Akelius Residential Prop. D

Annual Report • Feb 7, 2025

Akelius Residential Property AB (publ)

year-end report

January to December 2024

	2024	2023	2024	2023
	Jan–Dec	Jan–Dec	Oct–Dec	Oct–Dec
Property fair value, EUR million	5,992	5,686	5,992	5,686
Number of apartments	20,072	19,652	20,072	19,652
Residential rentable area, thousand sqm	1,228	1,196	1,228	1,196
Real vacancy rate, residential, percent	1.9	1.3	1.9	1.3
Vacancy rate, residential, percent	4.7	5.9	4.7	5.9
Rent potential, percent	20	21	20	21
Loan-to-value, percent	36	42	36	42
Cash sources to cash uses, percent	253	170	253	170
Interest coverage ratio, 12 months	4.7	21.7	4.7	21.7
Interest coverage ratio excluding realized
value growth, 12 months	5.3	22.0	5.3	22.0
Credit rating, Standard & Poor's	BBB-	BBB-	BBB-	BBB
Net asset value, EUR million	3,397	2,863	3,397	2,863
Rental income, EUR million	357	333	92	86
Like-for-like growth in rental income, percent	6.8	10.8	5.6	8.8
Net operating income, EUR million	200	173	52	46
Net operating income margin, percent	55.9	51.9	56.4	53.7
Like-for-like growth in net operating income,
percent	14.3	18.0	10.5	18.1
EBITDA, EUR million	186	156	49	42
Profit or loss, EUR million	-79	-260	-54	-95

Alternative performance measurements on pages 30–32 and definitions on pages 35–37.

Cleveland House, Washington D.C. Acquired in 2024.

14.3 percent growth in net operating income, like-for-like

The main drivers are higher occupancy rate, increasing new lease levels, and completion of capital projects.

Additionally, the in-place rent, like-for-like, increased by 5.3 percent during the last twelve months.

6.8 percent rental income growth, like-for-like

The trend with rental income growth continues.

Strong demand for Akelius' apartments coupled with higher occupancy rates and completion of capital projects are main drivers.

vacancy rate of 4.7 percent

Thanks to the completion of capital projects and purely focusing on property management,

the vacancy rate, like-for-like, decreased from 5.2 to 4.8 percent during the last twelve months.

Vacancy rate excluding construction work and planned sales was 1.9 percent.

capitalization rates at 4.89 percent

Capitalization rates seem to stabilize at high level due to persistently high interest rates. Capitalization rate went from 4.74 to 4.89 percent during 2024. The negative value growth was EUR ‑102 million, or ‑1.8 percent.

loan-to-value at 36 percent

The loan-to-value decreased from 42 to 36 percent during the year.

Akelius financial policy threshold is set to 35 percent.

The Board has approved the deviation from the financial policy as it is deemed to be marginal.

Akelius Residential Property AB (publ) expects to sell its remaining 51,800,760 shares in Castellum AB for SEK 130 per share to its parent company. Government approval is expected during the first quarter of 2025. The proceeds will be used to repay maturing debt.

In addition, Akelius still has a financial guarantee of EUR 1,900 million from the main owner.

average interest rate of 1.15 percent

The average interest rate decreased from 1.38 to 1.15 percent during the year. The interest rate hedge is 3.7 years.

214 rent regulated apartments in Washington D.C.

Akelius acquired one property of 214 apartments in Washington D.C. in December.

Purchase price was EUR 68 million. The property is rent regulated, has no need of upgrade, and provides a stable cash flow from day one.

improving the portfolio continues

Akelius completed the sale of eight properties in Paris for EUR 20 million during the year.

In January 2025, Akelius sold one property in Washington D.C. and one in Paris. Total sales price was EUR 6 million. The sold properties required large capital investments.

Finishing large capital projects, reducing vacancies, selecting the right property, and implementing efficient energy measures will continue to pay off.

Ralf Spann, CEO and Board Member

property portfolio December 31, 2024

fair value properties EUR 5,992 million

			Fair value
		Rentable				Vacancy
		area,				rate,	Capitaliza
	Number of	thousand	EUR	EUR/	Proportion,	residential,	tion rate,
City	apartments	sqm	million	sqm	percent	percent	percent
London	2,462	102	1,006	9,821	17	2.1	4.58
Paris	1,409	48	419	8,840	7	9.2	3.91
Europe	3,871	150	1,425	9,511	24	4.6	4.37
Washington D.C.	3,278	265	983	3,707	16	9.2	5.59
New York	1,746	123	685	5,595	11	2.8	5.29
Boston	1,258	81	636	7,833	11	4.5	5.07
Austin	861	66	157	2,387	3	8.2	5.25
US	7,143	535	2,461	4,603	41	6.7	5.35
Toronto	4,289	243	1,036	4,263	17	2.9	4.58
Montreal	4,433	308	1,028	3,338	17	3.6	4.80
Ottawa	120	11	21	1,850	0	0.8	4.75
Quebec City	216	15	21	1,411	1	0.0	5.00
Canada	9,058	577	2,106	3,647	35	3.1	4.70
Total/
Average	20,072	1,262	5,992	4,748	100	4.7	4.89

total property return 1.7 percent

	Growth/return,
	EUR million	percent
Fair value Jan 1, 2024	5,686
Revaluations	-102	-1.8
Investments	157	2.8
Purchases	135	2.4
Sales	-29	-0.5
Exchange differences	145	2.6
Fair value Dec 31, 2024	5,992	5.4
Revaluations	-102	-1.8
Net operating income	200	3.5
Transaction cost	-	0.0
Total property return	98	Per annum: 1.7

capitalization rate 4.89 percent

	Capitalization	Discount
EUR million	rate	rate
Jan 1, 2024	4.74	6.73
Purchases	0.00	0.01
Sales	-0.05	0.01
Like-for-like	0.19	0.12
Exchange
differences	0.01	0.01
Dec 31, 2024	4.89	6.88

change in value EUR ‑102 million

value	-102	-1.80
Total change in
Purchases	-4	-0.07
Sales	2	0.03
return	-156	-2.74
Required rate of
Cash flow	56	0.98
	EUR million	Return, percent

like-for-like growth

rental income 6.8 percent net operating income

14.3 percent

vacancy rate, residential, 4.7 percent

real vacancy rate, residential, 1.9 percent

net letting and upgraded apartments

net letting EUR 8.5 million January to December 2024

upgraded apartments 69.7 percent

development residential in-place rent

EUR million

like-for-like

financial net debt

EUR million

net balance

EUR million

cash uses and cash sources

EUR million, 12 months forward

liquidity

EUR million

debt maturities

EUR million per year

fixed interest terms 3.7 years debt maturities 2.7 years

EUR million per year

interest rate 1.15 percent

fixed interest term debt maturities

1.15

current interest and debt coverage capacity

		Earning
	Jan 2024–	capacity as at
EUR million	Dec 2024	Dec 31, 2024
Rental income	357	394
Operating expenses	-132	-132
Maintenance	-25	-29
Net operating income	200	233
Central administrative expenses	-14	-13
EBITDA	186	220
Other financial income and expenses	-1	-1
Adjusted EBITDA	185	219
Net interest expenses	-35	-33
Interest coverage ratio excluding realized value growth	5.3	6.6
Realized value growth	-22
Interest coverage ratio	4.7
Net debt as at Dec 31, 2024	2,204	2,204
Net debt / EBITDA	11.8	10.0

earning capacity

The earning capacity is based on the property portfolio and net debt as at December 31, 2024.

Rental income includes EUR 376 million in residential rental value as at January 1, 2025, EUR 17 million in rental income for commercial properties and parking, EUR ‑7 million in real vacancy for apartments, and EUR 8 million in other income.

Residential rental value of EUR 376 million minus vacancy, plus recharge of operating expenses to tenants is equivalent to EUR 362 million in residential in-place rent.

Only interest expenses are included in earning capacity,

due to the sale of financial investments in the end of 2023.

*) includes discontinued and continuing operations

EBITDA EUR 186 million interest coverage ratio 4.7

encumbrance properties

unencumbered asset ratio

3.76

EUR million

unencumbered encumbered

loans and hybrid bonds reported at amortized cost

Total	3,182	2,971	3,688	3,293
Hybrid bonds	334	322	334	281
Loans	2,848	2,649	3,354	3,012
EUR million	value	value	value	value
	Carrying	Fair	Carrying	Fair
	2024	2024	2023	2023
	Dec 31	Dec 31	Dec 31	Dec 31

financial instruments reported at fair value

	Dec 31	Dec 31
EUR million	2024	2023
Assets	585	907
Liabilities	17	56

Loans and hybrid bonds are recognized at amortized cost using the effective interest rate method.

Carrying value and fair value of interestbearing liabilities are excluding leasing.

The fair value of loans and derivatives are based on level 2 data in the fair value hierarchy.

The fair value of hybrid bonds are based on level 1 data.

Derivatives are measured continuously at fair value through profit or loss.

The investment in Castellum AB is measured at fair value through profit and loss based on level 1 data.

See additional information on page 21.

No transfers have taken place between the various hierarchical levels during the year.

London Paris

like-for-like properties sold properties and signed sales

	London	Paris
Property portfolio
Fair value, EUR million	1,006	419
Capitalization rate, percent	4.58	3.91
Proportion upgraded apartments, percent	83	76
Residential rentable area, thousand sqm	97	43
Commercial rentable area, thousand sqm	5	5
Average apartment size, sqm	39	30
Walk score	86	97
Average rent residential	EUR/sqm/month	EUR/sqm/month
Total portfolio Jan 1, 2024	39.70	29.82
Exchange difference	1.91	-
Adjusted total portfolio Jan 1, 2024	41.61	29.82
Sales and ended units	-	0.24
Like-for-like Jan 1, 2024	41.61	30.06
Like-for-like change	3.31	1.16
- Change in percent	8.0	3.9
Like-for-like Jan 1, 2025	44.92	31.22
Purchases and new constructions	-0.04	0.18
Total portfolio Jan 1, 2025	44.88	31.40
New lease level	49.51	37.24
Vacancy rate residential	Percent	Percent
Real vacancy rate	0.9	2.1
Apartments being upgraded	1.2	7.1
Vacancy rate	2.1	9.2

Austin New York

like-for-like properties

	Austin	New York
Property portfolio
Fair value, EUR million	157	685
Capitalization rate, percent	5.25	5.29
Proportion upgraded apartments, percent	100	60
Residential rentable area, thousand sqm	66	119
Commercial rentable area, thousand sqm	-	4
Average apartment size, sqm	76	68
Walk score	7	96
Average rent residential	EUR/sqm/month	EUR/sqm/month
Total portfolio Jan 1, 2024	17.68	34.94
Exchange difference	1.12	2.23
Adjusted total portfolio Jan 1, 2024	18.80	37.17
Sales and ended units	-	-
Like-for-like Jan 1, 2024	18.80	37.17
Like-for-like change	-1.20	0.68
- Change in percent	-6.4	1.9
Like-for-like Jan 1, 2025	17.60	37.85
Purchases and new constructions	-	-
Total portfolio Jan 1, 2025	17.60	37.85
New lease level	16.97	58.51
Vacancy rate residential	Percent	Percent
Real vacancy rate	8.2	0.7
Apartments being upgraded	0.0	2.1
Vacancy rate	8.2	2.8

Boston Washington D.C.

like-for-like properties acquired property signed sale

Boston Washington D.C.

Property portfolio
Fair value, EUR million	636	983
Capitalization rate, percent	5.07	5.59
Proportion upgraded apartments, percent	94	73
Residential rentable area, thousand sqm	79	260
Commercial rentable area, thousand sqm	2	5
Average apartment size, sqm	63	79
Walk score	91	84
Average rent residential	EUR/sqm/month	EUR/sqm/month
Total portfolio Jan 1, 2024	40.58	23.71
Exchange difference	2.58	1.50
Adjusted total portfolio Jan 1, 2024	43.16	25.21
Sales and ended units	-	-
Like-for-like Jan 1, 2024	43.16	25.21
Like-for-like change	1.29	0.76
- Change in percent	3.0	3.0
Like-for-like Jan 1, 2025	44.45	25.97
Purchases and new constructions	-	0.21
Total portfolio Jan 1, 2025	44.45	26.18
New lease level	46.00	26.91
Vacancy rate residential	Percent	Percent
Real vacancy rate	2.9	2.0
Apartments being upgraded	1.6	7.2
Vacancy rate	4.5	9.2

Toronto Montreal

like-for-like properties acquired property

	Toronto	Montreal
Property portfolio
Fair value, EUR million	1,036	1,028
Capitalization rate, percent	4.58	4.81
Proportion upgraded apartments, percent	65	56
Residential rentable area, thousand sqm	238	300
Commercial rentable area, thousand sqm	5	8
Average apartment size, sqm	56	68
Walk score	74	77
Average rent residential	EUR/sqm/month	EUR/sqm/month
Total portfolio Jan 1, 2024	19.16	15.30
Exchange difference	-0.39	-0.31
Adjusted total portfolio Jan 1, 2024	18.77	14.99
Sales and ended units	-	-
Like-for-like Jan 1, 2024	18.77	14.99
Like-for-like change	0.79	0.95
- Change in percent	4.2	6.3
Like-for-like Jan 1, 2025	19.56	15.94
Purchases and new constructions	-	0.09
Total portfolio Jan 1, 2025	19.56	16.03
New lease level	28.27	19.68
Vacancy rate residential	Percent	Percent
Real vacancy rate	1.4	1.8
Apartments being upgraded	1.5	1.8
Vacancy rate	2.9	3.6

Ottawa Quebec City

like-for-like properties

	Ottawa	Quebec City
Property portfolio
Fair value, EUR million	21	21
Capitalization rate, percent	4.75	5.00
Proportion upgraded apartments, percent	100	4
Residential rentable area, thousand sqm	11	15
Commercial rentable area, thousand sqm	-	-
Average apartment size, sqm	95	71
Walk score	3	68
Average rent residential	EUR/sqm/month	EUR/sqm/month
Total portfolio Jan 1, 2024	8.78	8.52
Exchange difference	-0.18	-0.17
Adjusted total portfolio Jan 1, 2024	8.60	8.35
Sales and ended units	-	-
Like-for-like Jan 1, 2024	8.60	8.35
Like-for-like change	0.52	0.56
- Change in percent	6.0	6.8
Like-for-like Jan 1, 2025	9.12	8.91
Purchases and new constructions	-	-
Total portfolio Jan 1, 2025	9.12	8.91
New lease level	10.76	11.38
Vacancy rate residential	Percent	Percent
Real vacancy rate	0.0	0.0
Apartments being upgraded	0.8	0.0
Vacancy rate	0.8	0.0

energy efficiency across the portfolio

Akelius has implemented portfolio-wide energy measures during the quarter, delivering environmental benefits and cost savings.

green certifications

Two Montreal properties earned the BOMA BEST certification in October. 14 more certifications are in progress.

M2G intelligent load control technology for boilers

Akelius implemented the M2G technology at four high gas-consumption properties in London.

By using digital sensors to optimize boiler firing and minimize dry cycling, the initiative is expected to save 93 MWh

annually.

That is equivalent to powering 24 homes for a year.

hot water pipes insulation

Insulating hot water heating pipes at 511 Place d'Armes in Montreal reduced natural gas consumption by 8 percent.

boiler upgrades

Boiler upgrades at 110 Wellesley Street East in Toronto cut energy use by 45 percent, reducing emissions by 85 tons. This is equivalent of the carbon sequestered by 1,400 tree seedlings grown for 10 years.

The project won the CREST Award in the emission reduction category for multi-unit residential buildings.

solar panels

At the end of the year, 40 percent of Akelius properties in the US have installed solar panels.

The target is to have solar installed on 60 percent by the end of 2026.

Akelius employees

	Akelius	Dec 31
	target	2024	2023	2022	2021	2020
Number of employees	n/a	628	655	755	865	1,300
Annual sick leave, percent	≤2.0	2.7	2.3	1.9	1.5	1.9
Fatality cases	0	-	-	-	-	-

balcony view from Challoner House, London

consolidated income statement and comprehensive income

		2024	2023	2024	2023
		Jan–Dec	Jan–Dec	Oct–Dec	Oct–Dec
EUR million	Note	12 months	12 months	3 months	3 months
Rental income	1	357	333	92	86
Operating expenses	2	-132	-136	-33	-34
Maintenance	2	-25	-24	-7	-6
Net operating income	2	200	173	52	46
Central administrative expenses		-14	-17	-3	-4
EBITDA	3	186	156	49	42
Depreciation		-3	-3	-1	-
Realized revaluation of investment
properties		2	-	-	-
Unrealized revaluation of investment
properties		-104	-582	19	-293
Operating profit or loss		81	-429	67	-251
Interest income1	4	30	72	7	16
Interest expenses2	4	-65	-79	-15	-21
Interest expenses hybrid bonds	4	-8	-14	-2	-2
Change in fair value of financial assets	4	-97	264	-125	208
Change in fair value of derivatives	4	28	-67	2	-32
Other financial income and expenses	4	-27	45	4	-16
Profit or loss before tax	5	-58	-208	-62	-98
Current tax	6	-4	-2	-1	1
Deferred tax	6	-17	-50	9	2
Profit or loss3		-79	-260	-54	-95
Items that may be reclassified to profit
or loss
Translation differences	7	145	-93	204	-157
Tax on items that may be reclassified	7	2	15	-2	15
Other comprehensive income	7	147	-78	202	-142
Total comprehensive income3		68	-338	148	-237
Earnings per share, basic and diluted, EUR		-0.01	-0.04	-0.01	-0.01

1) includes interest income for interest derivatives of EUR 22 million (22)

2) includes interest expense for interest derivatives of EUR 13 million (18)

3) profit or loss and total comprehensive income are attributable to the Parent Company's shareholders

note 1 rental income

Rental income was EUR 357 million (333), an increase of 7.4 percent compared to 2023.

Like-for-like growth in rental income was EUR 23 million (29) or 6.8 percent (10.8). The decreased growth rate is mainly affected by stabilized rental income in Toronto, Montreal, New York, and Washington D.C. during the year.

12,752 rental contracts (12,330) with an annual rent of EUR 205 million (190) were renewed or renegotiated during the year. The new yearly rent is EUR 214 million (198), an increase of 4.5 percent (4.3).

The vacancy rate for residential units decreased by 1.2 percentage points to 4.7 percent (5.9),

compared to the end of 2023. This is mainly due to a increased amount of completed apartment upgrades, and sales of vacant properties.

60 percent (79) of vacancy was due to upgrades.

The real vacancy rate increased by 0.6 percentage points to 1.9 percent (1.3) during the year.

note 2

net operating income

Property expenses totaled EUR 157 million (160). EUR 25 million (24) was attributable to maintenance, corresponding to EUR 20 per square meter (19) per year.

Net operating income was EUR 200 million (173). Like-for-like growth in net operating income was 14.3 percent (18.0). The growth rate is mainly affected by stabilized rental income in Toronto, Montreal, New York, and Washington D.C., and decreased total costs during the year.

Net operating income margin was 55.9 percent (51.9).

note 3 EBITDA

EBITDA was EUR 186 million (156), an increase by 19.6 percent compared to the same period in 2023. The increase is mainly related to higher rental income.

note 4

net financial items

Interest income was EUR 30 million (72), including EUR 22 million (22) in interest income for interest rate derivatives. Interest expenses were EUR 65 million (79), including EUR 13 million (18) in interest expense for interest rate derivatives. Interest expenses related to hybrid bonds were EUR 8 million (14).

Revaluations of financial assets affected earnings by EUR ‑97 million (264).

Revaluations of derivatives impacted earnings by EUR 28 million (-67).

Other financial income and expenses amounted to EUR -27 million (45), and are mainly related to currency effects from derivatives, financial investments, and external loans.

note 5

profit or loss before tax

Profit or loss before tax was EUR -58 million (-208). Profit or loss before tax was affected by negative change in fair value of financial assets of EUR -97 (-125) million and negative unrealized changes of investment properties EUR -104 million (-582).

note 6

tax

Reported tax in profit or loss totaled EUR -21 million (-52). Reported tax mainly refers to utilization of tax losses in the Parent Company.

note 7

other comprehensive income

Other comprehensive income was EUR 147 million (-78). It mainly relates to net investments in foreign operations that are translated to EUR.

condensed consolidated statement of financial position

		Dec 31	Dec 31
EUR million	Note	2024	2023
Assets
Investment properties	8	5,972	5,679
Owner-occupied properties	8	10	7
Right-of-use-assets		4	6
Tangible fixed assets		4	4
Derivatives		40	44
Deferred tax assets		3	22
Financial assets	9, 10, 12	-	855
Receivables and other assets		7	6
Total non-current assets		6,040	6,623
Financial assets	9, 10, 12	544	-
Receivables and other assets		33	27
Derivatives		1	8
Cash and cash equivalents	10, 12	100	74
Assets held for sale	8	11	-
Total current assets		689	109
Total assets		6,729	6,732
Equity and liabilities
Equity	11	3,381	2,833
Total equity		3,381	2,833
Unsecured loans	12	1,669	2,644
Secured loans	12	96	105
Hybrid bonds		334	334
Lease liabilities		4	5
Derivatives		1	11
Deferred tax liabilities		44	48
Provisions		1	1
Other liabilities		21	20
Total non-current liabilities		2,170	3,168
Unsecured loans	12	1,076	577
Secured loans	12	7	28
Lease liabilities		2	1
Derivatives		16	45
Provisions		1	2
Other liabilities		76	78
Total current liabilities		1,178	731
Total equity and liabilities		6,729	6,732

note 8

property fair value EUR 5,992 million

Fair value was EUR 5,992 million (5,686), which is equivalent to an average of EUR 4,748 per square meter (4,613).

The average capitalization rate was 4.89 percent (4.74). Refer to table on page 5.

revaluation of properties EUR ‑102 million

The change in property value was EUR ‑102 million (‑582), or ‑1.8 percent (‑9.4). Refer to table on page 5.

property investments EUR 157 million

Investments in properties amounted to EUR 157 million (194). On an annual basis, this corresponds to EUR 126 per square meter (157). 12 percent (14) of the total investments referred to apartment upgrades.

property purchases EUR 135 million

Akelius purchased properties for EUR 135 million (-) during the year, including one property in Montreal and one property in Washington D.C.

property sales EUR 29 million

Akelius sold properties for EUR 29 million (5) during the year. Eight properties and six apartments were sold in Paris.

Three apartments were sold in London.

assets held for sale EUR 11 million

EUR 10 million refers to properties and EUR 1 million refers to deferred tax. Akelius sold one property in Washington D.C. and one property in Paris in January. One additional property in Paris is planned to be sold during 2025.

note 9

financial assets

Financial assets decreased from EUR 855 million to EUR 544 million during the year. The value of the holding in Castellum AB decreased by EUR -311 million. EUR -188 million relates to divestment of shares to Akelius Apartments Ltd, EUR ‑97 million relates to a negative change in fair value, and EUR -26 million refers to negative currency effects. At the end of the year,

Akelius held 10.5 percent (13.5) of the shares outstanding in Castellum AB, at a fair value of EUR 544 million (855).

note 10

liquidity

Available funds in the form of cash equivalents, financial assets, and unutilized credit facilities totaled EUR 691 million (976).

The financial guarantee provided by the main owner Akelius Apartment Ltd increased from EUR 1,117 million to EUR 1,900 million during the second quarter.

It will be used to repay debt and strengthen Akelius Residential Property AB (publ)'s liquidity.

Refer to more information under section related party transactions.

Unutilized credit facilities amounted to EUR 47 million (47),

with an average maturity of 0.9 years (1.2). Facilities intended to be kept are extended prior maturity.

The unutilized bilateral credit agreements are provided by 4 banks (4).

The fair value of the unencumbered properties was EUR 5,638 million (5,232).

note 11

equity ratio

Equity increased by 548 million to EUR 3,381 million (2,833) during the year. The change is mainly impacted by the share issue during the second quarter.

The equity ratio including hybrid bond amounted to 55 percent (47).

D-shares

The number of ordinary shares of class D was 220,000,000,

equivalent to EUR 116 million in equity.

Akelius Apartments Ltd, majority owner of Akelius Residential Property AB (publ), has purchased D-shares for EUR 13 million (25) during the year.

D-shares represent 3.44 percent (3.63) of the total amount of shares in Akelius Residential Property AB (publ).

The closing price per D-share was EUR 1.650 (1.530) at the end of the year.

note 12

net debt EUR 2,204 million

Loans excluding hybrid bonds decreased by EUR 506 million during the year, to EUR 2,848 million (3,354).

The loan-to-value ratio was 36 percent (42), a decreased by 6 percentage points since the end of 2023.

The Board has approved the deviation from Akelius' financial policy as it is deemed to be marginal.

Unsecured debt includes 5 bonds (8) and loans from related parties.

Financial investments, including cash and cash equivalents, amounted to EUR 644 million (929). Net debt amounts to EUR 2,204 million (2,425).

maturities 2.7 years

Loans excluding hybrid bonds had an average maturity of 2.7 years, compared to 3.1 years at the end of 2023. EUR 1,083 million (605) mature within one year.

interest rate hedge 3.7 years

EUR 861 million (1,421) of the debt portfolio excluding hybrid bonds had a fixed interest rate term of more than five years.

On average, the underlying interest rate is secured for 3.7 years for debt portfolio excluding hybrid bonds, compared to 4.1 years at the end of 2023.

average interest rate 1.15 percent

The average interest rate decreased from 1.38 to 1.15 percent on debt portfolio excluding hybrid bonds during the year.

credit rating

Standard and Poor's has assessed Akelius a BBB- rating. The credit outlook remains stable. The rating for Akelius Residential Property AB (publ)'s hybrid bond is BB.

unencumbered asset ratio 2.37

The unencumbered asset ratio was 2.37, compared to 1.97 at the end of 2023.

consolidated statement of changes in equity

			Currency
	Share	Share	translation	Retained	Total
EUR million	capital	premium	reserve	earnings	equity
Balance at
Jan 1, 2023	348	3,662	132	364	4,506
Total comprehensive income
for the year	-	-	-78	-260	-338
Share issue	6	162	-	-	168
Dividend	-	-1,503	-	-	-1,503
Balance at
Dec 31, 2023	354	2,321	54	104	2,833
Balance at
Jan 1, 2024	354	2,321	54	104	2,833
Profit or loss for the year	-	-	-	-79	-79
Other comprehensive income	-	-	147	-	147
Total comprehensive
income for the year	-	-	147	-79	68
Share issue	19	483	-	-	502
Dividend*	-	-22	-	-	-22
Balance at
Dec 31, 2024	373	2,782	201	25	3,381

*) EUR 22 million for class D ordinary shares

Equity is attributable to the Parent Company's shareholders.

consolidated statement of cash flows

	2024	2023	2024	2023
	Jan–Dec	Jan–Dec	Oct–Dec	Oct–Dec
EUR million	12 months	12 months	3 months	3 months
Net operating income	200	173	52	46
Central administrative expenses	-14	-17	-3	-3
Interest paid	-74	-93	-6	-12
Interest received	29	73	6	25
Tax paid	-1	-3	-	-1
Cash flow before changes in working capital	140	133	49	55
Change in current assets	-1	8	8	8
Change in current liabilities	-3	6	-6	-4
Cash flow from operating activities	136	147	51	59
Investment in properties	-157	-194	-41	-52
Acquisition of properties*	-136	2	-66	-
Acquisition of financial assets	-	-140	-	-
Acquisition of other assets	-1	-2	-	-
Sale of properties	28	5	15	4
Sale of financial assets	188	1,939	-	1,593
Cash flow from investing activities	-78	1,610	-92	1,545
Share issue	502	168	-	-
Loans raised	176	296	50	56
Repayment of loans	-702	-923	-75	-333
Cash from derivatives	14	61	17	-39
Amortization leasing	-1	-2	-	-1
Dividend A-shares	-	-1,481	-	-1,314
Dividend D-shares	-22	-22	-5	-5
Cash flow from financing activities	-33	-1,903	-13	-1,636
Cash flow for the period	25	-146	-54	-32
Cash and cash equivalents at beginning of the period	74	217	154	107
Exchange differences in cash and cash equivalents	1	3	-	-1
Cash and cash equivalents at end of the year	100	74	100	74

*) EUR -135 million for acquisition of two properties and EUR -1 million pre-payment for three properties

segment reporting

net operating income Jan–Dec 2024

				Net
	Rental	Operating		operating
EUR million	income	expenses	Maintenance	income
London	48	-11	-3	34
Paris	17	-9	-1	7
Europe	65	-20	-4	41
Washington D.C.	72	-28	-5	39
New York	52	-23	-5	24
Boston	39	-13	-2	24
Austin	14	-6	-1	7
US	177	-70	-13	94
Toronto	57	-21	-4	32
Montreal	55	-20	-4	31
Ottawa*	1	-	-	1
Quebec City*	2	-1	-	1
Canada	115	-42	-8	65
Total	357	-132	-25	200

*) Akelius owns one property in each city

net operating income Jan–Dec 2023

				Net
	Rental	Operating		operating
EUR million	income	expenses	Maintenance	income
London	40	-10	-3	27
Paris	16	-10	-1	5
Europe	56	-20	-4	32
Washington D.C.	68	-29	-5	34
New York	50	-23	-4	23
Boston	36	-13	-2	21
Austin	16	-7	-2	7
US	170	-72	-13	85
Toronto	55	-22	-3	30
Montreal	49	-20	-4	25
Ottawa*	1	-1	-	-
Quebec City*	2	-1	-	1
Canada	107	-44	-7	56
Total	333	-136	-24	173

*) Akelius owns one property in each city

segment reporting

total property return Jan–Dec 2024

					Net
				Total	operating
	Net	Realized and	Total	property	income
	operating	unrealized	property	return,	margin,	Property
EUR million	income	revaluation	return	percent	percent	fair value
London	34	-5	29	3.0	70.4	1,006
Paris	7	3	10	2.4	42.4	419
Europe	41	-2	39	2.8	63.1	1,425
Washington D.C.	39	-3	36	4.4	54.2	983
New York	24	-10	14	2.3	47.2	685
Boston	24	-5	19	3.3	61.3	636
Austin	7	-20	-13	-8.2	46.3	157
US	94	-38	56	2.5	53.1	2,461
Toronto	32	-69	-37	-3.4	55.4	1,036
Montreal	31	5	36	3.9	57.3	1,028
Ottawa	1	1	2	11.2	57.5	21
Quebec City	1	1	2	9.1	46.7	21
Canada	65	-62	3	0.1	56.2	2,106
Total	200	-102	98	1.7	55.9	5,992

total property return Jan–Dec 2023

				Net
			Total
Net	Realized and	Total	property	income
operating	unrealized	property	return,	margin,	Property
income	revaluation	return	percent	percent	fair value
27	-48	-21	-2.2	67.0	949
5	-49	-44	-9.5	30.2	429
32	-97	-65	-4.6	56.5	1,378
					824
23	-53	-30	-4.3	45.5	637
21	-77	-56	-8.4	58.9	588
7	-31	-24	-11.8	44.3	167
85	-326	-241	-9.5	50.0	2,216
30	-52	-22	-1.9	53.8	1,112
25	-106	-81	-7.9	51.4	940
-	-	-	0.6	50.6	20
1	-1	-	1.1	42.9	20
56	-159	-103	-4.6	52.5	2,092
173	-582	-409	-6.6	51.9	5,686
	34	-165	-131	-13.5	operating 49.9

key figures

	Dec 31	Dec 31	Dec 31	Dec 31	Dec 31
	2024	2023	2022	2021	2020
Risk capital
Equity, EUR million	3,381	2,833	4,506	7,049	5,374
Equity ratio, percent	50	42	50	57	43
Equity and hybrid capital ratio, percent	55	47	57	64	51
Return on equity, percent	2	-8	-8	52	0
Net asset value, EUR million	3,397	2,863	4,433	7,087	6,324
Net operating income*
Rental income, EUR million	357	333	303	212	190
Growth in rental income, percent	7.4	10.0	42.9	12.1	0.4
Like-for-like growth in rental income, percent	6.8	10.8	11.9	1.5	3.5
Net operating income, EUR million	200	173	148	99	91
Growth in net operating income, percent	15.7	16.7	49.6	8.6	5.4
Like-for-like growth in net operating
income, percent	14.3	18.0	18.9	-2.1	9.7
Net operating income margin, percent	55.9	51.9	48.9	46.8	48.2
Financing
Loan-to-value, percent	36	42	16	0	39
Unencumbered asset ratio	2.37	1.97	2.50	3.76	1.89
Interest coverage ratio, 12 months	4.7	21.7	8.8	63.2	3.3
Interest coverage ratio excluding realized
value growth, 12 months	5.3	22.0	9.6	2.8	2.5
Average interest rate, percent	1.15	1.38	1.20	1.51	1.95
Fixed interest term, years	3.7	4.1	5.1	5.4	5.0
Debt maturities, years	2.7	3.1	4.0	4.5	5.7
Properties
Number of apartments	20,072	19,652	19,545	17,770	44,443
Rentable area, thousand sqm	1,262	1,233	1,234	1,115	2,986
Rent potential, percent	20	21	22	25	24
Real vacancy rate, residential, percent	1.9	1.3	2.0	2.6	1.7
Vacancy rate, residential, percent	4.7	5.9	8.1	12.5	7.5
Turnover of tenants, percent	23	23	25	27	16
Fair value, EUR per sqm	4,748	4,613	5,001	5,399	4,066
In-place rent, all unit types, EUR million	377	337	317	258	473
Capitalization rate, percent	4.89	4.74	4.20	3.99	3.28
Like-for-like change in capitalization rate,
percentage points	0.19	0.55	0.21	-0.16	-0.38
Opening balance fair value, EUR million	5,686	6,173	6,020	12,139	11,964
Change in fair value, EUR million	-102	-582	-592	1,719	34
Investments, EUR million	157	194	205	360	381
Purchases, EUR million	135	-	457	588	172
Sales, EUR million	-29	-5	-11	-9,138	-185
Exchange differences, EUR million	145	-94	94	352	-227
Closing balance fair value, EUR million	5,992	5,686	6,173	6,020	12,139

*) 2020 has been recalculated due to discontinued operations in 2021

condensed income statement for the Parent Company

	2024	2023	2024	2023
	Jan–Dec	Jan–Dec	Oct–Dec	Oct–Dec
EUR million	12 months	12 months	3 months	3 months
Central administrative expenses	-3	-4	-1	-1
Operating profit or loss	-3	-4	-1	-1
Result from shares in subsidiaries	17	-357	-	-336
Financial income	153	301	15	2
Financial expenses	-109	-128	-1	-48
Change in fair value of financial assets	-97	264	-125	208
Change in fair value of derivatives	28	-67	2	-32
Profit or loss before appropriations	-11	9	-110	-207
Appropriations	-2	7	-2	7
Profit or loss before tax	-13	16	-112	-200
Tax	-21	-29	-5	18
Profit or loss	-34	-13	-117	-182

The Parent Company has no items in other comprehensive income.

condensed balance sheet for the Parent Company

	Dec 31	Dec 31
EUR million	2024	2023
Assets
Shares in Group companies	5,100	3,116
Receivables from Group companies	494	2,321
Financial assets	-	855
Derivatives	40	44
Deferred income tax assets	-	18
Other receivables	1	-
Total non-current assets	5,635	6,354
Receivables from Group companies	-	10
Financial assets	544	-
Derivatives	1	8
Other assets	3	2
Cash and cash equivalents	87	56
Total current assets	635	76
Total assets	6,270	6,430
Equity and liabilities
Restricted equity	376	357
Non-restricted equity	2,735	2,308
Total equity	3,111	2,665
Untaxed reserves	4	-
Interest-bearing liabilities	334	1,386
Interest-bearing liabilities from Group companies	1,675	1,695
Derivatives	1	11
Provisions	1	1
Total non-current liabilities	2,011	3,093
Interest-bearing liabilities	1,076	577
Interest-bearing liabilities from Group companies	4	2
Derivatives	16	45
Other liabilities	32	32
Other liabilities from Group companies	16	16
Total current liabilities	1,144	672
Total equity and liabilities	6,270	6,430

alternative performance measures

Calculation of alternative key figures using guidelines published by the European Securities and Markets Authority.

net asset value and loan-to-value ratio

	Dec 31	Dec 31
EUR million	2024	2023
Equity	3,381	2,833
Deferred tax*	40	26
Derivatives	-24	4
Net asset value	3,397	2,863
Total interest-bearing liabilities	3,182	3,688
Hybrid bonds	-334	-334
Cash and cash equivalents	-100	-74
Financial assets	-544	-855
Net debt	2,204	2,425
Total assets	6,729	6,732
Cash and cash equivalents	-100	-74
Financial assets	-544	-855
Net assets	6,085	5,803
Loan-to-value ratio, percent	36	42

*) including deferred tax assets reported as assets held for sale

average interest rate

Average interest rate	1.15	1.38
Interest cost based on interest at end of year	33	46
Interest-bearing liabilities excluding hybrid bonds	2,848	3,354
EUR million	2024	2023
	Dec 31	Dec 31

liquidity

	Dec 31	Dec 31
EUR million	2024	2023
Cash and cash equivalents	100	74
Unutilized credit facilities	47	47
Financial assets	544	855
Liquidity	691	976

alternative performance measures

unencumbered asset ratio

	Dec 31	Dec 31
EUR million	2024	2023
Unencumbered properties	5,638	5,232
Right-of-use-assets	4	6
Tangible fixed assets	4	4
Deferred tax assets*	4	22
Financial assets	544	855
Receivables and other assets	40	33
Derivatives	41	52
Unencumbered assets	6,275	6,204
Unsecured loans	2,745	3,221
Cash and cash equivalents	-100	-74
Net unsecured senior debt	2,645	3,147
Unencumbered asset ratio	2.37	1.97

*) including deferred tax assets reported as assets held for sale

equity

	Dec 31	Dec 31
EUR million	2024	2023
Comprehensive income for the year	68	-338
Opening balance equity	2,833	4,506
Return on equity, percent	2	-8
Equity	3,381	2,833
Hybrid capital	334	334
Equity and hybrid capital	3,715	3,167
Total assets	6,729	6,732
Equity ratio, percent	50	42
Equity and hybrid capital ratio, percent	55	47

development of EBITDA

	Dec 2023-
EUR million	Dec 2024
EBITDA, Dec 31, 2023	156
Like-for-like rental income	22
Like-for-like property costs	3
Like-for-like net operating income	25
Purchase and sales rental income	3
Purchase and sales net operating income	3
Exchange differences	-1
Central administrative expenses	3
EBITDA, Dec 31, 2024	186

alternative performance measures

rental income and net operating income growth for like-for-like properties

	2024	2023	Growth,
EUR million	Jan–Dec	Jan–Dec	percent
Rental income	357	333	7.4
Purchases and sales	-3	-
Service income	-5	-5
Exchange differences	-	-1
Like-for-like rental income	349	327	6.8
Net operating income	200	173	15.7
Purchases and sales	-1	1
Like-for-like net operating income	199	174	14.3

realized value growth

Realized value growth	-22	-2
Acquisition costs and accumulated investments	-51	-7
Proceeds from the sale of properties	29	5
EUR million	Jan–Dec	Jan–Dec
	2024	2023

other information

basis of presentation

The Akelius Residential Property Group's year-end report has been prepared in accordance with IAS 34, Interim Financial Reporting and the Swedish Annual Accounts Act.

The financial statements of the Parent Company, Akelius Residential Property AB (publ), corporate identity number 556156-0383,

have been prepared in accordance with the Swedish Annual Accounts Act and the accounting standard RFR 2, Accounting for Legal Entities.

Disclosures in accordance with IAS 34, Interim Financial Reporting are submitted both in notes and in other sections of the year-end report.

The figures in this year-end report have been rounded,

while the calculations have been made without rounding.

As a result, certain tables and key figures may appear not to add up correctly.

risks and uncertainties

The Group is impacted by various types of risks.

Operational risks are limited by concentrating the property portfolio to residential properties in metropolitan areas. Strong residential rental markets in Akelius' cities reduce the risk of long-term vacancies on aggregated level.

To reduce risk or variations in cash flow further, interest rates are secured on a long-term basis.

Access to capital from several banks, through the capital market, and the financial guarantee from Akelius Apartments Ltd. mitigates the refinancing risk.

The Group is impacted by external risks, for example, new rent regulations, climate risks, pandemics, and war.

These risk areas can impact the business negatively both in the long- and short-term.

accounting principles

Accounting principles can be found in Akelius annual report 2023.

new and amended IFRS standards adopted by the EU applied as at January 1, 2024

New and amended IFRS standards that came into effect after January 1, 2024, have not had any material impact on the Group's financial reports.

Parent Company

During the second quarter an issue of class A ordinary shares took place. The Parent Company issued 330,000,000 common shares at a subscription price of EUR 1.52 per share, totaling EUR 502 million.

The Annual General Meeting decided to pay dividend to an amount of maximum EUR 0.10 per class D ordinary share, totaling EUR 22 million.

Dividend was divided into four payments of EUR 0.025 per class D ordinary share at the respective dividend payment date. The record dates were resolved to be on 2024-05-03, 2024-08-05, 2024-11-05,

and 2025-02-05. Payment occurs five bank days after each record date.

Financial income mainly includes interest income.

Financial expenses mainly include interest expense and financial exchange differences.

The profit or loss before tax was EUR ‑13 million (16).

cash flow

Operating cash flow before change in working capital was EUR 140 million (133).

Cash flow from investing activities was EUR ‑78 million (1,610).

On average, upgrades can be stopped within a three-month period.

Cash flow from financing activities was EUR ‑33 million (‑1,903).

other information

fourth quarter

Rental income was EUR 92 million (86). Property expenses totaled EUR 40 million (40). Net operating income was EUR 52 million (46). Revaluation of properties impacted the net income with EUR 19 million (‑293). Net financial items totaled EUR ‑129 million (153). Profit or loss before tax amounted to EUR ‑62 million (‑98).

Cash flow amounted to EUR ‑54 million (‑32).

Cash flow generated from operations amounted to EUR 51 million (59). Net cash from investing activities amounted to EUR ‑92 million (1,545).

Financing activities impacted the cash flow with EUR ‑13 million (‑1,636).

related party transactions

During the fourth quarter,

Giannis Beta Ltd sold its entire holding of a total of 308.500.00 class A ordinary shares, in Akelius Residential Property AB (publ) to Akelius Apartments Ltd.

After the transaction, Akelius Apartments Ltd.'s ownership of A shares amounts to 86.9 percent.

Akelius Residential Property AB (publ) sold 14,800,000 of its shares in Castellum AB to Akelius Apartments Ltd. during the third quarter.

Sales price was SEK 145 per share. The transaction was done at arm's length. Proceeds will be used to repay maturing debt.

In December 2023, Akelius Apartments Ltd. issued a financial guarantee of EUR 1,117 million to Akelius Residential Property AB (publ).

An equity contribution of EUR 502 million was obtained from the owners through a share issue, of which EUR 426 million was connected to the financial guarantee.

Akelius Apartments Ltd. upsized the guaranteed amount during the second quarter.

At the end of the year,

the available amount under the guarantee is EUR 1,900 million.

Net administration costs to related parties amounted to EUR 2 million (4).

This is reported as central administrative expenses in the income statement.

Net debt to related parties was EUR 75 million (-). Interest expenses on loans amounted to EUR 2 million (-). All transactions are carried out on market terms.

The circle of related parties has not changed significantly since the annual report 2023.

annual general meeting 2025

Akelius Residential Property AB (publ)'s Annual General Meeting will be held on April 29, 2025.

The Board intends to propose to the Annual General Meeting a dividend of maximum EUR 0.10 per class D ordinary share. In total, the distribution of profits on class D ordinary shares shall be paid in the amount corresponding to a maximum of EUR 22,000,000.

significant events after the reporting period

Akelius sold one property in Washington D.C. and one property in Paris on January 10, 2025.

Total sales price was EUR 6 million.

Akelius Residential Property AB (publ) expects to sell all of its remaining shares in Castellum AB to Akelius Apartments Ltd. The amount of shares is 51,800,760. Agreed sales price is SEK 130 per share. Akelius Residential Property AB (publ) will remain the owner of shares in Castellum AB until relevant government authority approvals have been granted.

Such approval is expected during the first quarter of 2025.

The proceeds will be used to repay maturing debt.

Ralf Spann CEO and Board member

Stockholm, February 7, 2025 Akelius Residential Property AB (publ)

This year-end report has not been reviewed by the company's auditors.

definitions

adjusted EBITDA

EBITDA plus other financial income and expenses.

Shows the results excluding interest expenses and changes in the value of assets and liabilities.

annual property return

Net operating income plus unrealized and realized changes in the value of properties on an annual basis in relation to the fair value of the properties at the beginning of the year.

Illustrates the total return on the property portfolio.

average interest rate

Average interest rate on the total interest-bearing liabilities, excluding hybrid bonds, at period end.

This key figure shows financial risk.

capitalization rate

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

cash sources

Cash sources include liquidity, profit before tax, revaluation, contracted sales, and financial guarantees from related parties.

cash uses

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

debt coverage capacity

Net debt in relation to EBITDA. Net debt in relation to EBITDA including realized change in value. Shows the number of years it takes for the company to pay off its debt with current earnings.

debt maturities, years

Volume-weighted remaining term of interest-bearing loans and derivatives on the balance sheet date.

Illustrates the company's refinancing risk.

discontinued operations

A discontinued operation is a component of an entity that either has been disposed or is classified as held for sale and represents a geographical area.

discount rate

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

earning capacity

The earning capacity is based on the property portfolio at the balance sheet date and the portfolio's gross rent, real vacancy, estimated operating expenses, maintenance costs,

and central administrative expenses during a normal year.

Net interest is based on the interest rate for net debt and investments at the balance sheet date.

The exchange rate at closing balance is used.

No tax has been calculated as it mainly relates to deferred tax that does not affect the cash flow.

Earning capacity is not a forecast for the coming twelve months.

It contains no estimates of rent, vacancy, currency exchange, future property purchases and sales, or interest rate changes.

EBITDA

Net operating income plus central administrative expenses, and other income and expenses.

Facilitates the analysis of current operating profit.

equity ratio

Equity in relation to total assets. Highlights the company's financial stability.

financial assets

Holdings in listed debt securities and equity securities with assessed high creditworthiness. Included in the calculation of liquidity.

income return

Net operating income on an annual basis in relation to the fair value of properties at the beginning of the year.

Measures the yield on the property portfolio.

definitions

injury rate

Refers to the frequency of injuries, relative to the total time of 100,000 hours worked.

in-place rent

Contracted rent excluding rental discounts and temporary charges.

interest coverage ratio

Adjusted EBITDA plus realized value growth for the latest rolling 12-month period in relation to net interest expenses for the latest rolling 12-month period. Illustrates the company's sensitivity to interest rate changes.

interest rate hedge

Volume-weighted remaining term of interest rates on interest-bearing loans and derivatives at the balance sheet date. Illustrates the company's sensitivity to interest rate changes.

liquidity

The liquidity reserve consists of cash and cash equivalents, unutilized credit facilities, and financial assets that can be liquidized within three working days.

like-for-like properties

Properties owned during comparing periods. Properties acquired or sold during any of the comparing periods are excluded. Facilitates the analysis and comparison between different periods as properties not included in all periods are excluded.

loan-to-value ratio

Net debt divided by net assets. The key figure shows financial risk.

lost day rate

Refers to the impact of occupational accidents and diseases relative to the total time of 100,000 hours worked.

net asset

Total assets minus pledged cash, cash and cash equivalents, and financial assets. Used to illustrate the company's net assets.

net asset value

Equity, deferred tax, and derivatives. Used to highlight the company's long-term capital that is not interest-bearing.

net debt

Interest-bearing liabilities excluding leasing, less subordinated debt, cash and cash equivalents, pledge cash assets, and financial assets. Used to facilitate analysis of the company's real indebtedness.

net interest expenses

Total interest expenses, including net interest of interest derivatives, less interest on subordinated debt, one-off financing charges and other income payable on cash and cash equivalents, and financial assets. Used to facilitate analysis of the company's interest results.

net letting

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

net operating income

Rental income less property costs. Highlights the ongoing earning capacity from property management.

net operating income margin

Net operating income in relation to rental income.

Highlights the ongoing earning capacity from property management.

other financial income and expenses

This item includes change in fair value of derivatives, change in fair value of hybrid bonds, dividend from external shares, currency effects on external loans, and administrative finance cost.

other income and expenses

Items from secondary activities such as gains on disposals of fixed assets other than investment properties, income and expenses from temporary services rendered after the sale of properties.

Summarizes income and expenses from business operations ancillary to the main business operations.

property costs

Includes direct property costs, such as operating expenses, utility expenses, maintenance costs, and property taxes.

definitions

property portfolio

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

realized value growth

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

real vacancy rate

Total number of vacant apartments less number of vacant apartments due to renovation work or planned sales, in relation to the total number of apartments.

Real vacancy is measured on the first day after the period end.

This rate facilitates the analysis of long-term vacancy for the company.

renewed and renegotiated rental contracts

All changes in rental levels for remaining tenants.

Highlights changes in contracts with existing tenants.

rent potential

New lease level per area the last 12 months divided by the rent per area the last day of the period for all occupied apartments.

rental income

Rental value less vacancies and rent discounts.

rental value

12 months' rent for apartments, including a market rent for vacant apartments.

return on equity

Comprehensive income divided by opening balance equity. Shows the return offered on the owners' invested capital.

sales and ended units

Sales or split of an apartment where one apartment object is ended and two new ones are created.

unencumbered asset ratio

Unencumbered assets divided by unsecured loans minus subordinated debt, cash and cash equivalents.

Used to assess unencumbered assets in relation to unsecured senior interest-bearing debt.

vacancy rate

Number of vacant apartments in relation to total number of apartments.

Vacancy rate is measured on the first day after the period end.

value growth

Changes in value of investments properties excluding investment and currency changes. Demonstrates value changes of properties adjusted for currency effects and capital spent.

walk score

Rating from 0 to 100 for how easy it is to carry out daily errands without a car, where 100 is the best.

Walk score is provided by Walkscore.com and is disclosed in order to rate the location of the properties.

Head office, Sweden

visiting address, Engelbrektsgatan 9–11 114 32 Stockholm Postal address, Box 5836 102 48 Stockholm +46 8 566 130 00 akelius.com/sv

Canada

533 College Street Toronto M6G 1A8 +1 844 253 5487 akelius.ca

UK

19–21 Clerkenwell Close London EC1R 0AA +44 800 014 8579 akelius.co.uk

France

37‒41 Rue du Rocher 75008 Paris +33 805 081 163 akelius.fr

US

300 A Street Boston, MA 02210 +1 857 930 39 00 akelius.us

Akelius in brief

apartments for metropolitans

Akelius' apartments are located in metropolitan cities, such as Paris, London, Toronto, Montreal, Ottawa, Quebec City, New York, Boston, Washington D.C., and Austin.

better living

Akelius restores and upgrades existing properties with a long-term perspective.

Akelius continuously improves the quality of the properties to provide families and individuals a better living.

acquire via cherry-picking

Akelius prefers to make many smaller acquisitions by cherry-picking properties that are exactly right, rather than a few large portfolio acquisitions with partial right properties.

strong capital structure, low refinancing risk

Akelius' well diversified capital market activities include listed senior unsecured bonds in various currencies, hybrid bonds, and listed ordinary shares of class D. The D-shares are publicly traded on Nasdaq First North Growth Market Stockholm with ownership spread across nine thousand shareholders.

sustainability is part of all decisions

One of Akelius' main sustainability goals is to align with climate neutrality on reduction of carbon emissions in scope 1, 2, and 3 by the end of 2050.

Akelius' main priorities include promoting a green portfolio, a safe environment for employees and tenants, and using ethical business practices.

calendar

annual report 2024	March 25, 2025
annual general meeting 2025	April 29, 2025
interim report Jan–Mar 2025	April 30, 2025