Professional Documents
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2020 Akelius
2020 Akelius
year-end report
January to December 2020
Loan-to-value, percent 39 40 39 40
Interest coverage ratio excluding
realized value growth 12 months 2.5 2.0 2.5 2.0
The loan-to-value decreased from 40 to The income return for the total portfolio was
39 percent during 2020. 2.2 percent in 2020.
The company targets properties with strong
interest coverage ratio from cash flow and no upgrade need in all current
cities and in Ottawa.
1.8 to 2.5
The supply of such properties is higher
The interest coverage ratio increased from in North American cities than in Akelius
1.8 to 2.5. European and Scandinavian cities.
Main contributors are less debt in
combination with a lower cost of debt.
maximum 45 percent
loan-to-value
rent cap in Berlin reduces rental
The new direction towards increased cash
income
flow from the properties enables a moderate
Rent regulation and Brexit show that changes increase in debt.
are often local. The revised financial policy allows a
Brexit affects both rental levels and property loan-to-value of a maximum of 45 percent.
prices in London.
Akelius is in a strong position today.
The rent regulation in Berlin is expected to This enables the company to add properties
reduce Akelius’ rental income by and to create an even larger and more stable
EUR 23 million during 2021. property portfolio.
A court ruling regarding the new rent law is
expected during 2021.
Ralf Spann,
CEO and Managing Director
year-end report, January to December 2020
4
year-end report, January to December 2020
473
436 11 -23
-1 435 11 434
423
-2.7%
Jan 1 sales Jan 1 change Berlin Jan 1 purchases Jan 1 in-place rent
2020 2020 rent 2021 2021 all unit types
regulation Jan 1 2021
like-for-like
5
year-end report, January to December 2020
like-for-like growth
rental income 3.6 percent net operating income 8.4 percent
10.7
8.4
8.0
5.7
5.1 5.1
4.3 4.1 4.0
3.6
3.2 2.9
2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020
7,774 109.2
518 7.3
- 7,256 -101.9
move out move in net letting move out move in net letting
6
year-end report, January to December 2020
like-for-like
1.7
1.3 1.4
1.0 1.1 1.1 1.1
0.9
0.7 0.7 0.7
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 average
7
year-end report, January to December 2020
percent
20
18
16
14
12
10
8
6
4
2
0
2014 2015 2016 2017 2018 2019 2020
Growth Jan–Dec
EUR million percent
Fair value, Jan 1, 2020 11,964
Revaluations 34 0.3
Investments 381 3.2
Purchases 172 1.4
Sales -185 -1.5
Exchange differences -227 -1.9
Fair value, Dec 31, 2020 12,139 1.5
Net operating income 259 2.2
Total property return 293 Per annum: 2.4
8
year-end report, January to December 2020
financing
50 51
4 8
40 39
26
30
46
43
14
9
841
1,117
283
50
116 88
233
9
year-end report, January to December 2020
financing
2,203 2,246
1,200 1,174
0–1 1–2 2–3 3–4 4–5 >5 0–1 1–2 2–3 3–4 4–5 >5
Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
debt maturities
fixed interest term
10
year-end report, January to December 2020
financing
EBITDA EUR 221 million interest coverage ratio 3.3
7.8
4.7
5.8
3.3
2.8 2.8 2.7
0.8
1.0
2.5 2.7
1.9 1.8 2.0
2017 2018 2019 2020 earnings 2017 2018 2019 2020 earnings
capacity1 capacity1
1) The earnings capacity is based on the property portfolio as at Dec 31, 2020.
It includes the property portfolio’s gross rent minus real vacancy, estimated operating expenses,
maintenance costs and central administration during a normal year.
2) Includes EUR 441 million in residential rental value as of Jan 1, 2021,
EUR 37 million in rental income for commercial properties and parking,
EUR -14 million in real vacancy for apartments and EUR 40 million in other income.
Residential rental value of EUR 441 million minus vacancy and plus prepaid operating expenses is
equivalent to EUR 434 million in residential in-place rent.
11
year-end report, January to December 2020
Berlin Hamburg
like-for-like properties acquired properties 2020 sold properties or signed sales 2020
Berlin Hamburg
Property portfolio
Fair value, EUR million 3,079 856
Proportion of property fair value, percent 25 7
Capitalization rate, percent 2.01 3.66
Proportion upgraded apartments, percent 43 56
Average apartment size, sqm 63 55
Walk score 90 91
*) A consequence of, for instance, a split of an apartment, where one apartment object is ended
and two new ones are created.
12
year-end report, January to December 2020
London Paris
London Paris
Property portfolio
Fair value, EUR million 912 429
Proportion of property fair value, percent 8 4
Capitalization rate, percent 4.12 4.03
Proportion upgraded apartments, percent 68 34
Average apartment size, sqm 39 31
Walk score 86 97
13
year-end report, January to December 2020
Stockholm Malmö
like-for-like properties
Stockholm Malmö
Property portfolio
Fair value, EUR million 1,771 1,035
Proportion of property fair value, percent 14 9
Capitalization rate, percent 2.68 3.14
Proportion upgraded apartments, percent 56 59
Average apartment size, sqm 71 65
Walk score 72 89
14
year-end report, January to December 2020
like-for-like properties
15
year-end report, January to December 2020
16
year-end report, January to December 2020
Toronto Montreal
Toronto Montreal
Property portfolio
Fair value, EUR million 898 857
Proportion of property fair value, percent 7 7
Capitalization rate, percent 3.53 4.30
Proportion upgraded apartments, percent 53 57
Average apartment size, sqm 52 67
Walk score 77 82
17
year-end report, January to December 2020
result
rental income EUR 471 million EBITDA EUR 221 million
Rental income was EUR 471 million (496), EBITDA was EUR 221 million (227),
a decrease of 5.0 percent compared to the a decrease of 2.6 percent compared to the
same period in 2019. same period in 2019.
The decrease is due to property sales that The change is mainly explained by a reduced
have reduced the property portfolio in property portfolio due to sales.
comparison with 2019. See table of development of EBITDA on
Like-for-like growth in rental income was page 35.
EUR 15 million (20) or 3.6 percent (5.7).
During 2020, net financial items EUR -155 million
18,310 rental contracts (33,842) with an Interest expenses were EUR -88 million (-116)
annual rent of EUR 240 million (410) were and interest income was EUR 1 million (1).
renewed or renegotiated. The decrease in interest expenses is due to
The new yearly rent is EUR 245 million (418), lower interest rates and a decreased average
an increase of 2.0 percent (1.8). loan volume in 2020 compared with 2019.
The vacancy rate for residential units Interest expenses for the hybrid bonds were
decreased by 1.1 percentage points to EUR -29 million (-19).
7.5 percent (8.6).
This is mainly due to fewer apartments being Revaluations of financial derivatives affected
upgraded. earnings by EUR -35 million (-28).
In 2020, outstanding hybrid bonds increased
78 percent (88) of vacancy was due to by EUR 500 million.
upgrades or planned sales of apartments.
Other financial income and expenses
The real vacancy rate increased by amounted to EUR -4 million (1).
0.6 percentage points during 2020 to
1.7 percent (1.1),
due to recently finished upgrading projects.
profit before tax EUR 72 million
Profit before tax was EUR 72 million (464).
net operating income The increase in the fair value of properties
had a positive impact on the profit,
EUR 259 million although to a significantly lower degree than
Net operating income was for the same period in 2019.
EUR 259 million (260).
Property expenses totalled tax income EUR 44 million
EUR 212 million (236). Tax income totalled EUR 44 million (-79).
EUR 28 million (31) was attributable to EUR 57 million (-50) was deferred tax,
maintenance, mainly driven by the restructuring of the
corresponding to EUR 10 (10) per square German company structure,
meter and year. which has resulted in a lower deferred tax
Like-for-like growth in net operating income liability.
was 8.4 percent (2.9). Akelius has no ongoing tax disputes.
Increase in like-for-like rental income drove
the like-for-like growth in net operating
income.
Net operating income margin was
54.9 percent (52.4).
Adjusted net operating income margin
was 68.2 percent (65.2).
18
year-end report, January to December 2020
property portfolio
fair value EUR 12,139 million property purchases
The fair value was EUR 12,139 million (11,964), EUR 172 million
which is equivalent to an average of Property purchases amounted to
EUR 4,033 (4,031) per square meter. EUR 172 million (181) during the period.
The average capitalization rate for was Properties purchased are located in Germany,
3.28 percent (3.67). The decrease is mainly Canada and USA.
due to the lower capitalization rate in Berlin. The average capitalization rate for purchased
See table on page 8. properties was 4.92 percent (4.15).
19
year-end report, January to December 2020
financing
equity and hybrid capital ratio interest rate hedge 5.0 years
51 percent EUR 2,246 million (2,430) had a fixed interest
Equity decreased by EUR 152 million to rate term of more than five years and
EUR 5,374 million (5,526) during 2020. EUR 216 million (621) had a fixed interest rate
It is mainly due to dividends and changes in term of less than one year.
the Group’s currency translation reserve. During September a EUR 300 million bond
The equity and hybrid capital ratio amounted with an interest of 3.4 percent matured.
to 51 percent (50). Additionally, during September, the Group
The improvement is a result of Akelius issued a EUR 500 million bond with a fixed
Residential Property AB issuing a hybrid bond coupon of 1.00 percent and with maturity in
of EUR 500 million during the first quarter. 2028.
The Group issued a EUR 500 bond with
an annual coupon of 1.125 percent during
loan-to-value ratio 39 percent November.
Loans excluding the hybrid bonds increased by The bond matures in 2029.
EUR 186 million during the period,
On average, the underlying interest rate is
to EUR 5,043 million (4,857).
secured for 5.0 years (4.5).
The loan-to-value ratio decreased by
1 percentage point since the previous to average interest rate 1.95 percent
39 percent (40).
During the period the average interest rate
Secured loans were EUR 1,357 million (1,658). decreased from 2.25 to 1.95 percent.
Secured loan-to-value ratio was The decrease in interest rate is due to lower
9 percent (14). market rates across all markets.
The secured debt was borrowed from Debt with high interest which matured have
22 banks (26) in four countries. been replaced with new debt with lower
interest.
Unsecured debt includes 12 bonds (11)
and loans from large investors and related
companies. liquidity EUR 1,117 million
Available funds in the form of cash, liquid
debt maturities 5.7 years financial assets and unutilized credit facilities
totalled EUR 1,117 million (841).
Loans have an average maturity of
5.7 years (5.4). Unutilized credit facilities amounted to
EUR 844 million (814) with an average
EUR 233 million (590) mature within one year.
maturity of 2.13 years (1.38).
The average loan-to-value ratio on short-term Facilities intended to be kept are extended at
loans was 34 percent (37). least one year prior maturity.
Short-term loans consist of borrowings from The unutilized bilateral credit agreements are
7 banks (11). provided by 7 banks (7).
The fair value of the unencumbered properties
was EUR 6,324 million (5,766).
20
year-end report, January to December 2020
21
year-end report, January to December 2020
Profit attributable to
–owners of the Parent Company 112 379 52 70
–non-controlling interests 4 6 2 2
Earnings per share before and after
dilution, EUR 0.03 0.11 0.02 0.02
1) Net income from the revaluation and disposal for Jan-Dec 2020 include change in fair value of
properties of EUR 34 million (422), minus transaction cost of EUR 4 million (18),
minus revaluation reserve for owner-occupied properties of EUR 1 million (1).
2) EUR 12 million relates to personnel costs and EUR 2 million to intangible assets.
22
year-end report, January to December 2020
23
year-end report, January to December 2020
Interest-bearing liabilities
- unsecured loans 3,686 3,199
- secured loans 1,357 1,658
Subtotal interest-bearing liabilities 5,043 4,857
- hybrid bonds 999 499
Total interest-bearing liabilities 6,042 5,356
1) EUR 8 million for leased offices and EUR 6 million for site leasehold agreements.
2) EUR 18 million is attributable to investment properties in Germany, sale price is EUR 18 million.
24
year-end report, January to December 2020
Currency Non-
trans- con-
Share Share lation Retained trolling Total
EUR million capital premium reserve earnings Total interests equity
Balance at
Dec 31, 2018 211 1,460 -209 3,830 5,292 78 5,370
EUR conversion* -24 -145 24 145 - - -
Adjusted balance at
Jan 1, 2019 187 1,315 -185 3,975 5,292 78 5,370
Total comprehensive
income for the period - - 30 380 410 6 416
Acquired minority - - - - - 1 1
Dividend - - - -32 -32 - -32
Share issue 13 372 - -7 378 - 378
Redeemed shares -1 -585 - -21 -607 - -607
Balance at
Dec 31, 2019 199 1,102 -155 4,295 5,441 85 5,526
Profit for the period - - - 112 112 4 116
Other comprehensive
income - - -143 - -143 - -143
Total
comprehensive
income for the period - - -143 112 -31 4 -27
Divestment of minority - - - - - -5 -5
Other transactions with
minority - - - - - -2 -2
Dividend - - - -118 -118 - -118
Balance at
Dec 31, 2020 199 1,102 -298 4,289 5,292 82 5,374
25
year-end report, January to December 2020
1) Jan-Dec 2020 includes EUR 20 million related to a realized sale to a tenant-owner association.
2) Jan-Dec 2020 includes EUR -7 million related to the amount still not received as Akelius still owns
the apartments in the tenant-owner association.
3) Jan-Dec 2020 includes EUR -84 million in prepayment received for signed property sale in
Germany 2019, EUR -4 million in transaction costs for sold properties.
26
year-end report, January to December 2020
loans
Interest rate
Duration, hedge, Share, Debt maturities, Share,
years EUR million percent EUR million percent
0–1 216 4 233 5
1–2 617 12 647 13
2–3 221 4 118 2
3–4 569 11 642 13
4–5 1,174 24 1,200 23
5–6 461 9 454 9
6–7 347 7 282 6
7–8 678 14 638 12
8–9 544 11 499 10
9–10 74 1 41 1
> 10 142 3 289 6
Total 5,043 100 5,043 100
financial instruments
Carrying value and fair value of outstanding Compared to 2019, no transfers have been
derivatives and interest-bearing liabilities made between different levels in the fair value
excluding leasing are shown in the tables hierarchy for derivatives and borrowings and
below. no significant changes have been made to
valuation techniques.
Derivatives are measured continuously at fair
value through profit or loss.
Financial instruments that are not measured
at fair value through profit and loss are derivatives recorded at fair value
recognized at amortised cost using the
effective interest rate method. 2020 2019
The fair values of bonds are based on level 1, EUR million Dec 31 Dec 31
and the fair values of derivatives and other Assets 14 3
interest-bearing liabilities are based on level 2 Liabilities 96 64
in the fair value hierarchy.
27
year-end report, January to December 2020
segment information
Net
Total operat-
Operat- Net Revalu- Total prop- ing
ing operat- ation of proper- erty income Proper-
Jan–Dec 2020, Rental expens- Mainte- ing proper- ty return, margin, ty fair
EUR million income es nance income ties return percent percent value
Berlin 126 -44 -7 75 29 104 3.4 59.6 3,079
London 33 -9 -2 22 -20 2 0.2 65.3 912
Hamburg 37 -12 -2 23 29 52 6.3 61.4 856
Paris 11 -8 - 3 6 9 2.2 24.4 429
Other 1 -1 - - 1 1 0.9 -4.4 8
Europe 208 -74 -11 123 45 168 3.1 58.7 5,284
28
year-end report, January to December 2020
Total 496 -205 -31 260 423 683 5.5 52.4 11,964
29
year-end report, January to December 2020
31
year-end report, January to December 2020
32
year-end report, January to December 2020
2020 2019
EUR million Dec 31 Dec 31
Equity 5,374 5,526
Deferred tax 865 933
Deferred taxes reported as liability for sale 3 13
Derivatives 82 61
Net asset value 6,324 6,533
2020 2019
EUR million Dec 31 Dec 31
Cash and cash equivalents 250 19
Unutilized credit facilities 844 814
Liquid financial assets 23 8
Liquidity 1,117 814
33
year-end report, January to December 2020
2020 2019
EUR million Dec 31 Dec 31
Intangible assets 23 19
Unencumbered properties 6,324 5,766
Right-of-use-assets 14 16
Tangible fixed assets 5 6
Deferred tax 4 2
Financial assets 5 4
Trade and other receivables 109 116
Derivatives 14 3
Unencumbered assets 6,498 5,932
2020 2019
EUR million Jan–Dec Jan–Dec
Proceeds from the sale of properties 185 1,616
Transaction costs -4 -18
Acquisition costs -93 -663
Accumulated investments -23 -262
Realized value growth 65 673
34
year-end report, January to December 2020
Dec 2019–
EUR million Dec 2020
EBITDA 227
Like-for-like rental income 14
Like-for-like operating expenses and maintenance 5
Like-for-like net operating income 19
35
year-end report, January to December 2020
other information
basis of presentation The Group has changed the presentation
of the Group’s consolidated statement of
The Akelius Residential Property Group’s comprehensive income from 2020 to present
year-end report has been prepared in EBITDA.
accordance with IAS 34, Interim Financial Depreciation and operational foreign
Reporting and the Swedish Annual Accounts exchange differences have been reported
Act. separately and are presented on a separate
The financial statements of the Parent row below EBITDA.
Company, Akelius Residential Property AB, Depreciation was previously included in
corporate identity number 556156-0383, central administrative expenses and operating
have been prepared in accordance with expenses, foreign exchange differences were
the Swedish Annual Accounts Act and the included in other income and expenses.
accounting standard RFR 2,
Accounting for Legal Entities. Akelius has chosen to publish segment
information per city instead of per region from
Disclosures in accordance with IAS 34 Interim fourth quarter of 2020.
Financial Reporting are submitted both in the Segment information is reported separately
notes and in other sections of the year-end for Berlin, Hamburg, Paris, London, Toronto,
report. Montreal, New York, Boston, Washington D.C,
The figures in this year-end report have been Stockholm, Malmö, and Copenhagen.
rounded, while the calculations have been
made without rounding. new and amended IFRS standards
As a result, certain tables and key figures may adopted by the EU applied as at
appear not to add up correctly. January 1, 2020
New and amended IFRS standards that came
accounting principles
into effect after January 1, 2020 have not had
Accounting principles can be found in Akelius any material impact on the Group’s financial
Annual Report 2019. reports.
Information regarding Provisions, Contingent
definition of a business,
liabilities and Contingent assets is not included
amendments to IFRS 3
in the Annual Report 2019 and is presented
below. The amendment to IFRS 3 clarifies that to be
considered a business,
Under IAS 37 Provision, Contingent liabilities
an integrated set of activities and assets must
and Contingent assets, a restructuring
include, at a minimum
provision is recognised only when both of the
an input and a substantive process that
following conditions are met
together significantly contribute to the ability
- there is a detailed formal plan for the to create output.
restructuring and
The definition of the term outputs is changed
- the company has raised a valid expectation to focus on goods and services provided to
in those affected, customers, generating investment income
that the restructuring will be completed once and other income,
the implementation of the plan has begun and it excludes returns in the form of
or through the announcement of the main lower cost and other economic benefits.
features of the plan. Furthermore, it clarifies that a business can
Akelius has a detailed formal plan and has exist without including all the inputs and
started to implement the plan and announced processes needed to create outputs.
its main features in a press release in August Akelius acquisitions are classified as asset
2020. acquisitions and therefore this amendment
have not had any impact on Akelius financial
reports.
It may impact future periods if Akelius would
enter any business combinations.
36
year-end report, January to December 2020
financial instruments
Financial instruments have an exposure to
IBORs.
Contracts will be replaced or modified as part
of these new initiatives.
There is uncertainty as to the timing and the
methods of transition,
and whether some existing benchmarks will
continue to be supported.
37
year-end report, January to December 2020
covid-19
In addition to these,
risks associated to Covid-19 have occurred.
For information regarding its impact see
page 2, 3 and 19.
Ralf Spann,
CEO, Managing Director
38
year-end report, January to December 2020
definitions
adjusted EBITDA discount rate
EBITDA plus other financial income and Rate of return used in assessing the present
expenses. value of future cash flow and terminal value in
It is used to show results excluding interest the fair value assessment of properties.
expenses and changes in the value of assets
and liabilities. EBITDA
Net operating income plus central
adjusted net operating income margin administrative expenses, and
Net operating income margin excluding other income and expenses.
income from operating expenses included in Facilitates the analysis of current operating
the rent invoiced to the tenants, profit.
such as utility and property taxes.
It highlights the ongoing earning capacity earnings capacity
from property management related to rental The earnings capacity is based on the property
services only. portfolio at the balance sheet date and the
portfolio's gross rent, real vacancy, estimated
annual property return operating expenses and maintenance costs
Gain from the revaluation of properties and during a normal year, as well as central
net operating income on an annual basis in administrative expenses.
relation to the fair value of the properties at Interest expenses are based on net debt on the
the beginning of the year. balance sheet date calculated at the currency
It illustrates the total return on the property rate on the balance sheet date.
portfolio. No tax has been calculated as it relates mainly
to deferred tax that does now affect the cash
capitalization rate flow.
The rate of return used in assessing the The earnings capacity is not a forecast for the
terminal value of property in the fair value coming twelve months.
assessment. It contains no estimates of rent, vacancy,
currency exchange, future property purchases
cash sources and sales or interest rate changes.
Cash sources include liquidity, contracted
equity ratio
sales and profit before tax and revaluation.
Equity in relation to total assets.
cash uses It highlights the company’s financial stability.
Cash uses include investments, contracted income return
purchases and short-term loans.
Net operating income on an annual basis in
debt maturities, years relation to the fair value of the properties at the
beginning of the year.
Volume-weighted remaining term of It measures the yield on the property portfolio.
interest-bearing loans and derivatives on the
balance sheet date. in-place rent
It illustrates the company’s refinancing risk.
Contracted rent excluding rental discounts and
debt coverage capacity temporary charges.
39
year-end report, January to December 2020
definitions, continued
interest coverage ratio net debt
Adjusted EBITDA plus realized value growth for Interest-bearing liabilities excluding leasing
the latest rolling 12-month less subordinated debt, cash and cash
period in relation to net interest expenses for equivalents, and pledge cash assets.
the latest rolling 12-month period. It is used to facilitate analysis of the company’s
It illustrates the company’s sensitivity to real indebtedness.
interest rate changes.
net financial items
liquidity The net of interest income, interest expenses,
The liquidity reserve consists of cash and cash other financial income and expenses and
equivalents, unutilized credit facilities and changes in the fair value of derivatives.
liquid financial assets that can be liquidized Summarizes financial income and expenses
within three working days. and is used to explain the financial items'
contribution to profit or loss.
liquid financial assets
Holdings in listed debt securities and equity net letting
securities with an investment grade rating. The sum of agreed contracted annual rents
Included in the calculation of liquidity. for new lettings for the period less terminated
annual rents.
like-for-like properties Demonstrates the effect of the vacancy
Properties owned during the compared development illustrated in annual rent.
periods.
This means that properties that were acquired net interest expenses
or sold during any of the compared periods are Total interest expenses less interest on
excluded. subordinated debt, one-off financing charges
It facilitates the analysis and the comparison and interest on cash, cash equivalents and
between different periods when properties that liquid financial assets.
do not figure in all the periods are excluded. It is used to facilitate analysis of the company’s
interest results.
loan-to-value ratio
Net debt divided by net assets. net operating income
This key figure shows financial risk. Rental income less property costs.
It highlights the ongoing earning capacity from
loan-to-value ratio, secured loans property management.
Net debt reduced by unsecured interest-
bearing debt divided by net assets. net operating income margin
This key figure shows financial risk. Net operating income in relation to rental
income.
net asset It highlights the ongoing earning capacity from
Total assets minus pledged cash, cash and cash property management.
equivalents.
It is used to illustrate the company’s net assets. other income and expenses
Items from secondary activities such as
net asset value gains on disposals of fixed assets other than
Equity, deferred tax and derivatives. investment properties,
It is used to highlight the company’s income and expenses from temporary
long-term capital that is not services rendered after the sale of properties.
interest-bearing. It summarizes income and expenses from
business operations ancillary to the main
business operations.
40
year-end report, January to December 2020
definitions, continued
property costs unencumbered asset ratio
This item includes direct property costs, Unencumbered assets divided by unsecured
such as operating expenses, utility expenses, loans minus subordinated debt, cash and cash
maintenance costs and property taxes. equivalents.
It is used to assess unencumbered assets in
property portfolio relation to unsecured senior interest-bearing
Investment properties, owner-occupied debt.
properties, and investment properties
classified as assets held for sale. vacancy rate
The number of vacant apartments in relation to
realized value growth the total number of apartments.
Proceeds from the sale of investment The vacancy rate is measured on the first day
properties minus acquisition costs, after the period end.
accumulated investments and costs of sale.
This item demonstrates the actual result of value growth
sales measured from the acquisition to sale. Changes in the value of investments properties
excluding investment and change in currencies.
real vacancy rate It demonstrates the changes in value of
The total number of vacant apartments less properties cleared for currency effects and
the number of apartments vacant due to capital spent.
renovation work or planned sales,
in relation to the total number of apartments. walk score
Real vacancy is measured on the first day after Rating from 0 to 100 for how easy it is to carry
the period end. out daily errands without a car,
This rate facilitates the analysis of long-term where 100 is the best.
vacancy for the company. Walk score is provided by Walkscore.com
and is disclosed to rate the location of the
renewed and renegotiated rental properties.
contracts
All changes in rental levels for remaining
tenants.
This item highlights changes in contracts with
existing customers.
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
equity.
It shows the return offered on the owners’
invested capital.
41
Head office, Sweden
Akelius in brief
Rosenlundsgatan 50
Box 38149 apartments for metropolitans
100 64 Stockholm All apartments are in metropolitan cities,
+46 (0)10-722 31 00 such as Berlin, Hamburg, Paris, London, Toronto,
Montreal, New York, Boston, Washington D.C.,
akelius.se
Stockholm and Copenhagen.
Germany
better living
Erkelenzdamm 11-13
Akelius helps families and individuals by providing a
D-10999 Berlin better living.
+49 (0) 30 7554 110
akelius.de acquire via cherry-picking
Akelius prefers to make many smaller acquisitions of
Canada properties that are exactly right,
289 Niagara Street by cherry-picking,
rather than making a few large acquisitions of
Toronto M6J 0C3
properties that are not quite right.
+1 (416) 214-2626
akelius.ca strong capital structure,
low refinancing risk
England
Akelius has agreements with 27 banks, listed senior
10 Bloomsbury Way unsecured bonds and listed common shares of
London WC1A 2SL class D.
Akelius is one of Europe’s largest listed residential
+44 (0) 2 078 719 695
companies and has eleven thousand shareholders.
akelius.co.uk
first-class personnel
France
More than three hundred employees have graduated
24 rue Cambacérès from the Residential Real Estate Management
75008 Paris program at Akelius Business School.
+33 1 40 06 85 00
akelius.fr
United States
300 A Street, 5th Floor
financial calendar
Boston, MA 02210
+1 857 930-39 00 annual report 2020 March 12, 2021
akelius.us
interim report Jan-Mar 2021 May 3, 2021