Heimstaden - Safe as Houses - Model Update

As we enter the new year, we have reassessed the risks and opportunities across the Heimstaden structure, building on our prior work modelling the Company’s capacity to pay dividends. Updated operational data and revised assumptions allow us to evaluate the Company’s own valuation assessment in detail. As with all real estate companies, our investment thesis continues to be driven by views on asset coverage and cash flow generation, with recent capital market issuances informing these assessments.