Overview Key strengths Key risks A relatively large property portfolio worth Swedish krona (SEK) 85.6 billion as of Sept. 30, 2024, comprising stable community service properties such as nursing homes (38% of gross asset value [GAV]), educational facilities (37%), health care facilities (14%), and the justice system (11%). Relatively high leverage compared to rated European peers, with debt to debt plus equity of 63.9% as of Sept. 30, 2024, and debt to EBITDA of 14.5x. Positive underlying demographic trends such as the expanding and aging population, supporting high occupancy rates of 97%-98% and a long average lease duration of nine-to-10 years, providing cash flow stability and predictability High geographical concentration, with 65% of assets located in Sweden. High exposure to
