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Sweden

Sweden is Heimstaden Bostad's largest market in terms of value and share amount of residential apartments. The property portfolio is geographically diversified across large and medium-sized cities throughout the country and contains different types of properties. Hence, our customer base mirrors society, ranging from students and single households to families and seniors.

92 billion
Investment Properties
46,965
Homes
100%
Regulated Income

Key Figures

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Rental income SEK m 1,280 1,261 1,213 1,208 1,192
Net operating income SEK m 736 734 802 767 618
Net operating income margin % 57.5 58.2 66.1 63.5 51.9
Like-for-like rental income growth % 5.4 5.3 5.9 5.0 6.8
Real economic occupancy % 99.7 99.5 99.2 98.9 98.9
Capital expenditures SEK m 155 347 226 616 6

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Norway

Heimstaden Bostad is Norway's largest private residential real estate company, with a portfolio predominantly featuring smaller apartments in and around Oslo. The Norwegian rental market is characterized by relatively short tenancies, averaging around three years. The customer satisfaction among Heimstaden Norway's tenants remains consistently high, a fact regularly confirmed through ongoing customer surveys that reflect strong approval and positive tenant experiences.

16 billion
Investment Properties
3,732
Homes
0%
Regulated Income

Key Figures

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Rental income SEK m 169 175 179 184 182
Net operating income SEK m 129 147 127 145 138
Net operating income margin % 76.3 84.0 71 79 76
Like-for-like rental income growth % 4.4 3.4 4.8 5.7 6.3
Real economic occupancy % 98.8 98.8 99.3 98.9 99.0
Capital expenditures SEK m 63 244 9 25 18

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Denmark

Heimstaden Bostad is Denmark's largest private residential landlord, with approximately 20,000 housing units. The portfolio in Denmark consists of newly constructed and established properties across the country, offering rental options including student housing, apartments in multi-story buildings, as well as townhouses and single-family homes in various price ranges, thus catering to a very diverse customer segment. Additionally, the portfolio includes a number of commercial leases.

67 billion
Investment Properties
20,160
Homes
15.7%
Regulated Income

Key Figures

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Rental income SEK m 878 898 910 903 884
Net operating income SEK m 646 701 681 654 607
Net operating income margin % 73.6 78.1 74.9 72.4 68.6
Like-for-like rental income growth % 4.2 3.8 2.7 3.2 1.1
Real economic occupancy % 99.1 98.9 98.8 97.9 97.6
Capital expenditures SEK m 85 188 122 104 54

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Netherlands

The Netherlands is a geographically diversified market for Heimstaden Bostad. In the Netherlands, there are several objective factors determining whether residential units are regulated or subject to free market rent. The most important factors are energy labels, the size of the unit and the WOZ value – a public real estate valuation measure, which is a proxy for the attractiveness of the location.

29 billion
Investment Properties
12,263
Homes
59.4%
Regulated Income

Key Figures

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Rental income SEK m 334 354 356 351 345
Net operating income SEK m 258 267 270 277 267
Net operating income margin % 77.3 75.4 75.8 78.9 77.3
Like-for-like rental income growth % 6.5 6.5 7.7 6.4 6.1
Real economic occupancy % 99.5 99.6 99.6 99.8 99.7
Capital expenditures SEK m 55 122 29 47 58

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Germany

After acquiring its first portfolio in Berlin in 2018, Heimstaden Bostad has continued to expand in Germany, and is today the owner and manager of residential properties in nine German cities. Heimstaden offices are located in the cities of Berlin (headquarters), Hamburg and Halle/Saale. In addition, Heimstaden Bostad formed a joint venture with Allianz since the end of 2022, which owns residential properties in a further five German cities throughout Germany. The German portfolio includes different types of homes, which results in a diverse customer base.

79 billion
Investment Properties
29,688
Homes
100%
Regulated Income

Key Figures

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Rental income SEK m 716 734 716 704 687
Net operating income SEK m 515 538 570 547 545
Net operating income margin % 71.9 73.3 79.6 77.8 79.3
Like-for-like rental income growth % 4.6 4.7 7.0 5.7 5.2
Real economic occupancy % 99.7 99.7 99.8 99.7 99.7
Capital expenditures SEK m 281 369 271 236 237

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Poland

Heimstaden Bostad made its first investment in Poland in December 2020, followed by additional acquisitions in 2021. As of 2024, the company offers over 2,000 housing units in eight newbuild projects. Heimstaden Bostad is present in two of Poland’s largest metropolises: Warsaw and Kraków, in districts that are conveniently located and well-connected with city centres. The company has focused on sustainable development, with projects certified according to BREEAM standards and all buildings supplied with green energy from renewable sources.

Newbuild Portfolio:

Homes: 3,839
Commercial Area: 8,193 sqm
Est. GRI p.a.: SEK 363.7 million
Completion: Q1 2022-Q1 2025

5 billion
Investment Properties
2,052
Homes
0%
Regulated Income

Key Figures

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Rental income SEK m 64 55 56 32 26
Net operating income SEK m 58 49 47 26 17
Net operating income margin % 90.6 89.4 82.9 79.0 64.2
Like-for-like rental income growth % 2.3 3.1 9.7 7.8 13.0
Real economic occupancy % 98.5 96.1 89.9 86.0 96.1
Capital expenditures SEK m 1 18 73 155 72

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

United Kingdom

Heimstaden Bostad entered the UK market in 2021 with the acquisition of the new-build project Soho Wharf in Birmingham. Since then, we have added properties in both London and Edinburgh to our portfolio and are actively developing residential units to meet the growing demand in the UK. With population growth, demographic shifts towards major UK cities, and a supply of new-build housing falling short of future demand, Heimstaden is well-positioned to provide an affordable offering to customers.

5 billion
Investment Properties
1,413
Homes
1.6%
Regulated Income

Key Figures

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Rental income SEK m 50 62 56 47 45
Net operating income SEK m 31 48 41 32 32
Net operating income margin % 62.4 76.8 71.8 68.7 71.0
Like-for-like rental income growth % 2.1 7.1 42.3 4.9 6.8
Real economic occupancy % 64.9 78.1 96.8 97.7 97.9
Capital expenditures SEK m 9 140 176 52 173

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Finland

In mid-2021, Heimstaden Bostad entered the Finnish market. Finland is a prosperous Nordic country with anticipated positive economic development and a demographic shift towards its major cities. The Finnish portfolio primarily consists of properties located in the Helsinki Metropolitan Area, Oulu, Jyväskylä, and Lahti, offering affordable housing solutions. Heimstaden is actively enhancing its properties by upgrading facades, transitioning to geothermal heating systems, and integrating innovative technologies such as Leanheat sensors and Smartvatten water meters in all units to reduce energy consumption and promote sustainability.

4 billion
Investment Properties
3,151
Homes
0%
Regulated Income

Key Figures

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Rental income SEK m 72 74 72 71 69
Net operating income SEK m 35 39 42 39 31
Net operating income margin % 48.7 52.7 57.5 55.0 44.6
Like-for-like rental income growth % 4.1 5.8 8.3 7.6 5.9
Real economic occupancy % 95.5 96.6 96.3 93.3 93.7
Capital expenditures SEK m 17 19 19 16 27

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %

Czechia

In Czechia, Heimstaden Bostad is the largest provider of rental housing as well as one of the largest companies in  the Moravian-Silesian Region. The company owns and manages almost 42,000 housing units, providing homes to nearly 90,000 clients. Our portfolio is mainly located in the Moravia-Silesia region, where approximately one third is in Ostrava — the most densely populated region in Czechia after the capital Prague.

27 billion
Investment Properties
41,404
Homes
21.9%
Regulated Income

Key Figures

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Rental income SEK m 461 463 453 453 428
Net operating income SEK m 354 346 354 324 321
Net operating income margin % 76.9 74.6 78.1 71.4 74.9
Like-for-like rental income growth % 9.0 9.3 10.5 6.4 7.4
Real economic occupancy % 96.6 96.7 96.6 96.2 95.7
Capital expenditures SEK m 109 271 250 227 112

Homes

Units

Fair Value of Investment Properties

SEK million

Rental Income

SEK million

Net Operating Income Margin

Last 12 Months, %