Definitions and glossary

Annual rent

Gross rent, including supplements,  at the end of the year, calculated on an annual basis. Vacant premises are reported at the market rent.

Average interest on interest-bearing liabilities

Interest expense in relation to the average interest-bearing liabilities.


The area between Norrmalmstorg, Birger Jarlsgatan, Stureplan and Norrlandsgatan and which contains stores with high-class brands as well as restaurants and cafes.

Capital employed

Total assets less non-interest-bearing liabilities and deferred tax liabilities.

Cash flow for the year per share

Cash flow for the year in relation to the average number of outstanding shares during the year.

Cash flow from current operations per share

Cash flow from current operations in relation to the average number of outstanding shares during the year.


Central Business District. The most central part of a city for office and retailing properties.

Central administration 

The costs for the Senior Executives and Group staff functions as well as the cost of maintaining the Company’s stock exchange listing and other Company costs.

Comparable holdings

Properties disposed of during the year are excluded. Properties acquired during the year are included and the previous year is adjusted for the equivalent period.

Debt/equity ratio

Net liabilities in relation to equity at the year-end.


The total dividend is calculated on the total number of outstanding shares as of the date on which the annual accounts are published. The amount could change depending on any buy-back of Company shares during the period up to the record date.

Dividend proportion

Dividend in relation to net profit from current operations.


European Public Real Estate Association. Interest organization for listed property companies in Europe.

EPRA Earnings

Result from property management after nominal tax. The operating profit before items affecting comparability and changes in value with a deduction for financial income and expenses and computed actual tax, excluding a carry-forward of unutilized tax losses. The tax deducted has been calculated with account taken of, among other things, tax-deductible depreciation and investments. 


EPRA Earnings in relation to the average number of outstanding shares during the year.


Net Disposal Value. Shareholders’ equity according to the balance sheet.


Net Reinstatement Value. Shareholders’ equity according to the balance sheet after reversal of interest rate derivatives and deferred tax according to the balance sheet, excluding deferred tax on assets and/or liabilities other than investment properties and right-of-use assets attributable to ground rents.


Net Tangible Assets. Shareholders’ equity ac-cording to the balance sheet after reversal of derivative in-struments and deduction for intangible assets, adjusted for actual deferred tax instead of nominal deferred tax.

EPRA Vacancy rate

Estimated Market Rental Value (ERV) of vacant space divided by the ERV of the whole portfolio. Current development projects are excluded.

Equity per share

Equity in relation to the number of outstanding shares at the year-end.

Equity ratio

Equity at the year-end in relation to total assets.

Fair value

The estimated market value of the properties.

Fair value, properties

The amount for which the properties could be assigned on condition that
the transaction takes place between parties that are independent of each other and which have an interest in the transaction being implemented. In
accounting terms, this is known as fair value.

Floor space vacancy level

Vacant floor space in square meters in relation to the total rentable floor space.


The area around Fredsgatan, between Brunnsparken and Trädgårdsföreningen, with the vison of offering a unique range of stores, cultural attractions and restaurants.

Free Float

Shares available for trading, excluding shares held by a shareholder with a controlling interest.

Gross rent

Defined as the contracted rent, excluding supplements for utility charges, and including assessed market rent for vacant premises.

Interest coverage ratio

Profit after financial items, excluding items affecting comparability and
changes in value, plus interest expense, in relation to interest expense.

MTN programme Medium Term Note

Medium Term Note is a bond programme with a term of 1-15 years.

Net liabilities

Interest-bearing liabilities, including the decided dividend, minus current investments and cash and bank holdings.

Net loan-to-value ratio, properties

Net liability in relation to the carrying value of the properties.

Net operating income

Net turnover from property management minus costs for maintenance,
operation, administration, ground rents, property tax, and depreciation of equipment and right-of-use assets.

Net profit from current operations

Profit before tax, excluding changes in value and items affecting comparability, charged with corporate tax for the year as a standard. 

New leases

Leases signed during the year with a new tenant other than the tenant that leased the property previously, or for premises that were previously vacant.

Outstanding shares

The total number of shares reduced by the shares bought back by the Company.

P/E ratio

The share price at the year-end in relation to profit per share for the year.

Profit per share

Profit for the year after tax in relation to the average number of outstanding shares during the year.

Property tax supplement

Reimbursement of property tax from tenants.

Renegotiated leases

New or extended leases with existing tenants whose earlier leases have come to an end.

Rentable floor space

Total floor space available for renting.

Rental losses

Loss of revenue as a result of vacant premises.

Rental vacancy level

Vacant floor space at an estimated market rent in relation to the total annual rent.

Result from property management

Operating profit before items affecting comparability and changes in value minus financial income and expense. 

Return on capital employed

Profit before tax plus interest expense in relation to the average capital employed.

Return on equity

Profit for the year after tax in relation to the average equity.

Surplus ratio

The gross profit in relation to net revenue.


The Group’s total tax comprises current tax and deferred tax.

Turnover-based rent supplement

Rent in addition to the guaranteed minimum rent, based on the turnover of a store or restaurant.


Dividend per share in relation to the share price at the year-end.

Yield, properties

Net operating profit in relation to the fair value of the properties.

Åsa Roslund

CFO and Head of Finance

+46 8 762 90 25

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Anders Nygren

President and CEO

+46 8 762 90 00

Send email