Heimstaden Bostad - comment

Kojamo, the Finnish real estate REIT, 20% owned by Heimstaden Bostad, posted its Q3 results today.  At a quick glance, the numbers are in line/marginally better, with equity quoted up 10% (albeit significant decline this year). Heimstaden’s stake is worth c. €400m but we have not included it in our analysis of Heimstaden’s liquidity/ratings debate.  Kojamo, are not going to pay a dividend for FY23.  

They have recently signed a new financing agreement in October for €425m which will cover the loans maturing in 2024.   Kojamo have significant interest rate hedges (86%) and the current average interest rate is 2.3%.  LTV is quoted at 44.3%.