Operational targets
- Upgrade at least 2,000 apartments during the coming five years.
- Commence construction of at least 600–800 apartments annually during the coming five years.
- Obtain land allocation agreements for new construction of at least 800 apartments annually during the coming five years.
Financial targets
Commercial targets
- Within the next five years, the surplus ratio, including property administration, shall exceed 70 percent.1)
- Over a business cycle, achieve average annual growth of at least 12 percent in net asset value per ordinary share.
Credit policy
- Over time, loan-to-value ratio shall be within 40-50 percent, depending on market conditions.
- The ratio of net debt to EBITDA shall not exceed 15x.
- The interest coverage ratio shall exceed 1.50x.
1) Including rental income growth, vacancy management, cost reduction through energy efficiency investments, apartment upgrades as well as property development.