Bostadsbolagskollen in English
Swedish reporting conventions
EPRA equivalents (11)
Net asset value per share (Substansvärde per aktie (EPRA NRV))
The company's long-term net asset value per share according to EPRA NRV.
EPRA NRV: Swedish companies often call it långsiktigt substansvärde; most follow EPRA NRV, but some use their own definition and say so in the report.
Net asset value, total (Substansvärde, totalt (EPRA NRV))
Long-term net asset value for the whole company according to EPRA NRV.
EPRA NRV: Total amount rather than per share; same caveats as for EPRA NRV per share.
Loan-to-value (Belåningsgrad (LTV))
The share of the property value that is financed with debt.
EPRA LTV: EPRA LTV adds items such as hybrid capital and net payables and includes joint ventures proportionally; Swedish companies normally report net debt over property value, which is usually lower.
Economic occupancy rate (Ekonomisk uthyrningsgrad)
Contracted rent relative to rental value (rent plus estimated market rent for vacancies).
EPRA Vacancy Rate (complement): The complement of EPRA's vacancy rate; Swedish companies may exclude project properties or count rent discounts differently.
Economic vacancy rate (Ekonomisk vakansgrad)
The part of the rental value that is not let, calculated as one hundred minus the economic occupancy rate.
EPRA Vacancy Rate: EPRA uses estimated rental value of vacant space over the whole portfolio; Swedish companies may exclude projects or treat discounts differently.
Profit from property management (Förvaltningsresultat (kvartal))
Profit before changes in value and tax for the period.
EPRA Earnings: Förvaltningsresultat is before tax and before realised and unrealised changes in value; EPRA Earnings is after current tax and excludes further items, so the two are close but not interchangeable.
Net asset value per share (Substansvärde per aktie (EPRA NTA))
The company's net asset value per share according to EPRA NTA.
EPRA NTA: Reported as the company states it; no Swedish deviation beyond what the company discloses.
Net asset value per share (Substansvärde per aktie (EPRA NDV))
The company's net asset value per share according to EPRA NDV.
EPRA NDV: Reported as the company states it; few Swedish companies publish it.
Profit from property management per share (Förvaltningsresultat per aktie)
Profit from property management for the period per share.
EPRA Earnings per share: Before tax and changes in value, whereas EPRA EPS is after current tax; close but not interchangeable.
Net operating income relative to property value (Driftnetto i förhållande till fastighetsvärde (utfall))
Actual net operating income over the last twelve months divided by total property value. Calculated by Bostadsbolagskollen.
EPRA Net Initial Yield (related): EPRA NIY uses annualised passing rent less non-recoverable costs over gross property value including purchasers' costs; this measure uses reported net operating income over reported fair value.
Net operating income relative to property value (Driftnetto i förhållande till fastighetsvärde (intjäningsförmåga))
Annualised net operating income in the company's own earnings capacity divided by property value. Project value is deducted only when the company states that the figure refers to completed properties.
EPRA Topped-up NIY (related): Built on the company's own earnings capacity rather than EPRA's topped-up passing rent; definitions vary between companies.
Specific to Swedish reporting (11)
Profit from property management (Förvaltningsresultat (kvartal))
Profit before changes in value and tax for the period.
Förvaltningsresultat is the standard Swedish earnings measure for property companies and has no exact international counterpart.
Net operating income according to earnings capacity (Driftnetto enligt intjäningsförmåga)
Annualised net operating income in the company's own current earnings capacity. Reported by the company and forward-looking; not a forecast.
Intjäningsförmåga (current earnings capacity) is a Swedish reporting practice without an international standard.
Net operating income relative to property value (Driftnetto i förhållande till fastighetsvärde (intjäningsförmåga))
Annualised net operating income in the company's own earnings capacity divided by property value. Project value is deducted only when the company states that the figure refers to completed properties.
Built on intjäningsförmåga, a Swedish reporting practice.
Yield gap (Yield gap (intjäningsförmåga minus snittränta))
Net operating income in the company's earnings capacity as a percentage of property value, less the average interest rate. Forward-looking.
Built on intjäningsförmåga, a Swedish reporting practice.
Employee-appointed board members (Ledamöter utsedda av de anställda)
Number of board members appointed by the employees. Reported separately and not counted among members elected by the general meeting.
Employee board representation follows the Swedish Board Representation Act.
Construction loans in tenant-owner associations (Byggkreditiv i bostadsrättsföreningar)
Interest-bearing liabilities consolidated in the group that belong to tenant-owner associations and leave the group when the association takes over.
Tenant-owner associations (bostadsrättsföreningar) are a Swedish form of housing cooperative; their construction loans are consolidated by the developer until handover.
Net debt excluding association construction loans (Nettoskuld exklusive byggkreditiv i brf)
The interest-bearing net debt the company carries itself, after construction loans in tenant-owner associations have been excluded.
Tenant-owner associations (bostadsrättsföreningar) are a Swedish form of housing cooperative; their construction loans are consolidated by the developer until handover.
Debt/equity ratio excl. association construction loans (Skuldsättningsgrad exkl. brf-kreditiv)
The debt the company carries itself relative to equity. The main risk measure for residential developers.
Tenant-owner associations (bostadsrättsföreningar) are a Swedish form of housing cooperative; their construction loans are consolidated by the developer until handover.
Association construction loans, share of interest-bearing debt (Byggkreditiv i brf, andel av räntebärande skuld)
How much of gross interest-bearing debt consists of construction loans in tenant-owner associations, i.e. project financing that leaves the group on handover.
Tenant-owner associations (bostadsrättsföreningar) are a Swedish form of housing cooperative; their construction loans are consolidated by the developer until handover.
Operating margin, segment reporting (Rörelsemarginal enligt segmentsredovisning)
Operating margin based on the company's segment reporting, where profit is recognised over the construction period.
Swedish developers report tenant-owner projects on a percentage-of-completion basis in segment reporting alongside IFRS.
Building rights with legally binding zoning plan, share (Byggrätter med lagakraftvunnen detaljplan, andel)
Share of building rights covered by a zoning plan that has become legally binding, according to the company's own reporting.
Refers to Swedish detailed development plans (detaljplan) that have gained legal force.