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Peter Anderson
CFO (Chief Financial Officer)
070 690 65 75
Caroline Arehult
070 553 80 26

Year-end Report 2023: Challenging conditions impacted earnings

Tuesday, 6 February 2024

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Akademiska Hus reports lower profit before tax than last year, which is primarily the effect of falling property values. Income from property management was also lower than last year since indexed rental revenue did not fully offset higher expenses. Despite the lower earnings, Akademiska Hus’s financial stability remains favourable with an equity ratio of 48 per cent and the company invested approximately SEK 2.7 billion in new construction, extensions and redevelopment during the year.

Summary of Year-end Report 2023: 

  • Rental revenue amounted to SEK 7,511 million (6,845).
  • Net operating income amounted to SEK 1,161 million (1,246).
  • Net interest income amounted to SEK -868 million (-452) and changes in the value of financial instruments amounted to SEK -298 million (1,310).
  • Income from property management was SEK 852 million (1,036).
  • Changes in property values amounted to SEK –3,475 million (1,108).
  • Profit before tax for the period was SEK 491 million (6,909).
  • Investments in redevelopment, extensions and new construction totalled SEK 2,684 million (2,551).
  • Properties with a carrying amount of SEK 91 million (714) were sold.
  • The yield, excluding properties under construction and expansion reserve, was 4.9 per cent (4.8) over the past 12 months.
  • The Board of Directors proposes a dividend of SEK 2,218 million (2,905).

“The focus of 2023 was on adapting and acting responsibly according to the challenging conditions brought about by changes in interest rates, an economic slowdown, an energy crisis and global uncertainty. These factors impacted both our operations and those of our customers, and also left their mark in our financial earnings. Despite this, Akademiska Hus has a solid financial foundation. We will continue to promote the optimal development of the campus environments in close partnership with our tenants, and continuously improve our properties to meet future needs,” says Caroline Arehult, CEO of Akademiska Hus.