Overview Key strengths Key risks A relatively large property portfolio worth Swedish krona (SEK) 84.7 billion as of June 30, 2022, comprising stable community service properties such as nursing homes (38% of the portfolio's gross asset value), educational facilities (32%), health care facilities (16%), and justice systems (13%). Moderately high leverage compared to rated European peers, with debt to debt plus equity of just below 60% as of June 30, 2022, and debt to EBITDA of about 17x. Positive underlying demographic trends such as the growing and aging population, supporting high occupancy rates of 97%-98% and a long average lease duration of nine-to-10 years. High geographical concentration, with 67% of assets located in Sweden. A low cost of debt of
