...Very large portfolio of income-producing residential property assets, worth about 98.8 billion as of June 30, 2022. High reliance on Germany and its economy, despite some exposure to Austria and Sweden. Good asset localization in regions that enjoy healthy economic and sociodemographic trends, mostly in Germany (89% of asset value), Sweden (8%), and Austria (3%). Rising affordability risk in the German residential market on the back of rising inflation and rents, which could lead to political pressure to introduce further regulation. Strong track record of like-for-like rental income growth, supported by a highly diversified asset and tenant base, continuously high occupancy rates, and long tenant stays. A relatively weak debt-to-EBITDA ratio of 19x-20x (excluding revenue from recurring sales and developments), owing to the low-yielding nature of the German residential market and the integration of recent acquisitions. Market leadership in Germany and a track record of successful integration...
