vacancy rate for residential and non-residential units 
remains very low at 0.06% for residential and 0.52% for 
non-residential at the end of the reporting period.
1) As of Q3 2024, storage spaces are not reported as non-residential units.
9HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Investments and disposals
Care home in Täby
Heba closed an agreement with Slättö Sam Äldreboende 
Holding 2 AB in June 2024 to acquire a senior living facility in 
Näsby Slottspark, Täby, Stockholm. The facility comprises 54 
apartments. Ownership was transferred in September 2024 
when Heba acquired all shares in the company. The agreed 
property value corresponds to SEK 252m. Costs incurred in the 
first three quarters of the year amount to SEK 241.5m adjusted 
for rebates received. The investment is estimated at about 
SEK 242m. 
Care homes in Tyresö
Heba signed an agreement with Hemsö Fastighets AB in Feb-
ruary 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 corresponds to 
SEK 347m. Costs incurred in the first three quarters of 2024 
amount to SEK 336.6m adjusted for the received tax rebate. 
The investment is estimated at about SEK 337m. 
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. Owner-
ship was transferred in November 2022. The parties agreed in 
Q2 2024 that Heba would take over and execute the project 
under its own management. The properties comprise 128 
rental apartments, 13 of which are located in terraced houses. 
A general contract was made in Q2 2024 and production 
began in Q3 for completion in 2026. Costs incurred amount to 
SEK 66.7m including SEK 3.7m during the first three quarters 
of 2024. The negative figure for the first half is attributable to 
compensation as per the settlement with MAMA Management 
AB. The estimated investment has risen to SEK 400m due to 
the increase in lettable space for the project and the increase 
in costs since 2021. 
Other investments
Other new investments amount to SEK 15.2m (26.8). 
SEK 58.2m (184.0) was invested in value-add measures in 
other properties during the period. 
The total investment in investment properties during the 
first three quarters of 2024 was SEK 647 .8m (271.2). 
SEK 4.3m (2.7) was invested in other non-current assets 
during the period.
Disposals
A contract with Sarak Fastigheter AB on the sale of two prop-
erties was signed in June 2024. The deal was executed as a 
corporate transaction in which Heba sold the shares and thus, 
indirectly, the properties. Exit occurred in September 2024.
Investments
Property Location No. of apts Property type Transfer of ownership Construction start Completion year Estimated investment, SEKm
Äppelträdgården 1 Täby 54 Care property Sept 2024 242
Krusmyntan 1 & 2 Tyresö 115 Care properties March 2024 337
Källberga Nynäshamn 128 Rental apartments Nov 2022 2024 2026 400
Total 297 979
Krusmyntan 1, Tyresö.
10HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

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 the buildings 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 executed as a corporate transaction in which Svenska 
Bostäder acquires the shares and thus, indirectly, the proper-
ties. Heba exited the first building in September 2024 and exit 
from the second building is planned for June 2025. 
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%.
Vårbergstoppen, Vårberg
11HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Property valuation
The market value of the properties was SEK 13,278.5m as at 
30 September 2023 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 under-
going renovation and project properties in early phases, were 
valued externally, half by Savills Sweden AB and half by Novier 
Real Estate AB. Other 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 reporting 
period. In conjunction with the end of the annual reporting period, 
all properties owned by the Group will be externally  valued apart 
from the exceptions mentioned above. As of the reporting date, 
two of the properties had been valued by external independent 
valuation firms and the recognised fair value of these two proper-
ties is the average of these valuations.  Discounted cash flow 
(DCF) is the principal valuation method applied, where an esti-
mated future net operating income is calculated over an estima-
tion 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 trans actions and the market position of 
the properties. Comparison and analysis of completed real estate 
transactions in each sub-market were also performed. The aver-
age yield requirements were 4.4% for externally valued public 
buildings and 3.2% for residential property. The total average yield 
requirement for externally valued properties is 3.5%. The total val-
uation decrease for the period of January-September was –0.3% 
(–6.4). The change in value is due mainly to higher yield require-
ments for residential property in the Stockholm region.
Changes in the carrying amount of investment properties: 
Investment properties (SEKm)
2024  
Jan–Sep
2023  
Jan–Sep
2023  
Jan–Dec
Carrying amount at the beginning of 
the period 12,773.2 15,718.2 15,718.2
Acquisitions and new builds 590.4 87.4 102.6
Investments in existing properties 57.5 183.8 224.8
Disposals –110.0 –653.7 –2,187 .8
Change in value –32.6 –1,003.8 –1,084.5
Carrying amount at the end of  
the period 13,278.5 14,331.9 12,773.2
Financial position 
Cash and cash equivalents amounted to SEK 40.5m (4.3). 
Shareholders’ equity amounted to SEK 6,343.7m (6,495.6), 
corresponding to an equity ratio of 46.1% (43.0). The L TV ratio 
was 44.2% (48.1) and the base L TV ratio was 43.9% (49.0). 
Cash flow from operating activities after changes in working 
capital amounted to SEK 135.4m (152.7). Interest-bearing lia-
bilities decreased to SEK 5,869.6m (6,899.1). Of that amount, 
SEK 0.0m (32.0) consists of the used portion of overdraft 
facilities of SEK 132.0m (140.0) and SEK 1,439.1m (816.2) 
accrues interest at a variable rate. The decrease in interest- 
bearing liabilities is mainly driven by buybacks of bonds that 
mature in 2023 and 2024, as well as repayment of secured 
short-term debt. 
Heba has a commercial paper programme with a distribut-
able amount framework of SEK 4,000m. Heba had outstand-
ing commercial paper of SEK 315m (100) at the end of the 
reporting period. Heba always has liquidity or unused credit 
commitments that cover outstanding commercial paper upon 
maturity. 
At the end of the reporting period, the average interest rate 
was 2.95% (2.57). Unused credit commitments amount to 
SEK 2,032.0m (1,618.0), including the unused portion of an 
overdraft facility of SEK 132.0m (108.0). 
There are no liabilities denominated in foreign currencies. 
Pledged collateral and guarantee commitments
Collateral pledged for interest-bearing liabilities amounted to 
SEK 4,302.3m (5,027 .0). The parent company has issued 
guarantee commitments for credit facilities of SEK 277m in 
relation to a residential project in Vårbergstoppen.
LTV and average interest  
rate on property loans (%)
0
10
20
30
40
50
2024202320222021202020192018201720162015
Jan–Sep
0
1
2
3
4
5
 LTV (%) 
 Average interest rate on property loans (%)
12HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Fixed interest rate structure
The fixed interest rate structure and average interest rates as 
at 30 September 2024 are shown on the following table. 
Fixed interest rate structure 30/09/2024
Maturity
Volume 
(SEKm)
Average interest 
rate 
(%)
Share 
(%)
< 1 year 1,309.1 7.89 22
1–2 years 550.0 1.73 9
2–3 years 500.0 1.66 9
3–4 years 700.0 1.85 12
4–5 years 1,250.0 1.97 21
5–6 years 530.0 1.62 9
6–7 years 430.0 1.60 8
7–8 years 600.4 2.48 10
8–9 years – – –
9–10 years – – –
Total 5,869.6 3.22 100
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; consequently, the 
average interest rate may differ from the rate that Heba is cur-
rently paying. The average rate for period 1 includes the credit 
margin for all loans at variable rates. This also includes the vari-
able component of interest rate swaps, which are traded at no 
margin. Consequently, the average rate in year 1 does not 
reflect the current credit rate when borrowing. 
In order to interest-rate hedge variable rate interest-bearing 
liabilities, Heba contracted interest rate swaps totalling SEK 
3,500.0m (4,250.0) at the end of the reporting period, which 
mature between 2024 and 2031, of which SEK 650m 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 30 September, the 
fair value of the derivatives amounted to SEK 8.0 million (213.8). 
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 79.8 million. 
Cash conversion cycle structure
The cash conversion cycle structure for Heba’s property loans 
as at 30 September 2024 is shown on the following table.
Cash conversion cycle structure 30 September 2024
Maturity
Credit agreement 
(SEKm)
Used 
(SEKm)
Commercial paper programme 4,000.0 315.0
< 1 year 1,333.0 1,001.0
1–2 years 1,530.0 1,030.0
2–3 years 1,360.0 760.0
3–4 years 1,040.0 440.0
4–5 years 321.4 321.4
5–6 years 1,038.0 1,038.0
6–7 years 430.0 430.0
7–8 years 350.4 350.4
8–9 years 183.8 183.8
9–10 years – –
Total 11,586.5 5,869.6
The average cash conversion cycle of the loan portfolio, 
including loan commitments, was 3.5 years (3.9) and the aver-
age fixed interest duration was 3.4 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 bonds 
Heba established an MTN (Medium Term Notes) programme 
in January 2021 with an amount framework of SEK 2,000 mil-
lion. In January 2022, Heba expanded the existing MTN pro-
gramme to a total amount framework of SEK 5,000m. The 
MTN programme enables Heba to issue bonds in the capital 
market.
EU Green and Sustainability-Linked Financing 
 Framework
Heba launched an EU Green and Sustainability-Linked 
 Financing Framework in February 2024. The framework was 
prepared in accordance with the current EU Taxonomy and the 
European Green Bond Standard and replaces Heba’s previous 
green financing framework prepared in 2021. With this frame-
work, Heba’s aim is to reinforce the link between financing and 
sustainability strategies and objectives. The framework was 
prepared in partnership with Handelsbanken and reviewed by 
Morningstar Sustainalytics, an independent organisation. They 
concluded that the framework will lead to positive environ-
mental change, and assessed Heba’s key figures as “Very 
Strong” and the company’s ESG targets as “Highly Ambitious”.
13HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Close to Home
Close to Home offers a homelike, cosy and inspiring work environment 
that sets the stage for face-to-face meetings. With modern and stylish 
facilities, flexible work spaces and conference rooms, this is a dynamic 
place to work and interact – close to home. 
Close to Home in Norrtälje
14HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

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. 
The lease liability for ground leases amounted to SEK 127 .4m 
as at 30 September 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 amorti-
sation of the lease liability. The cost in legal entities is treated 
as ground lease payments and is included in NOI.
Significant risks and uncertainties 
Rental income
Approximately 77% of Heba’s total rental income 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 2.2bn. If the property 
yield rises by 0.5%, the market value will fall by more than 
SEK 1.6bn. 
Finance policy
Heba’s finance policy governs how financial risks must be 
 managed 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 
 interest duration of borrowings. In order to limit the effect of 
changes in interest rates, about 78% 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 
interest- bearing liabilities of SEK 1,316m comprise commercial 
paper of SEK 315m, bonds of SEK 350m and bank loans of 
SEK 651m. 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 
company coincide with the accounting policies applied when 
preparing 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 
manage ment to assess the financial performance of the com-
pany and are thus deemed to provide valuable information to 
analysts and other stakeholders. Calculations of APMs are 
available on Heba’s investor relations website, ir.hebafast.se.
15HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

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
A divided of SEK 0.52 per share was distributed in May 2024 
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. 
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 
 limited to a maximum of 30,000 Class B shares in the company 
and 16,000 shares have been bought back thus far. 
Ownership structure, 30 September 2024
Name
Total number 
of Class A 
shares
Total number 
of Class B 
shares
Equity  
(%)
Votes 
(%)
IC Industricentralen Holding AB 30,809,736 18.66 9.99
Ericsson, Charlotte 1,998,320 8,661,897 6.46 9.27
Vogel, Johan 1,866,240 8,340,978 6.18 8.74
Vogel, Anna 1,866,240 8,220,992 6.11 8.70
Holmbergh, Christina 1,848,320 7 ,819,608 5.85 8.52
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 90,618,654 62.21 68.54
Other shareholders 3,821,880 58,570,706 37.7 9 31.46
Total 15,930,640 149,189,360 100.00 100.00
Dividend (SEK/share)
0.0
0.2
0.4
0.6
0.8
1.0
202320222021202020192018201720162015
 
15 % 7 %
13 %
22 %
9 %
23 %
–44 %
16 %
8 %
NAV (Net Asset Value) per share (SEK)
0
10
20
30
40
50
60
2024202320222021202020192018201720162015
Jan–Sep
21 %
13 %
11 %
10 %
6 %
12 %
20 %
5 %
–13 % –1 %
Share price performance 2017–2024 (SEK)
0
10
20
30
40
50
60
70
20242023202220212020201920282017
Jan–Sep
16HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Parent company 
Rental income in the parent company amounted to SEK 117 .7m 
(188.6) and the loss before appropriations and tax was SEK 
–50.4m (19.7). 
Events after the end of the  
reporting 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 
 publication on this date.
Intersection outside the Heba property Draken, Södermalm, Stockholm
Stockholm, 23 October 2024
Heba Fastighets AB (publ)
Patrik Emanuelsson
Chief Executive Officer
17HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Current earnings capacity
Heba’s current earnings capacity is presented below on a 
twelve-month basis as at 30 September 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.
SEKm 30 Sep 2024
Rental value 570
Vacancy, discounts and other income 1
Rental income 571
Operating costs –148
Maintenance costs –3
Property tax –5
Net operating income (NOI) 415
Central administration –39
Profit or loss from investments in jointly controlled entities, current1) –3
Net financial income (-expenses) –160
Income from property management 213
1)  This does not include commonhold apartment income and other items affecting 
profit or loss per disposals within investments in jointly controlled entities.
Parking structure with EV charging capabilities, Vårbergstoppen, Vårberg
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.
18HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Consolidated statement of comprehensive income
SEKm
2024  
Jul–Sep
2023  
Jul–Sep
2024  
Jan–Sep
2023  
Jan–Sep
2023/2024 
Oct–Sep
2023
Jan–Dec
Rental income 141.8 1 47.6 418.0 436.9 546.8 565.7
Property costs
Operating costs –34.6 –32.1 –109.3 –114.5 –148.9 –154.0
Maintenance costs –0.7 –0.6 –1.8 –2.5 –2.7 –3.4
Property tax –1.3 –1.6 –4.0 –4.6 –5.5 –6.1
Net operating income (NOI) 105.2 113.3 302.9 315.3 389.8 402.1
Central administration –8.6 –8.5 –29.1 –26.8 –38.8 –36.5
Profit or loss from investments in jointly controlled entities 1.9 –1 7.1 –41.3 41.5 –46.8 35.9
Financial income 7. 2 6.6 21.4 23.9 31.8 34.3
Interest expenses –42.9 –46.2 –116.3 –140.7 –152.7 –177.0
Interest expenses, leases –1.0 –0.9 –2.9 –3.2 –3.8 –4.1
Profit including changes in value in jointly controlled entities 61.9 47.3 134.6 209.9 179.5 254.7
Of which income from property management 1) 55.9 60.3 168.6 222.9 216.5 270.7
Impairments of financial assets – – –9.0 – –19.6 –10.6
Gain or loss from disposals of property –6.3 – –6.5 –48.1 –33.7 –75.4
Change in value, investment properties 18.8 –356.5 –32.6 –1,003.8 –113.3 –1,084.5
Change in value, interest rate derivatives –75.6 –11.7 –91.4 –14.0 –205.8 –128.3
Profit or loss before tax –1.3 –320.9 –4.9 –856.0 –193.0 –1,044.1
Current tax – – –1.0 – –0.7 0.3
Deferred tax 16.1 55.0 –2.0 201.5 1 27.9 331.4
Profit or loss for the period 14.7 –265.9 –7.9 –654.5 –65.7 –712.3
Other comprehensive income – – – – – –
Comprehensive income for the period 14.7 –265.9 –7.9 –654.5 –65.7 –712.3
Per share data 
Profit or loss after tax, SEK2) 0.09 –1.61 –0.05 –3.96 –0.40 –4.31
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
30 Sep
2023
30 Sep
2023
31 Dec
ASSETS
Intangible assets 4.8 5.6 5.3
Investment properties 13,278.5 14,331.9 12,773.2
Right-of-use assets 1 27.4 123.7 126.3
Property, plant and equipment 9.6 7. 2 7.5
Investments in jointly controlled entities 0.7 57.0 14.3
Financial non-current assets 239.6 305.2 307.3
Other non-current securities holdings 9.1 25.2 18.1
Interest rate derivatives 8.0 213.8 99.5
Current assets 48.0 47.4 26.4
Cash and cash equivalents 40.5 4.3 247. 2
Total assets 13,766.2 15,121.2 13,625.0
EQUITY AND LIABILITIES
Shareholders’ equity 6,343.7 6,495.6 6,437.5
Non-current interest-bearing liabilities 4,553.6 5,247.2 4,916.5
Deferred tax liabilities 1,328.2 1,487.4 1,326.2
Lease liability 1 27.4 123.7 126.3
Tax liability 0.7 – –
Current interest-bearing liabilities 1,316.0 1,652.0 712.0
Other current liabilities 96.6 115.4 106.6
Total liabilities 7 ,422.5 8,625.6 7,1 87.6
Total equity and liabilities 13,766.2 15,121.2 13,625.0
19HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

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 –654.5 –654.5
Share buyback –0.1 –0.1
Transactions with owners
Dividend –74.3 –74.3
Closing balance, 30 Sep 2023 34.4 6.9 6,454.3 6,495.6
Opening balance, 1 Oct 2023 34.4 6.9 6,454.3 6,495.6
Comprehensive income for the period – 57.8 – 57.8
Transactions with owners
Share buyback –03 –0.3
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 –7.9 –7.9
Transactions with owners
Dividend –85.9 –85.9
Closing balance, 30 Sep 2024 34.4 6.9 6,302.4 6,343.7
Condensed consolidated cash flow statement
SEKm
2024  
Jul–Sep
2023  
Jul–Sep
2024  
Jan–Sep
2023  
Jan–Sep
2023
Jan–Dec
OPERA TING ACTIVITIES
Profit or loss before tax –1.3 –320.9 –4.9 –856 –1,044.1
Adjustment for non-cash items
Less share of profit or loss in jointly controlled entities –1.9 1 7.1 41.3 –41.5 –35.9
Amortisation, depreciation and impairments of assets 0.9 0.9 11.4 2.6 27.0
Change in value, investment properties –18.8 356.4 32.6 1,003.8 1,084.5
Change in value, derivative instruments 75.6 11.7 91.4 14.0 128.3
Other profit and loss items not affecting liquidity –5.0 5.5 –10.5 1 7.7 49.7
Tax paid – – 0.5 - 0.3
Cash flow from operating activities before changes in working capital 49.4 70.7 160.9 140.6 209.9
Change in working capital –8.4 –11.2 –25.5 12.1 25.5
Cash flow from operating activities 41.0 59.5 135.4 152.7 235.4
INVESTING ACTIVITIES
Investments in investment properties –262.1 –85.3 –656.8 –271.2 –327.4
Investments in financial assets 0.0 0.0 0.0 –0.0 –3.5
Other investments –0.8 –1.8 –4.3 –2.7 –3.8
Investments in associates – – – – –16.1
Dividends received from associates 5.8 – 13.5 20.0 58.0
Change in non-current receivables 1 07.6 40.9 43.0 1 07.8 119.5
Sales of investment properties 105.9 – 106.8 605.6 2,062.6
Disposals of other non-current assets 0.5 0.7 0.5 1.6 2.8
Cash flow from (-used in) investing activities –43.1 –86.3 – 497.3 461.1 1,892.2
FINANCING ACTIVITIES
Borrowings 400.0 262.0 885.0 1,409.0 1,409.0
Repayment of loans –390.6 –333.0 –643.9 –2,044.9 –3,315.6
Share buyback – –0.1 – –0.1 –0.4
Dividend paid – – –85.9 –74.3 –74.3
Cash flow from (-used in) financing activities 9.4 –71.1 155.2 –637.6 –1,981.2
Cash flow for the period 7. 2 –57.0 –206.7 –96.5 146.4
Cash and cash equivalents at the beginning of the period 33.3 61.3 247. 2 100.8 100.8
Cash and cash equivalents at the end of the period 40.5 4.3 40.5 4.3 247. 2
20HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Segment reporting, Group
January–September 2024
SEKm Central city
Stockholm 
Immediate sub-
urbs Northwest Northeast Southwest Southeast Group
Rental income 44.5 117 .6 26.5 141.8 76.8 10.8 418.0
Property costs –13.4 –34.9 –7. 2 –35.4 –22.0 –2.2 –115.1
Net operating income (NOI) 31.1 82.7 19.3 106.4 54.7 8.6 302.9
Investment properties, carrying amount 1,743.0 3,615.9 790.6 4,464.1 2,216.6 448.3 13,278.5
January–September 2023
SEKm Central city
Stockholm 
Immediate sub-
urbs Northwest Northeast Southwest Southeast Group
Rental income 43.1 142.5 27.6 143.5 66.4 13.9 436.9
Property costs –11.2 –45.3 –7.7 –33.8 –19.2 –4.4 –121.6
Net operating income (NOI) 31.9 97. 2 19.8 109.7 47. 2 9.5 315.3
Investment properties, carrying amount 1,804.9 4,519.2 1,037.6 4,354.7 2,196.6 418.9 14,331.9
Consolidated net operating income (NOI) as above coincides 
with recognised NOI in the statement of comprehensive 
income. The difference between NOI of SEK 302.9m (315.3) 
and the loss before tax of SEK –4.9m (–856.0) consists of: 
central administration, SEK –29.1m (–26.8); interest expenses, 
leasing, SEK –2.9m (–3.2); net financial expense, SEK –95.0m 
(–116.8); loss from investments in associates, SEK –41.3m 
(41.5); impairments of financial assets, .9.0m (-); and loss from 
disposals of property, SEK –6.5m (–48.1); and change in value, 
SEK –124.0m (–1,017 .7). 
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. 
The distribution per property category for  
January–September 2024 is as follows: 
SEKm
Residential 
 properties
Public  
buildings Group
Rental income 320.4 97.6 418.0
Property costs –97.1 –18.0 –115.1
Net operating income (NOI) 223.3 79.6 302.9
Investment properties, 
 carrying amount 10,263.8 3,014.7 13,278.5
21HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Parent company income statement
SEKm
2024  
Jan–Sep
2023  
Jan–Sep
2023
Jan–Dec
Rental income 1 7 7.7 188.6 245.0
Property costs
Operating costs –65.9 –68.2 –94.7
Maintenance costs –2.1 –3.1 –4.5
Property tax –2.7 –3.0 –3.9
Ground lease payments –1.9 –1.8 –2.4
Net operating income (NOI) 105.0 112.5 139.5
Depreciation of properties –19.8 –20.5 –27.0
Gross profit 85.3 92.0 112.5
Central administration –28.7 –26.6 –36.2
Gain or loss from disposals of property –8.8 – –31.9
Profit or loss from investments in Group companies –39.0 –46.5 693.5
Financial income 70.6 83.3 107 .2
Interest expenses –38.4 –68.6 –80.7
Change in value of derivative instruments –91.4 –14.0 –128.3
Profit or loss after net financial income or expenses –50.4 19.7 636.2
Appropriations – – –50.3
Current tax – – –
Deferred tax 12.8 –1 7.3 33.4
Profit or loss for the period –37.6 2.4 619.3
Condensed parent company balance sheet
SEKm
2024
30 Sep
2023
30 Sep
2023
31 Dec
ASSETS
Intangible assets 4.8 5.6 5.3
Property, plant and equipment 2,365.0 2,600.0 2,385.5
Financial non-current assets 3,434.3 3,875.2 3,003.1
Derivative instruments 8.0 213.8 99.5
Current receivables 18.7 1 7.5 791.9
Cash and cash equivalents 33.6 3.1 246.5
Total assets 5,864.5 6,715.2 6,531.7
EQUITY AND LIABILITIES
Shareholders’ equity 2,045.7 1,552.5 2,169.2
Untaxed reserves 2.7 1.8 2.7
Provisions 191.5 255.1 204.4
Non-current liabilities 2,854.5 3,244.0 3,497.1
Current liabilities 770.0 1,661.8 658.4
Total liabilities 3,818.8 5,162.7 4,362.5
Total equity and liabilities 5,864.5 6,715.2 6,531.7
22HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Key figures, Group
2024
Jan–Sep
2023
Jan–Sep
2023
Jan–Dec
2022
Jan–Sep
2021
Jan–Sep
2020
Jan–Sep
Property-related key figures
Lettable time-weighted area, 000s m2 257 294 285 282 259 239
Property yield, % 1) 3.1 3.0 3.2 2.3 2.3 2.6
Rental income per m2, SEK 2,167 1,979 1,987 1,762 1, 690 1, 620
Property costs per m2, SEK 597 551 574 507 496 476
Carrying amount per m2, SEK 51,001 48,935 50,068 52,114 50, 922 44, 248
Financial key figures
Cash flow, SEKm 2) 135.4 152.7 235.4 1 57.1 165.5 131.5
Investments, SEKm 652.1 271.2 327.4 1,098.6 896.2 51 7.3
NOI margin, % 3) 19) 72.5 72.2 71.1 71.2 70.6 70.6
Property management margin, % 4) 19) 40.3 51.0 47.9 49.7 51.8 48.5
Interest coverage ratio, multiple 5) 19) 2.4 2.6 2.5 3.8 4.8 4.7
Average interest rate for property loans, % 6) 19) 2.95 2.57 2.21 1.85 0.94 1.31
Debt/equity ratio, multiple 7) 19) 0.9 1.1 0.9 1.0 0.9 0.7
LT V,  % 8) 19) 44.2 48.1 44.1 47. 2 45.4 36.3
Net L TV, % 9) 19) 43.9 49.0 42.1 46.0 41.9 37.9
Equity ratio, % 10) 19) 46.1 43.0 47. 2 44.4 46.2 50.6
Return on equity, % 11) 19) –0.2 –12.7 –10.4 1.0 1 7.6 6.5
Return on total assets, % 12) 19) 1.1 –6.0 –5.7 1.2 10.3 4.7
Per share data
Profit or loss after tax, SEK13) –0.05 –3.96 –4.31 0.33 2.25 0.44
Cash flow, SEK 14) 19) 0.82 0.92 1.43 0.95 1.00 0.80
Shareholders’ equity, SEK 15) 19) 38.42 39.34 38.99 44.90 41.65 34.39
NAV, SEK 16) 19) 46.42 47.05 46.42 54.00 51.27 42.62
Share price, SEK 17) 37.1 5 23.95 35.45 31.50 63.80 56.00
Carrying amount, properties, SEK 18) 19) 80.42 86.80 77.36 93.44 81.76 65.33
Shares outstanding at the end of the period, 000s 165,104 165,116 165,104 165,120 165,120 165,120
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. 
23HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

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

Auditor’s review report
Heba Fastighets AB (publ) CRN 556057-3981 
We have reviewed the condensed interim financial information 
(the interim report) for Heba Fastighets AB (publ) as of 
30 September 2024 and the nine-month period then ended. 
The Board of Directors and the Managing Director are respon-
sible for the preparation and presentation of this interim finan-
cial 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. The orienta-
tion of a review differs from and is substantially less in scope 
than an audit conducted in accordance with International 
Standards on Auditing and other generally accepted auditing 
standards. 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 October 2024 
Ernst & Young AB 
Fredric Hävrén 
Authorised Public Accountant
24HEBA FASTIGHETS AB Q3 | INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

===== SIDA 25 =====

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 57 properties, including 13 public buildings.  
The properties are comprised of 3,108 residential units and 117 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
Interim Report January–June 2025
JUL
9
2025
Interim Report January–September 2025
OCT
22
2025
Year-end Report 2024
FEB
5
2025
Annual Report 2024MAR
2025
Interim Report January–March 2025
APR
23
2025
Annual General Meeting
APR
24
2025