2019 Akelius

Akelius Residential Property AB (publ)
year-end report
January to December 2019
2019 2018 2019 2018

Jan–Dec Jan–Dec Oct–Dec Oct–Dec
Rental income, EUR million 496 482 122 129
Like-for-like growth in rental income, percent 5.7 3.2 7.1 2.3
Net operating income, EUR million 255 259 61 66

Like-for-like growth in net operating
income, percent 2.9 5.1 2.3 -2.1
Net operating income margin, percent 51.5 53.6 49.5 50.8

Adjusted net operating income margin, per-
cent 64.1 69.3 60.2 71.3
EBITDA, EUR million 227 236 53 58
Profit before tax, EUR million 464 634 100 32
Property fair value, EUR million 11,964 12,379 11,964 12,379
Change in property fair value, percent 3.4 5.2 1.4 0.2
Number of apartments 44,226 50,407 44,226 50,407
Real vacancy residential, percent 1.1 1.4 1.1 1.4
Loan-to-value, percent 40 44 40 44
Interest coverage ratio excluding
realized value growth 12 months 2.0 1.8 2.0 1.8
definitions on pages 35-37

Samariterstraße 17, Berlin
loan-to-value below 40 percent

Entering 2019 the financial goal was to like-for-like income growth 6 percent
improve the credit metrics,
to facilitate a higher rating. Like-for-like rental income grew 6 percent
Loan-to-value was reduced from 44 to thanks to upgrades, index and a reduction of
40 percent. vacancy.
The financial policy stipulates a maximum Vacancy decreased with 2 percentage points
loan-to-value of 40 percent from 2020 and in the like-for-like portfolio.
onwards.
Current rating is BBB. interest coverage ratio 2.0
The company strives for a BBB+ rating. Interest coverage ratio increased from
1.8 to 2.0.
sales 15 percent above fair value Main contributors were decreased loan-to-
value, reduced cost of debt in-place and
Signed sales amounted to EUR 1.7 billion in increased income.
four major transactions.
Properties in Germany, Canada and Sweden
were sold.
rent cap in Berlin
Buyers were listed property companies and Last week the Berlin house of representatives
institutions. voted in favour of the rent cap.
The demand for well located, well maintained The new regulation limits the rent depending
residential buildings is very high. on construction year and condition.
The company’s initial analysis indicates that
issue and redemption of equity Akelius may have to reduce annual rent with
EUR 20 million,
In October the company issued EUR 0.4 billion corresponding to 4 percent of rental income
class D ordinary shares. 2019.
All issued preference shares, EUR 0.6 billion,
were redeemed in December. The rent cap will increase housing shortage.
This is not what Berlin needs.
Pål Ahlsén,
CEO and Managing Director
year-end report, January to December 2019
property portfolio December 31, 2019
fair value properties EUR 11,964 million
Lettable space Fair value

Residential thousand sqm EUR EUR/ Capitalization
City units Residential Commercial Total million sqm rate, percent
Berlin 14,038 882 69 951 3,038 3,193 3.39
Stockholm 5,921 423 34 457 1,657 3,625 2.69
Malmö 4,078 266 84 350 970 2,773 3.23
London 2,242 88 16 104 951 9,106 4.13
New York 1,719 117 4 121 943 7,785 4.31
Toronto 3,506 181 5 186 908 4,884 4.14
Montreal 3,860 258 2 260 828 3,187 4.29
Hamburg 3,601 198 12 210 816 3,901 3.67
Boston 974 63 2 65 541 8,342 4.24
Washington D.C. 1,238 93 4 97 444 4,576 4.65
Paris 1,550 48 5 53 402 7,559 4.06
Copenhagen 1,031 82 6 88 322 3,649 2.95
Other 468 25 1 26 144 5,560 3.34
Total 44,226 2,724 244 2,968 11,964 4,031 3.67
3
changes in the property portfolio

upgraded apartments 21,080 upgraded apartments 47.7 percent
21,809 5.9 47.7

21,080 43.3 -1.5
Dec 31 Dec 31 Dec 31 sales and upgraded Dec 31

2018 2019 2018 purchases like-for-like 2019
3,398 apartments sold
during 2019
property purchases property sales EUR 1,616 million

EUR 181 million contracted sales EUR 134 million
1,750
Washington D.C. 64
Berlin 42
74%
Montreal 30 1,003
Boston 16
Stockholm 13
Hamburg 5
London 5
investments sales price
Toronto 4 purchase price
Other 2
Akelius has signed agreements for property sales
in Germany and Canada with closing date during
2020.
4
net letting January–December 2019

number of apartments 719 rental income EUR 21.8 million
7,492 108.3
21.8
719
6,773 86.5
move out move in net letting move out move in net letting
development residential in-place rent

EUR million
474 64 485
30 440 5 445
410
7,2%
Jan 1 sales Jan 1 change Jan 1 purchases Jan 1 in-place rent

2019 2019 2020 2020 all unit types
Jan 1 2020
like-for-like
5
like-for-like growth
rental income 5.7 percent net operating income 2.9 percent
10.7
8.0
7.1
5.7
5.1 5.1
4.3 4.1 4.0
3.4 3.2 2.9
2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019
real vacancy 1.1 percent
1.3 1.4
1.0 1.1 1.1
0.9 0.9
0.6 0.7 0.7 0.7
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 average
6
annual property return 5.5 percent
percent
20
18
16
14
12
10
8
6
4
2
0
2013 2014 2015 2016 2017 2018 2019
Jan–Dec Jan–Dec Jan–Dec Jan–Dec Jan–Dec Jan–Dec Jan–Dec
income return value growth average annual

property return
Growth Jan–Dec
EUR million percent
Fair value, Jan 1, 2019 12,379
Revaluations 423 3.4
Investments 468 3.8
Purchases 181 1.5
Sales -1,616 -13.1
Exchange difference 129 1.0
Fair value, Dec 31, 2019 11,964 -3.4
Net operating income 255 2.1
Total property return 678 Per annum: 5.5
capitalization rate 3.67 percent change in value EUR 423 million

Capitalization Discount EUR Return,
Percent rate rate million percent
Jan 1, 2019 3.67 5.66 Cash flow 213 1.72
Purchases 0.01 0.01 Required rate
Sales -0.02 -0.02 of return 16 0.12
Like-for-like 0.00 0.00 Sales 194 1.57
Exchange Purchases - 0.00
difference 0.01 0.01
Total change
Dec 31, 2019 3.67 5.66 in value 423 3.41
7
financing
loan-to-value ratio equity and hybrid capital ratio
40 percent 50 percent
50
47 4
5
44
5
40
25
26 46
37
19
14
Dec 31 Dec 31 Dec 31 Dec 31

2018 2019 2018 2019
unsecured loans hybrid bond ordinary equity

secured loans preferred equity
interest expenses and liquidity cash uses and sources

EUR million EUR million, 12 months forward
1,047
39
841 167
661
21
461 50
841
590
129 116
Jan–Dec Dec 31 Jan–Dec Dec 31 cash uses cash sources

2018 2018 2019 2019
interest expenses contracted purchases contracted sales

liquidity investments profit before tax
short-term loans and revaluation
liquidity
8
financing
debt maturities interest rate hedges,
EUR million, year interest rate
EUR million, percent, year
2,473
2,430
2.26
775
590 642 621 603 649
259 331
3.75 1.74 223 1.65
118
2.22 1.22
0–1 1–2 2–3 3–4 4–5 >5 0–1 1–2 2–3 3–4 4–5 >5
fixed interest terms 4.5 years interest rate 2.25 percent

debt maturities 5.4 years
5.7 5.6 5.7

5.4
5.3
5.0
4.3 4.5 4.5 4.5
3.44
2.62 2.58 2.64

2.25
Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
fixed interest term

debt maturities
9
financing
EBITDA EUR 227 million interest coverage ratio 7.8
274 realized value growth

EBITDA
233 231 236 227
7.8
4.5 4.7 5.8
2.8 2.8 2.5

2.6
1.0
1.9 1.9 2.0 2.5
1.8
2016 2017 2018 Jan 2019– earnings 2016 2017 2018 Jan 2019– earnings
Dec 2019 capacity Dec 2019 capacity
Earnings
capacity
current interest and debt coverage capacity as per
Jan 2019– Dec 31,
EUR million Dec 2019 20191
Rental income 496 5252
Operating expenses -210 -195
Maintenance -31 -28
Net operating income 255 302
Central administrative expenses -36 -36
Other income and expenses 3 3
Reversal operational exchange differences -2 -2
Reversal depreciation 7 7
EBITDA 227 274
Other financial income and expenses 1 2
Adjusted EBITDA 228 276
Net interest expenses -115 -109
Interest coverage ratio excluding realized value growth 2.0 2.5
Realized value growth 673 -
Interest coverage ratio 7.8 -
Net debt as per Dec 31, 2019 4,838 4,838
Net debt/EBITDA 21.3 17.7
Net debt/EBITDA including realized value growth 5.4 -
1) The earnings capacity is based on the property portfolio as per Dec 31, 2019 and the
property portfolio’s gross rent, real vacancy, estimated operating expenses, maintenance
costs and central administration during a normal year.
2) Includes EUR 456 million in residential rental value as of Jan 1, 2020, EUR 38 million in
rental income for commercial properties and parking, EUR -7 million in real vacancy for
apartments and EUR 38 million in other income.
Residential rental value of EUR 456 million minus real vacancy and discounts offered is
equivalent to EUR 445 million in residential in-place rent.
10
Berlin Hamburg
acquired properties 2019 like-for-like properties sold properties or signed sales
Berlin Hamburg
Property portfolio
Fair value, EUR million 3,038 816
Proportion of property fair value, percent 25 7
Capitalization rate, percent 3.39 3.67
Proportion upgraded apartments, percent 42 54
Average apartment size, sqm 63 55
Walk score 91 91
Average rent EUR/sqm/month EUR/sqm/month

Total portfolio Jan 1, 2019 8.64 11.25
Sales 0.00 0.29
Like-for-like Jan 1, 2019 8.64 11.54
Like-for-like increase 0.70 0.45
– Increase in percent 8.1 3.9
Like-for-like Jan 1, 2020 9.34 11.99
Purchases -0.01 -0.01
New lease level 14.66 15.31
Vacancy rate residential percent percent

Real vacancy rate 0.9 0.8
Apartments being upgraded 3.2 4.6
Vacancy rate 4.1 5.4
11
London Paris
like-for-like properties
London Paris
Property portfolio
Fair value, EUR million 951 402
Average apartment size 422 sqft 31 sqm
Walk score 86 97
Average rent GBP/sqft/month EUR/sqm/month
Sales 0.00 -
Like-for-like Jan 1, 2019 2.77 22.79
Like-for-like Jan 1, 2020 2.88 25.46
Purchases - 0.15

12
Stockholm Malmö
acquired properties 2019 like-for-like properties
Stockholm Malmö
Property portfolio
Fair value, EUR million 1,657 970
Average apartment size, sqm 72 65
Walk score 69 91
Average rent SEK/sqm/year SEK/sqm/year

Total portfolio Jan 1, 2019 1,304 1,350
Sales 5 -
Like-for-like Jan 1, 2019 1,309 1,350
Like-for-like increase 46 48
Like-for-like Jan 1, 2020 1,355 1,398
Purchases 1 -
Total portfolio Jan 1, 2020 1,356 1,398
New lease level 1,604 1,604

13
Copenhagen New York
like-for-like properties
Copenhagen New York

Property portfolio
Average apartment size 80 sqm 731 sqft
Walk score 95 96
Average rent DKK/sqm/year USD/sqft/month
Total portfolio Jan 1, 2019 1,011 2.85
Sales - -
Like-for-like Jan 1, 2019 1,011 2.85
Like-for-like increase 54 0.19
Like-for-like Jan 1, 2020 1,065 3.04
Purchases - -
Total portfolio Jan 1, 2020 1,065 3.04
New lease level 1,635 5.25
14
Boston Washington D.C.
acquired properties 2019 like-for-like properties
Boston Washington D.C.

Property portfolio
Average apartment size, sqft 692 807
Walk score 90 88
Average rent USD/sqft/month USD/sqft/month

Sales - -
Like-for-like Jan 1, 2019 3.59 2.30
Purchases - -0.02

15
Toronto Montreal
acquired properties 2019 like-for-like properties sold properties or signed sales
Toronto Montreal
Property portfolio
Average apartment size, sqft 557 720
Walk score 81 87
Average rent CAD/sqft/month CAD/sqft/month
Sales 0.11 -
Purchases -0.01 -0.02

16
result
rental income EUR 496 million increase in property value
Rental income was EUR 496 million (482), 3.4 percent
an increase of 2.7 percent compared to the The increase in property value was
same period in 2018. EUR 423 million (553) or 3.4 percent (5.2).
Like-for-like growth in rental income was The growth in value is due to increasing cash
EUR 20 million (12) or 5.7 percent (3.2). flow and sales above fair value.
As of 31 December,
33,842 rental contracts (26,118) with an annual net financial items EUR -161 million
rent of EUR 410 million (253) were renewed Interest expenses were EUR -116 million (-129)
or renegotiated. and interest income were EUR 1 million (1).
The new yearly rent is EUR 418 million (258), The decrease of interest expenses is partly due
an increase of 1.8 percent (2.3). to a decreased average loan volume in 2019
The vacancy rate for residential units was compared to 2018.
8.6 percent (9.6). Interest expenses for the hybrid bond were
88 percent (86) was due to upgrades or planned EUR -19 million (-14).
sales of apartments. Financial derivatives affected earnings
The real vacancy rate decreased by by EUR -28 million (0).
0.3 percentage points to 1.1 percent (1.4) Other financial income and expenses
during 2019. amounted to EUR 1 million (-3).
net operating income profit before tax EUR 464 million

EUR 255 million Profit before tax was EUR 464 million (634).
The increase in the fair value of properties
Net operating income was EUR 255 million (259).
had a positive impact on the profit,
Property expenses totaled EUR 241 million (223),
though lower compared to previous period.
EUR 31 million (28) was related to maintenance.
Corresponding to EUR 10 (9) per square
meter and year.
tax expenses EUR 79 million
Tax expenses totaled EUR 79 million (127).
Like-for-like growth in net operating income
EUR 50 million (123) was deferred tax,
was 2.9 percent (5.1).
mainly due to unrealized gains on properties.
Net operating income margin was
Akelius has no ongoing tax disputes.
51.5 percent (53.6).
The decrease is due to increased costs related
to maintenance and property administration.
Adjusted net operating income margin
was 64.1 percent (69.3).
Adjusted net operating income excludes income
from operating expenses included in the rent
invoiced to the tenants,
such as utility expenses and property taxes.
It highlights the ongoing earning capacity from
property management related to rental services
only.
17
property portfolio financing

fair value EUR 11,964 million equity and hybrid capital ratio
The fair value was EUR 11,964 million 50 percent
(12,379), Equity increased by EUR 156 million (469) to
which is equivalent to an average of EUR EUR 5,526 million (5,370) during the period.
4,031 (3,617) per square meter. The equity and hybrid capital ratio amounted
The average capitalization rate for the entire to 50 percent (47).
portfolio was 3.67 percent (3.67),
which is the same as at the beginning of loan-to-value ratio 40 percent
the year.
See table on page 7. Loans excluding the hybrid bond decreased by
EUR 662 million during the period,
property purchases EUR 181 million to EUR 4,857 million (5,519).
The loan-to-value ratio decreased by
Property purchases amounted to 4 percentage points to 40 percent (44) since
EUR 181 million (1,286) during the period. last year.
The average capitalization rate for purchased Secured loans were EUR 1,658 million
properties was 4.15 percent (3.95). compared to EUR 2,346 million at the end of
2018.
property investments Secured loan-to-value ratio was
EUR 468 million 14 percent (19), 5 percentage points lower
than at the year-end 2018.
Investments in properties amounted to
The secured loans were borrowed from
EUR 468 million (349).
26 banks (36) in five countries.
On an annual basis,
Unsecured loans include 11 (10) bonds
this corresponds to EUR 147 (105) per square
and loans from large investors and related
meter.
companies.
32 percent (41) of the total investments were
due to apartment upgrades.
debt maturities 5.4 years
property sales EUR 1,616 million Debt had an average maturity of 5.4 years
(5.7), EUR 590 million (339) matures within
In total, Akelius sold properties for
one year.
EUR 1,616 million (300).
Short-term loans consist of borrowings from
Properties sold in 2019 were located in
banks and capital market financing.
Germany, Sweden and Canada.
Income from the sale of properties totaled
EUR 194 million (4) excluding
interest rate hedge 4.5 years
EUR 18 million (5) in transaction costs. EUR 2,430 (2,786) million had a fixed interest
rate term of more than five years and
assets and liabilities held for sale EUR 621 million (955) had a fixed interest rate
term of less than one year.
Akelius signed agreements for sale of
The average interest rate was
properties in Germany and Canada during
2.25 percent (2.64).
2019.
On average, the underlying interest rate is
The major part had closing during the second
secured for 4.5 years (4.5).
half of 2019. The rest is planned during 2020.
EUR 131 million is related to investment liquidity EUR 841 million
properties and EUR 13 million was reported to
Available funds in the form of liquid assets
deferred taxes.
and credit facilities totaled EUR 841 million
Well-kept residential properties are attractive
(461).
investments for many types of investors and
The fair value of the unencumbered
provide a liquidity reserve during the entire
properties was EUR 5,766 million (5,344).
business cycle.
18
other financial information

cash flow staff
Operating cash flow before change in working 1,456 people (1,326) were employed as per
capital was EUR 69 million (97). December 31.
Cash flow from investing activities was
EUR 991 million (-1,241). issue of class D ordinary shares
Cash required for the acquisition of properties In the fourth quarter,
is secured before the agreements are signed. Akelius issued 220,000,000 ordinary shares of
Profitable but non-mandatory upgrades can class D at EUR 1.75 per share for
be stopped within a three-month period. EUR 385 million.
Cash flow from financing activities was Akelius’ share capital was increased by
EUR -1,034 million (1,129). EUR 12,843,840.
Dividends of EUR 40 million (37) were paid to Akelius class D ordinary shares are listed on
the holders of preference shares. Nasdaq First North Growth Market.
The new issue resulted in a dilution for existing
parent company shareholders of 6.4 percent as regards shares
Dividends of SEK 5 per preference share were and 0.7 percent as regards votes.
paid according to resolutions at the annual
general meeting: May 8, 2019, August 8, 2019 preference shares
and November 8, 2019, totaling The Board of Directors of Akelius Residential
SEK 283 million, EUR 26 million. Property AB (publ) resolved to redeem all
Preference shares were redeemed December 18,835,606 preference shares.
20, 2019. The last day of trading in the preference shares
Accrued dividend until redemption was was December 13, 2019.
SEK 2,5 per preference share, The redemption price was SEK 347.5 per
SEK 47 million, EUR 5 million. preference share,
The Parent Company’s profit before tax was of which SEK 2.5 per share was accrued
EUR 75 million (0). dividend.
Financial income mainly includes interest In total, the redemption amount was
income, currency exchange gains on currency SEK 6,545 million.
derivatives and external and internal The company’s share capital was reduced by
receivables in foreign currency. EUR 1,099,643.25 which through the
redemption an amount corresponding to the
fourth quarter reduction of the share capital was transferred
Profit before tax for the quarter amounted to the statutory reserve.
to EUR 100 million (32).
Net income from the change in fair value of rating
properties impacted the profit with EUR 57 The credit rating is BBB for Akelius Residential
million (22). Property AB and its senior unsecured debt and
Rental income was EUR 122 million (129). BB+ for Akelius Residential Property AB´s hybrid
Property costs amounted to bond.
EUR 61 million (63).
Net operating income was EUR 61 million (66). related party transactions
Net financial items totaled EUR -9 million (-47).
Cash flow amounted to EUR 2 million (0). Net debt from related parties decreased by
Cash flow generated from operations was EUR 58 million (53).
EUR -4 million (34).
Net cash flow from investing activities significant events after the end of
amounted to EUR 371 million (-390). the reporting period
Financing activities had a negative effect
A stricter rent regulation in Berlin indicates a
on cash flow of EUR -365 million (356).
risk for EUR 20 million annual rent reduction.
Akelius intends to issue a hybrid bond
amounting to EUR 500 million. 19
consolidated statement of comprehensive income

2019 2018 2019 2018
EUR million 12 months 12 months 3 months 3 months
Rental income 496 482 122 129
Operating expenses -210 -195 -53 -54
Maintenance -31 -28 -8 -9
Net operating income 255 259 61 66
Central administrative expenses -36 -29 -9 -9
Other income and expenses 3 3 - -
Net income from the revaluation and
disposal of investment properties* 403 546 57 22
Operating profit 625 779 109 79
Interest expenses -115 -128 -20 -35
Interest expenses hybrid bond -19 -14 -5 -5
Other financial income and expenses 1 -3 - -
Change in fair value of derivative
financial instruments -28 - 16 -7
Profit before tax 464 634 100 32
Tax -79 -127 -28 1
Profit for the period/year 385 507 72 33
Items that will be reclassified to
profit or loss
Currency translation difference 124 35 15 -24
Change in the hedging of currency risk -98 -113 -32 12
Tax attributable to the hedging of
currency risk 4 23 11 -5
Revaluation reserve 1 2 - 1
Total other comprehensive income 31 -53 -6 -16
Comprehensive income
for the period/year 416 454 66 17
Profit attributable to
- owners of the Parent Company 379 501 70 32
- non-controlling interests 6 6 2 1
Total comprehensive income attributable to
- owners of the Parent Company 410 448 64 16
- non-controlling interests 6 6 2 1
Earnings per share before and after dilution,
EUR 0.11 0.15 0.02 0.01
*) Net income from the revaluation and disposal for Jan-Dec 2019 include change in fair value
of properties of EUR 422 million, minus transaction cost EUR 18 million, minus revaluation
reserve for owner-occupied properties of EUR 1 million.
Realized gain and loss from the disposal of investment properties amounted to EUR 194 million
in Jan–Dec 2019 and EUR 4 million in Jan–Dec 2018.
Transaction costs amounted to EUR 18 million in Jan–Dec 2019 and EUR 5 million in
Jan–Dec 2018.
20
consolidated statement of financial position

2019 2018
EUR million Dec 31 Dec 31
Assets
Intangible assets 19 11
Investment properties 11,760 11,891
Owner-occupied properties 73 39
Lease agreement, right-of-use-assets1 16 -
Tangible fixed assets 6 6
Derivative financial instruments 1 2
Deferred tax assets 2 1
Financial assets 4 4
Total non-current assets 11,881 11,954
Trade and other receivables 116 86
Cash and cash equivalents 19 13
Assets held for sale2 131 449
Total current assets 268 562
Total assets 12,149 12,516
Equity attributable to the Parent Company’s
shareholders 5,441 5,292
Non-controlling interests 85 78
Total equity 5,526 5,370
Loans 4,267 5,180
Hybrid bond 499 499
Lease liability 13 -
Deferred tax liabilities 935 885
Provisions 2 1
Other liabilities 17 16
Total non-current liabilities 5,793 6,627
Loans 590 339
Lease liability 3 -
Derivative financial instruments 4 -
Provisions - 1
Trade and other payables3 220 121
Liabilities held for sale4 13 58
Total current liabilities 830 519
Total equity and liabilities 12,149 12,516
Interest-bearing liabilities
- unsecured loans 3,199 3,173
- secured loans 1,658 2,346
Subtotal 4,857 5,519
- hybrid bond 499 499
Total 5,356 6,018
1) EUR 10 million for leased offices and EUR 6 million for site leasehold agreements.
2) EUR 125 million is attributable to investment properties in Germany and EUR 6 in Canada.
Includes EUR 134 million related to property value minus EUR 3 million for transactions cost and
additional investments.
3) EUR 84 million refers to prepayments from property sales in Germany.
21
4) EUR 13 million is attributable to deferred tax in Germany.
consolidated statement of changes in equity

Attributable to the Parent Company’s
shareholders
Currency Non
Share Share translation Retained controlling Total
EUR million capital premium reserve earnings Total interests equity
Balance at
January 1, 2018 204 1,504 -154 3,327 4,881 20 4,901
Profit for the year - - - 501 501 6 507
Other
comprehensive
income - - -55 2 -53 - -53
Total other
comprehensive
income - - -55 503 448 6 454
Acquired minority - - - - - 52 52
Dividend - -846 - - -846 - -846
Share issue 7 802 - - 809 - 809
Balance at
December 31,
2018 211 1,460 -209 3,830 5,292 78 5,370
EUR conversion1 -24 -145 24 145 - - -
Adjusted
opening balance,
Jan 1 2019 187 1,315 -185 3,975 5,292 78 5,370
Profit for the year - - - 379 379 6 385
Other
comprehensive
income - - 30 1 31 - 31
Total other
comprehensive
income - - 30 380 410 6 416
Redeemed shares -1 -585 - -21 -607 - -607
Share issue 13 372 - -7 378 - 378
Dividend - - - -32 -32 - -32
Acquired minority - - - - - 1 1
Balance at
December 31,
2019 199 1,102 -155 4,295 5,441 85 5,526
1) The Parent Company, Akelius Residential Property AB,

changed functional currency from Swedish kronor to Euro as of 2019.
22
consolidated statement of cash flows

2019 2018 2019 2018
Central administrative expenses -36 -29 -9 -9
Other income and expenses 1 3 1 1
Reversal of depreciation and
impairment losses 4 3 1 1
Interest paid -132 -136 -29 -37
Income tax paid -23 -3 -19 -2
Cash flow before changes
in working capital 69 97 5 20
Change in current assets -44 1 -13 9
Change in current liabilities 24 11 12 5
Cash flow from operating activities 49 109 4 34
Investments in intangible assets -10 -7 -3 -4
Investments in investment properties -468 -349 -140 -121
Acquisition of investment properties -181 -1,186 -5 -280
Acquisition of net assets 5 40 - 10
Proceeds from the sale of investment
properties 1,616 300 435 1
Proceeds from the sale of net assets1 -49 -31 - -
Purchase and sale of other assets2 78 -8 84 4
Cash flow from investing activities 991 -1,241 371 -390
New share issue 378 809 378 -
Repurchase preference shares -607 - -607 -
Acquisition of minority shares 1 5 - 4
Loans raised 1,686 3,650 514 1,631
Repayment of loans -2,406 -2,438 -629 -1,251
Purchase and sale of derivative
instruments -44 -51 -15 -18
Amortization IFRS 16 leasing -2 - -1 -
Dividend ordinary shares - -809 - -
Dividend preference shares -40 -37 -13 -10
Cash flow from financing activities -1,034 1,129 -373 356
Cash flow for the period/year 6 -3 2 -
Cash and cash equivalents
at the beginning of the period/year 13 16 17 13
Translation differences in cash
and cash equivalents - - - -
Cash and cash equivalents
at the end of the period/year-end 19 13 19 13
For Jan–Dec 2019
1) Mainly related to a discount provided for deferred tax.
2) Including EUR 84 million in prepayment received for property sales in Germany,
EUR 24 million in prepayment for acquisitions and EUR -18 million in transaction costs for sold
properties.
23
loans
Interest rate Interest rate hedge

Duration, hedge, Average interest Share, Debt maturities, Share,
years EUR million rate, percent percent EUR million percent
0–1 621 3.75 13 590 12
1–2 331 2.22 7 259 5
2–3 603 1.74 12 775 16
3–4 223 1.22 5 118 2
4–5 649 1.65 13 642 13
5–6 1,265 2.15 26 1,271 26
6–7 444 2.52 9 471 10
7–8 381 1.58 8 284 6
8–9 193 2.91 4 143 3
9–10 46 0.64 1 - -
> 10 101 4.48 2 304 7
Total 4,857 2.25 100 4,857 100
segment information
Jan–Dec 2019, EUR million Europe Scandinavia North America Total

Revaluation of investment properties 244 62 117 423
Total property return 368 129 181 678
Total property return, percent 6.4 3.8 5.6 5.5
Net operating income margin,
percent 54.5 55.4 43.6 51.5
Property fair value 5,330 2,969 3,665 11,964
Jan–Dec 2018, EUR million Europe Scandinavia North America Total

Revaluation of investment properties 234 132 187 553
Total property return 358 210 244 812
Total property return, percent 7.2 6.0 11.1 7.6
Net operating income margin,
percent 56.7 54.1 47.4 53.6
Property fair value 5,783 3,368 3,228 12,379
24
key figures 2019

Dec 31
2018
Dec 31
2017 2016
Dec 31 Dec 31
2015
Dec 31
Equity
Equity, EUR million 5,526 5,370 4,901 4,279 3,357
Equity ratio, percent 45 43 46 46 41
Equity and hybrid capital ratio, percent 50 47 46 46 41
Return on equity, percent 8 9 19 37 29
Net asset value, EUR million 6,533 6,284 5,840 5,127 4,027
Net operating income
Rental income, EUR million 496 482 469 472 464
Growth in rental income, percent 2.7 2.8 -0.6 1.8 17.1
Like-for-like growth in rental income, percent 5.7 3.2 5.1 4.1 4.3
Net operating income, EUR million 255 259 251 244 232
Growth in net operating income, percent -1.3 3.3 4.4 6.3 15.6
Like-for-like growth in net operating income,
percent 2.9 5.1 10.7 8.0 4.0
Net operating income margin, percent 51.5 53.6 53.4 51.7 50.1
Adjusted net operating income margin,
percent 4 64.1 69.3 68.0 66.2 -
Financing
Loan-to-value ratio, secured loans, percent 14 19 18 24 36
Loan-to-value ratio, percent 40 44 44 43 48
Unencumbered asset ratio 1.87 1.74 1.63 1.18 1.00
Interest coverage ratio 12 months 7.8 2.8 4.7 4.5 3.0
Interest coverage ratio excluding realized
value growth 12 months 2.0 1.8 1.9 1.9 1.6
Average interest rate, percent 2.25 2.64 2.58 2.62 3.44
Fixed interest term, years 4.5 4.5 5.3 4.5 4.3
Debt maturities, years 5.4 5.7 5.6 5.0 5.7
Properties
Number of apartments 44,226 50,407 47,177 46,516 51,231
Rentable area, thousand sqm 2,968 3,422 3,228 3,236 3,587
Real vacancy rate, residential, percent 1.1 1.4 0.9 1.1 1.3
Vacancy rate, residential, percent 8.6 9.6 6.6 5.0 4.3
Turnover of tenants, percent 15 15 14 14 15
Fair value, EUR per sqm 4,031 3,617 3,292 2,834 2,220
Capitalization rate, percent 3.67 3.67 3.60 3.82 4.33
Change in capitalization rate1,
percentage points 0.00 0.02 -0.22 -0.49 -0.36
Fair value of properties opening balance,
EUR million 12,379 10,624 9,171 7,965 6,068
Change in fair value, EUR million 423 553 886 1,343 857
Investments, EUR million 468 349 288 316 237
Purchases, EUR million 181 1,286 1,297 643 1,293
Sales, EUR million -1,616 -300 -737 -957 -615
Exchange difference, EUR million 129 -133 -281 -139 125
Fair value of properties closing balance,
EUR million 11,964 12,379 10,624 9,171 7,965
25
key figures
2019 2018 2017 2016 2015
Dec 31 Dec 31 Dec 31 Dec 31 Dec 31
Properties, Sweden
Average residential rent, SEK/sqm/year 1,372 1,316 1,287 1,246 1,184
Growth in average residential rent2, percent 3.5 2.3 2.4 2.6 2.6
Growth in rental income3, percent 4.0 2.4 3.8 1.9 3.0
Growth in net operating income3, percent 6.6 5.0 10.8 2.4 1.8
Vacancy, percent 1.6 2.1 1.1 1.2 1.5
Real vacancy, percent 0.0 0.0 0.0 0.1 0.1
Fair value of properties

opening balance, EUR million 3,068 3,205 3,382 3,472 3,108
Change in fair value, EUR million 47 116 376 712 313
Purchases, EUR million 12 103 167 55 114
Sales, EUR million -505 -285 -692 -805 -290
Translation difference, EUR million -52 -136 -93 -156 135
closing balance, EUR million 2,648 3,068 3,205 3,382 3,472
Properties, Germany
Average residential rent, EUR/sqm/month 9.81 9.48 8.98 8.56 8.13
Vacancy, percent 4.4 7.4 6.5 4.8 4.9

EUR million 4,525 3,924 3,363 2,725 2,225
Sales, EUR million -991 -15 -45 -97 -167
Exchange difference, EUR million - - - - -
EUR million 3,977 4,525 3,924 3,363 2,725
26
key figures
2019 2018 2017 2016 2015
Properties, Canada
Average residential rent, CAD/sqm/month 2.03 1.90 1.92 1.89 1.79
Growth in net operating income3, percent -6.8 0.7 28.2 29.0 25.1
Vacancy, percent 14.9 13.0 3.9 7.1 11.1

opening balance, EUR million 1,487 994 737 532 361
Sales, EUR million -119 - - - -12
Exchange difference, EUR million 105 -52 -45 45 -40
closing balance, EUR million 1,736 1,487 994 737 532
Properties, United States
Average residential rent, USD/sqft/month 3.02 2.88 2.77 2.51 2.26
Growth in average residential rent2, percent 5.9 6.5 4.1 4.2 -
Growth in rental income3, percent 4.2 1.4 10.7 - -
Growth in net operating income3, percent -4.2 11.3 63.6 - -
Vacancy, percent 19.9 21.4 17.3 10.6 9.8

EUR million 1,741 1,199 979 597 -
Change in fair value, EUR million -36 68 27 41 3
Sales, EUR million - - - - -
Exchange difference, EUR million 32 63 -129 44 10
EUR million 1,928 1,741 1,199 979 597
27
key figures
2019 2018 2017 2016 2015
Properties, England
Average residential rent, GBP/sqft/month 2.88 2.77 2.75 2.55 2.07
Vacancy, percent 16.0 19.1 14.7 12.4 8.0

opening balance, EUR million 878 780 473 530 357
Change in fair value, EUR million -20 -7 11 15 78
Sales, EUR million -1 - - -55 -146
Exchange difference, EUR million 45 -8 -18 -74 20
EUR million 951 878 780 473 530
Properties, France
Average residential rent, EUR/sqm/month 25.61 22.79 23.40 20.99 22.50
Growth in rental income3, percent 16.2 6.3 -1.4 11.9 -
Growth in net operating income3, percent -67.5 254.1 -7.1 241.1 -
Number of apartments 1,550 1,546 1,100 941 467
Vacancy, percent 38.6 43.8 46.4 46.2 35.3

opening balance, EUR million 380 245 193 109 17
Change in fair value, EUR million 1 -8 8 2 -1
Purchases, EUR million - 124 31 76 91
Exchange difference, EUR million - - - - -
EUR million 402 380 245 193 109
28
key figures
2019 2018 2017 2016 2015
Properties, Denmark
Average residential rent, DKK/sqm/year 1,065 1,011 936 916 -
Growth in average residential rent2, percent 5.4 8.0 5.3 - -
Growth in rental income3, percent 11.8 0.9 - - -
Growth in net operating income3, percent 28.9 12.1 - - -
Fair value, EUR per sqm 3,649 3,385 3,129 2,836 -
Capitalization rate, percent 2.95 2.99 3.09 3.42 -
Number of apartments 1,031 1,031 1,031 216 -
Vacancy, percent 1.0 4.2 6.1 1.9 -
Real vacancy, percent 0.0 0.1 0.6 - -

EUR million 300 277 44 - -
Change in fair value, EUR million 15 16 22 - -
Investments, EUR million 8 7 4 - -
Purchases, EUR million - - 204 44 -
Exchange difference, EUR million -1 - 3 - -
EUR million 322 300 277 44 -
1) Like-for-like capitalization rate.
2) Like-for-like growth on a rolling 12-month period.
3) Like-for-like growth for the period compared to the same period in the previous year.
4) Adjustment for revenue from operating expenses invoiced to the tenants in Germany,
France, Canada, United States and Sweden amounted to EUR 97 million for Jan–Dec 2019 and
EUR 109 million for Jan–Dec 2018.
29
condensed statement of comprehensive

income for the Parent Company
2019 2018 2019 2018
Central administrative expenses -5 -3 4 1
Financial income 266 311 83 105
Financial expenses -178 -140 -46 -42
Change in the fair value of
derivatives -26 -21 -10 -11
Appropriations 14 -147 14 -147
Profit before tax 71 0 45 -94
Tax 4 -1 11 2
Profit for the period/year 75 -1 56 -92
condensed statement of financial position

for the Parent Company
2019 2018
Shares in subsidiaries 2,629 2,655
Receivables from Group companies 4,207 4,056
Prepaid expenses and accrued income from
Group companies 4 2
Deferred tax assets 44 43
Other assets 40 17
Cash and cash equivalents - 1
Total equity 1,332 1,504
Interest-bearing liabilities 3,880 4,158
Interest-bearing liabilities from Group companies 1,612 1,019
Other current liabilities 43 49
Other current liabilities from Group companies - -
Total equity and liabilities 6,924 6,774
30
alternative performance measures

Reconciliation for the purposes of the Guidelines published by the European Securities and
Markets Authority is set out below.
2019 2018
Equity 5,526 5,370
Deferred tax 933 884
Deferred taxes reported as liabilities held for sale 13 -
Net asset value 6,533 6,284
Total interest-bearing liabilities 5,356 6,018

Hybrid bond -499 -499
Cash and liquid assets -19 -13
Pledged cash assets - -1
Net debt 4,838 5,505
Cash and liquid assets -19 -13
Pledged cash assets - -1
Net asset 12,130 12,502
Loan-to-value ratio, percent 40 44
Net debt 4,838 5,505

Less senior unsecured debt -3,199 -3,173
Secured debt minus cash,
pledged cash and liquid assets 1,639 2,332
Net asset 12,130 12,502
Loan-to-value ratio, secured loan, percent 14 19
Equity 5,526 5,370

Hybrid bond 499 499
Equity and hybrid bond 6,025 5,869
Total asset 12,149 12,516
Equity ratio, percent 45 43
Equity and hybrid capital ratio, percent 50 47
31
alternative performance measures

2019
EUR million Dec 31
Unencumbered assets
Intangible assets 19
Unencumbered properties 5,766
Lease agreement, right-of-use-assets 16
Tangible fixed assets 6
Deferred tax 2
Financial assets 4
Trade and other receivables 116
Derivative financial instruments 3
Unencumbered assets 5,932
Unsecured loans 3,199
Subordinated debt -12
Less cash and cash equivalents -19
Net unsecured senior debt 3,168
Unencumbered asset ratio 1.87
2019 2018 Percent

EUR million Jan–Dec Jan–Dec growth
Rental income 496 482 2.7
Exchange differences - 1
Purchases and sales -79 -87
Service revenue -40 -40
Like-for-like rental income 377 356 5.7
Net operating income 255 259 -1.3

Exchange differences - -
Purchases and sales -40 -50
Like-for-like net operating income 215 209 2.9
2019 2018
EUR million Jan–Dec Jan–Dec
Proceeds from the sale of properties 1,616 300
Costs of sale -18 -5
Acquisition costs -663 -112
Accumulated investments -262 -54
Realized value growth 673 129
32
other information
basis of presentation The cost for site leasehold fees are reported as
a financial expense,
The Akelius Residential Property Group’s unlike the previous policy, according to which
Interim report has been prepared in the fees were reported as operating costs.
accordance with IAS 34, Interim Financial The rent cost is allocated between
Reporting and the Swedish Annual Accounts impairments and financial expenses.
Act.
The financial statements of the Parent IFRS 9 Financial instrument
Company, Akelius Residential Property AB, Derivative instruments are reported in the
corporate identity number 556156-0383, balance sheet as of the settlement date and
have been prepared in accordance with are valued continuously at fair value through
the Swedish Annual Accounts Act and the profit or loss.
accounting standard RFR 2, The fair value of derivatives not listed in an
Accounting for Legal Entities. active market is determined according to
Disclosures in accordance with IAS 34 Interim valuation techniques,
Financial Reporting are submitted both in based on a series of methods and assumptions
the notes and in other sections of the interim relating to market conditions as of the
report. reporting date.
The figures in this interim report have been Financial instruments that are not measured
rounded, at fair value through profit or loss are
while the calculations have been made without measured at amortized cost using the
rounding. effective interest rate method.
As a result, the figures in certain tables and key The fair values of hybrid bond are based on
figures may appear not to add up correctly. level 1 and the fair values of derivatives and
other loans are based on level 2 in the fair
accounting principles value hierarchy.
Parent Company Compared to 2018,
no transfers have been made between
As of January 1, 2019, the Parent Company´s different levels in the fair value hierarchy for
functional currency is Euro. derivatives and borrowings and no significant
changes have been made to valuation
IFRS 16 Leasing techniques.
IFRS 16 “Leases” has been implemented from
January 1, 2019.
Akelius applied the cumulative catch-up financial instruments recorded at fair value
approach in the transition.
Akelius’ rental agreements for offices and site 2019 2018
leaseholds are reported in the balance sheet EUR million 31 Dec 31 Dec
from 2019. Assets 3 16
Liabilities 64 46
carrying value and fair value of interest-bearing liabilities excluding leasing
2019 2019 2018 2018

Dec 31 Dec 31 Dec 31 Dec 31
EUR million Carrying value Fair value Carrying value Fair value
Loans 4,857 4,738 5,519 5,369
Hybrid bond 499 532 499 487
Total 5,356 5,269 6,018 5,856
33
other information
risks and uncertainties
Operational risks are limited by concentrating
the property portfolio to residential properties
in metropolitan areas.
Strong residential rental markets in Sweden,
Germany, Canada, England, France,
the United States and Denmark reduce the
risk of long-term vacancies.
To reduce risk or variations in cash flow
further, interest rates are secured on a long-
term basis.
Access to capital from a large number of banks
and through the capital market mitigates the
refinancing risk.
Overseas investments are hedged to reduce
the impact of currency movements related to
the Group´s equity-to-assets ratio.
There have been no material changes in the
company’s assessment of risks since the
publication of the 2018 annual report.
Pål Ahlsén,
CEO, Managing Director
Stockholm, Sweden, February 3, 2020,

Akelius Residential Property AB (publ)
34
definitions
adjusted EBITDA
EBITDA plus other financial income and Interest expenses are based on net debt on
expenses. the balance sheet date calculated at the
It highlights current cash flow capacity from currency rate on the balance sheet date.
property management excluding financial No tax has been calculated as it relates
income and expenses. mainly to deferred tax.
The earnings capacity is not a forecast for
adjusted net operating income margin the coming twelve months.
Net operating income in relation to rental It contains no estimates of rent, vacancy,
income excluding income from operating currency exchange, future property
expenses included in the rent invoiced to the purchases and sales or interest rate
tenants, such as utility and property taxes. changes.
It highlights the ongoing earning capacity
from property management related to rental discount rate
services only. Rate of return used in assessing the present
value of future cash flow and terminal value
annual property return in the fair value assessment of properties.
Gain from the revaluation of investment Defined as the expected return on the
properties and net operating income on an property.
annual basis in relation to the fair value of Mainly used to estimate properties real value.
the properties at the beginning of the year.
It illustrates the total return on the property EBITDA
portfolio. Net operating income plus central
administrative expenses,
capitalization rate other income and expenses with add-back
The rate of return used in assessing the of depreciation and impairment charges and
terminal value of property in the fair value operating exchange rate differences.
assessment. It highlights current cash flow capacity from
The capitalization rate is the net operating property management.
income, when it grows at a constant pace,
divided with the property value. equity ratio
Equity in relation to total assets.
debt maturities, years It highlights the company’s financial stability.
Volume-weighted remaining term of
interest-bearing liabilities and derivatives on income return
the balance sheet date. Net operating income on an annual basis in
It illustrates the company’s refinancing risk. relation to the fair value of the properties at
the beginning of the year.
It measures the yield on the property
debt coverage capacity portfolio.
Profit before tax and revaluation,
including realized value growth.
in-place rent
Net operating income and realized value
Contracted rent, excluding rental discounts
growth are reinvested into existing and new
and temporary charges.
properties.
This leads to a growing operating surplus.
The earnings capacity is based on the interest rate hedge total loans year
property portfolio at balance sheet date and Volume-weighted remaining term of interest
the portfolio’s gross rent, real vacancy, rates on interest-bearing liabilities and
estimated operating expenses and derivatives on the balance sheet date.
maintenance costs during a normal year, It illustrates the company’s financial risk.
as well as central administrative expenses.
35
definitions
interest coverage ratio net debt
Adjusted EBITDA plus realized value growth Interest-bearing liabilities, less subordinated
for the latest rolling 12-month period debt, cash and liquid assets.
in relation to net interest expenses for the It is used to facilitate analysis of the
latest rolling 12-month period. Company’s real indebtedness.
It illustrates the company’s sensitivity to
interest rate changes. net financial items
The net of interest income, interest expenses,
liquid financial assets other financial income and expenses and
Debt securities and equity securities traded changes in the fair value of derivatives.
on a regulated market and with an investment It measures the net of financial operations.
grade rating.
It is used to calculate liquidity. net letting
The sum of agreed contracted annual rents
liquidity for new lettings for the period less terminated
The liquidity reserve consists of free cash, annual rents.
unused credit lines and assets that can be Demonstrates the effect of the vacancy
liquidized within three working days. development illustrated in annual rent.
like-for-like properties net interest expenses

Properties owned during the compared Total interest expenses less interest on
periods. subordinated debt, one-off financing charges
This means that properties that were acquired and interest on cash, cash equivalents and
or sold during any of the compared periods liquid financial assets.
are excluded. It is used to facilitate analysis of the
Facilitates the analysis and the comparison Company’s interest results.
between different periods, when properties
that don’t figure in all the periods are net operating income
excluded. Rental income less property costs.
It highlights the ongoing earning capacity
loan-to-value ratio from property management.
Net debt divided by net assets.
This key figure shows financial risk. net operating income margin
Net operating income in relation to rental
loan-to-value ratio, secured loans income.
Net debt reduced by unsecured interest- It highlights the ongoing earning capacity
bearing debt divided by net assets. from property management.
This key figure shows financial risk.
other income and expenses
net asset Items from secondary activities such as
Total assets minus pledged cash, cash and gains on disposals of fixed assets other than
liquid assets. investment properties,
It is used to illustrate the Company’s net income and expenses from temporary
assets. services rendered after the sale of properties.
Summarizes income and expenses from
net asset value business operations ancillary to the main
Equity, deferred tax and derivatives. business operations.
It is used to highlight the Company’s
long-term capital that is not interest-bearing.
36
definitions
property costs return on equity
This item includes direct property costs such Comprehensive income divided by opening
as operating expenses, utility expenses, equity.
maintenance costs, leasehold fees and Shows the return offered on the owners’
property taxes. invested capital.
Illustrates the direct property expenses.
unencumbered asset ratio
property portfolio Unencumbered assets divided by cash
Investment property, owner-occupied equivalents divided by unsecured debt minus
properties, and investment property subordinated debt and cash equivalents.
classified as assets held for sale. It is used to assess unencumbered assets in
Summarizes the different accounting relation to unsecured senior interest-bearing
definitions of properties. liabilities.
realized value growth vacancy rate

Proceeds from the sale of investment The number of vacant apartments in relation
properties minus acquisition costs, to the total number of apartments.
accumulated investments and costs of sale. Vacancy is measured on the first day after the
Demonstrates the actual result of sales month-end.
measured from the acquisition to sale. It is used to show vacant apartments available
for letting.
real vacancy rate It is used to show vacant apartments available
The total number of vacant apartments less for letting.
the number of apartments vacant due to
renovation work or planned sales, value growth
in relation to the total number of apartments. Changes in value of investment properties
Real vacancy is measured on the first day excluding investment and change of currency.
after the month-end. Demonstrates change in value of properties
Facilitates the analysis of long term vacancy cleared for currency effects and laid down
for the Company. capital.
renewed and renegotiated rental

walk score
contracts
Rating of how easy it is to complete daily
All changes in rental levels for remaining
errands without a car.
tenants.
Locations are rated on a scale from 0 to 100,
Highlights contract change with existing
where 100 is the best.
customers.
Walk score is provided by Walkscore.com,
and grades the property’s location.
rental income
Rental value less vacancies and rent
discounts.
rental value
12 months rent for apartments including a
market rent for vacant apartments.
Development of the rental value over the
last 12 months, broken down into disposals,
acquisitions and comparable portfolio.
Illustrates what is accountingly included in the
Company’s rental income.
37
Head office
Svärdvägen 3A
Akelius in brief
Box 104,
S-182 12 Danderyd
apartments for metropolitans
+46 (0) 8 566 130 00
akelius.com All apartments are in metropolitan cities,
such as Berlin, Hamburg, Paris, London, Toronto,
Sweden Montreal, New York, Boston,
Rosenlundsgatan 50 Washington D.C., Stockholm and Copenhagen.
Box 38149
100 64 Stockholm
better living
Akelius’ mission is to provide tenants with better
+46 (0)10-722 31 00
living by continuously upgrading buildings and
akelius.se
service.
Germany
Erkelenzdamm 11-13
acquire via cherry-picking
Akelius prefers to make many smaller acquisitions
D-10999 Berlin
of properties that are exactly right,
+49 (0) 30 7554 110
by cherry-picking,
akelius.de
rather than making a few large acquisitions of
properties that are not quite right.
Canada
289 Niagara Street strong capital structure,
Toronto M6J 0C3
+1 (416) 214-2626 low refinancing risk
akelius.ca Akelius has agreements with 31 banks, listed
senior unsecured bonds and listed class D ordinary
England shares.
10 Bloomsbury Way Akelius is amongst the largest listed property
London WC1A 2SL companies in Sweden and has nine thousand
+44 (0) 800 014 8579 shareholders.
akelius.co.uk
first-class personnel
France More than two 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
Boston, MA 02210 financial calender
+1 857 930-3900
akelius.us annual report 2019 Mar 13, 2020
Denmark interim report Jan-Mar 2020 May 4, 2020

Nørre Voldgade 80, 2. floor
1358 Copenhagen K interim report Jan-Jun 2020 Aug 10, 2020
+45 88 62 62 78
akelius.dk

2019 Akelius

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Akelius Residential Property AB (publ)

2019 2018 2019 2018

Rental income, EUR million 496 482 122 129

Like-for-like growth in rental income, percent 5.7 3.2 7.1 2.3

Net operating income, EUR million 255 259 61 66

Net operating income margin, percent 51.5 53.6 49.5 50.8

EBITDA, EUR million 227 236 53 58

Profit before tax, EUR million 464 634 100 32

Property fair value, EUR million 11,964 12,379 11,964 12,379

Change in property fair value, percent 3.4 5.2 1.4 0.2

Number of apartments 44,226 50,407 44,226 50,407

Real vacancy residential, percent 1.1 1.4 1.1 1.4

definitions on pages 35-37

loan-to-value below 40 percent

property portfolio December 31, 2019

fair value properties EUR 11,964 million

Lettable space Fair value

changes in the property portfolio

21,809 5.9 47.7

Dec 31 Dec 31 Dec 31 sales and upgraded Dec 31

property purchases property sales EUR 1,616 million

net letting January–December 2019

development residential in-place rent

Jan 1 sales Jan 1 change Jan 1 purchases Jan 1 in-place rent

real vacancy 1.1 percent

annual property return 5.5 percent

income return value growth average annual

capitalization rate 3.67 percent change in value EUR 423 million

Dec 31 Dec 31 Dec 31 Dec 31

unsecured loans hybrid bond ordinary equity

interest expenses and liquidity cash uses and sources

Jan–Dec Dec 31 Jan–Dec Dec 31 cash uses cash sources

interest expenses contracted purchases contracted sales

fixed interest terms 4.5 years interest rate 2.25 percent

5.7 5.6 5.7

2.62 2.58 2.64

fixed interest term

274 realized value growth

4.5 4.7 5.8

2.8 2.8 2.5

acquired properties 2019 like-for-like properties sold properties or signed sales

Average rent EUR/sqm/month EUR/sqm/month

Vacancy rate residential percent percent

Vacancy rate residential percent percent

acquired properties 2019 like-for-like properties

Average rent SEK/sqm/year SEK/sqm/year

Vacancy rate residential percent percent

Copenhagen New York

Copenhagen New York

Boston Washington D.C.

acquired properties 2019 like-for-like properties

Boston Washington D.C.

Average rent USD/sqft/month USD/sqft/month

Vacancy rate residential percent percent

acquired properties 2019 like-for-like properties sold properties or signed sales

Vacancy rate residential percent percent

net operating income profit before tax EUR 464 million

property portfolio financing

other financial information

consolidated statement of comprehensive income

consolidated statement of financial position

consolidated statement of changes in equity

1) The Parent Company, Akelius Residential Property AB,

consolidated statement of cash flows