Income statement
| Amounts in SEK million | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Property income | 5,156 | 5,138 | 4,859 | 4,097 | 3,639 |
| Property costs | -1,314 | -1,305 | -1,228 | -1,065 | -896 |
| Net operating income | 3,841 | 3,833 | 3,631 | 3,032 | 2,742 |
| Central administrative expenses | -219 | -216 | -196 | -183 | -156 |
| Profit from shares in joint ventures | 150 | 157 | -14 | 82 | 177 |
| Operating profit | 3,772 | 3,775 | 3,421 | 2,931 | 2,764 |
| Financial items | -1,162 | -1,177 | -1,154 | -613 | -486 |
| Result after net interest | 2,610 | 2,597 | 2,267 | 2,317 | 2,278 |
| Profit from property management | 2,541 | 2,498 | 2,345 | 2,309 | 2,145 |
| Changes in value, properties | -685 | -99 | -5,287 | 589 | 7,587 |
| Changes in value, derivatives | 59 | -234 | -225 | 251 | 209 |
| Current tax | 59 | -142 | -23 | -190 | -107 |
| Deferred tax | -147 | -237 | 547 | -403 | -1,779 |
| Profit for the year | 1,896 | -1,886 | -2,721 | 2,563 | 8,189 |
| Other comprehensive income | -236 | 67 | 4 | 187 | 58 |
| Total comprehensive income | 1,660 | 1,953 | -2,717 | 2,750 | 8,247 |
Balance sheet
| Amounts in SEK million | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Investment properties | 87,231 | 85,973 | 82,624 | 84,879 | 75,737 |
| Right-of-use assets | 1,104 | 1,084 | 988 | 932 | 759 |
| Shares in joint venture | 2,265 | 1,977 | 1,636 | 1,655 | 1,271 |
| Derivatives | – | – | – | 247 | 161 |
| Other assets | 1,563 | 1,352 | 2,391 | 1,209 | 2,164 |
| Cash and cash equivalents | 256 | 866 | 1,593 | 526 | 687 |
| Total assets | 92,418 | 91,253 | 89,231 | 89,447 | 79,508 |
| Equity | 31,347 | 29,436 | 28,156 | 30,028 | 28,350 |
| Deferred tax liability | 6,240 | 6,197 | 5,954 | 6,557 | 6,082 |
| Derivatives | 723 | 604 | 187 | – | – |
| Interest-bearing liabilities | 51,241 | 52,185 | 50,823 | 49,567 | 42,498 |
| Lease liabilities | 1,104 | 1,084 | 988 | 932 | 759 |
| Non-interest-bearing liabilities | 1,762 | 1,746 | 3,123 | 2,363 | 1,819 |
| Total equity and liabilities | 92,418 | 91,253 | 89,231 | 89,447 | 79,508 |
Key figures
| Financial key ratios | 2025 | 2024 | 2023 | 2022 | 2021 |
| Loan-to-value ratio, % | 56.9 | 58.3 | 58.4 | 56.7 | 54.3 |
| Interest-coverage ratio, times | 3.1 | 3.1 | 3.0 | 4.8 | 5.7 |
| Proportion of secured debt, % | 1.1 | 1.2 | 1.2 | 0.0 | 0.0 |
| Equity ratio, % | 33.9 | 32.3 | 31.6 | 33.6 | 35.7 |
| Average interest rate, % | 2.1 | 2.2 | 2.3 | 1.8 | 1.1 |
| Total return, % | 7.5 | 4.4 | -1.9 | 4.5 | 15.8 |
| Net asset value, SEK million | 37,583 | 35,453 | 34,149 | 36,586 | 34,466 |
| Property-related key ratios | 2025 | 2024 | 2023 | 2022 | 2021 |
| Market value properties, SEK million | 87,231 | 85,973 | 82,624 | 84,879 | 75,737 |
| Yield, % | 4.7 | 4.8 | 4.7 | 4.1 | 4 |
| Surplus ratio, % | 74.5 | 74.6 | 74.7 | 74 | 75.4 |
| Economic occupancy rate, % | 97.9 | 97.7 | 97.8 | 97.9 | 97.9 |
| Property value, SEK/sqm | 35,316 | 35,453 | 33,619 | 35,371 | 35,759 |
| Number of properties | 478 | 477 | 488 | 480 | 441 |
| Lettable area, tsqm | 2,470 | 2,425 | 2,458 | 2,400 | 2,118 |