Vasakronan’s Interim Report January – September 2023


Strong income from property management in uncertain times

  • Rental revenue increased 13% (9) to a total of SEK 6,826 million (6,024). The increase was primarily due to indexing. In comparable property holdings, the increase in rental revenue was 11% (6).
  • New lettings were contracted corresponding to 85,000 square metres (124,000) and an annual rent of SEK 437 million (741). Net lettings amounted to a negative SEK 79 million (positive: 278) for the period and a negative SEK 85 million (positive: 341) for the rolling 12-month period.
  • Renegotiations were completed in the period corresponding to an annual rent of SEK 1,046 million (802), with an average price change of 2% above index (6).
  • The occupancy rate was 91.1% at the end of the period and was 91.2% at the end of 2022.
  • Operating surplus increased 16% (7) to a total of SEK 5,110 million (4,411). For comparable property holdings, the increase was 11% (3).
  • Net financial items deteriorated to an expense of SEK 1,294 million (expense: 827), due to higher interest rates during the period.
  • The LTM interest coverage ratio decreased to a multiple of 3.8 (5.3) due to the deterioration in net financial items.
  • Income from property management amounted to SEK 3,608 million (3,379), up 7% (7).
  • The change in the property value amounted to a decrease of SEK 9,160 million (increase: 11,028) for the period, corresponding to a decline in value of 4.8% (increase: 6.1). The change in value was primarily due to higher assessed yield requirements. The property portfolio value at the end of the period amounted to SEK 181 billion.
  • The value change in financial instruments amounted to a decrease of SEK 855 million (increase: 1,715).
  • Profit after tax amounted to a loss of SEK 5,209 million (profit: 12,786).

“Despite a turbulent market, we continue to increase our cash flow and posted a positive performance in income from property management,” says Johanna Skogestig, CEO of Vasakronan. “This was due to increased rental revenue in combination with relatively stable net interest. Moreover, we have a correctly positioned property portfolio. There is considerable demand for environmentally certified properties with top-notch premises located close to public transport links and demand is highest in our city centre locations.”
For further information, please contact:

Johanna Skogestig
Tel: +46 (0) 73-068 75 17

Christer Nerlich 
Tel: +46 (0) 70-968 15 40


Visualisering exteriör Hästskopalatset 1

Visualisering exteriör Hästskopalatset 1

Fotograf: Vasakronan

Om Vasakronan

Vasakronan is Sweden’s leading property company with a portfolio valued at around SEK 181 billion. The portfolio is focused on centrally located office and retail properties in the growth regions of Stockholm, Uppsala, Gothenburg and Malmö. In terms of city retail, Vasakronan is the largest in all regions. The property portfolio comprises 166 properties with a total area of about 2.4 million square metres. The company is owned in equal shares by the First, Second, Third and Fourth Swedish national pension funds. Our assignment is to generate a high, risk-weighted return. Though never at the expense of the environment and people. Read more at