key figures

properties, MEUR

real vacancy, percent

rent potential, percent

growth in-place rent per sqm, like-for-like, percent

rental income growth, like-for-like, percent

net operating income growth, like-for-like, percent

equity ratio, percent

loan-to-value, percent

secured loan-to-value, percent

unencumbered asset ratio

liquidity, MEUR

cash uses and cash sources, MEUR

debt maturities per year, MEUR

debt maturities, years

fixed interest term per year, MEUR

fixed interest term, years

average interest rate, percent

interest coverage ratio, 12 months

interest coverage ratio, excluding realized value growth, 12 months

for the period January to December 2019

properties
apartments	44,226
rentable area, thousand sqm	2,968
average size, apartments, sqm	62
real vacancy, percent	1.1

fair value, MEUR
opening balance	12,379
revaluations	423
investments	468
purchases	181
sales	-1,616
translation differences	129
closing balance	11,964

euro per sqm	4,031
capitalization rate, percent	3.67

like-for-like
rental income growth, percent	5.7
net operating income growth, percent	2.9
change in required rate of return, percentage points	0.0

financial
loan-to-value, percent	40
loan-to-value secured, percent	14
debt maturity, years	5.4
liquidity, MEUR	841
equity and hybrid capital ratio, percent	50
equity ratio, percent	45
average interest rate, percent	2.25
interest coverage ratio, 12 months	7.8
interest coverage ratio, excluding realized value growth, 12 months	2.0

profitability
return properties, percent	5.5
whereof income return	2.1
whereof value growth	3.4