Hello, and welcome to the interim report for January to June 2021. My name is Jess, and I'll be your coordinator for today's event. For the duration of the call, your lines will be on listen only. However, there will be the opportunity to ask questions. This can be done by pressing star one on your telephone keypad to register your question at any time. If at any point you require assistance, please press star zero on your telephone keypad and you will be connected to an operator. I will now hand you over to your host, CEO Erik Selin, to begin today's call. Thank you. Hi. Good morning, everybody, and we apologize for the hassle with dialing in. There's some sort of bug in the system, what we heard. Anyway, we have the Q2 today. It's been quite a calm quarter for us. We didn't do much business, but existing business has been performing according to our expectations. In Q2, we had a 9% increase in profit from property management per share. Also the same for the first half year of 2021. If we look at the earnings capacity cash flow per share, we are 25% over last year's cash flow per share. Now stands at SEK 28.28. That's the figure that we kind of like. The NAV is 18% better than compared to one year ago. net debt to assets, 44.6%, and modest rental growth of 1%. Turning to the next page 3, you can see the development in profit from property management and also the NAV, the long-term trend going back to 2018. I think this is also going according to what you could have expected. We have obviously the goal to, over time, increase the cash flow and then the NAV will follow. Page 4, current earnings capacity. Here you can see it in more detail. In these figures, we included the ABP acquisition because we took possession 1st of July, so we thought it was appropriate to include it. This is current portfolio and ABP also. You have the figures rental income, SEK 9.1, and then profit from property management, as I just said, SEK 28.28. Last year at this time was SEK 26.40. Good development there. Next slide. You can see the P&L. We have a 5% higher rental income, partly affected by currencies. The NOI is also slightly up. We have a better result from the JVs, and that is a combination of Entra with Associated. Oh, excuse me, better contribution from Associated. Entra is a new associated company, and also the portfolio. Otherwise, it's been also performing well in the joint venture part. This adds up to profit from property management for the parent company of SEK 1,000,000,161 billion and that is 13% better, as you can see. We issued some shares, so that's why the figure per share is 9%. Important to keep track of that. Property values didn't happen much this quarter. Roughly 1% higher, and that adds up the result to SEK 3.2 billion before tax. Financial position in next slide. Also pretty stable from year-end. Investment properties is up 10% or so, development properties is a bit lower, that is due to completion of some projects. That figure will go up and down over different quarters. The development part is performing really well, in the balance sheet, it is not an upward trend as the same as investment properties. You can see also further down the equity increased from SEK 60 billion to SEK 73 billion compared to last year. Next slide, 7. Property portfolio. This is the same split basically that's been for many years, that we have Helsinki, Gothenburg, Stockholm, Copenhagen as the big 4, that is 80% of the portfolio. Residential normally hover around 60%, it's the same case in this report. We have office, retail, and other. In the segment, we have the weak part that is obviously hotels, then we have some headwind in the Finnish Resi portfolio. Otherwise it's quite stable, offices is also stable. Many been thinking about that segment, it's quite okay. The strong part is residentials and selling apartments. Next slide, we have the property development slide. You can see there we have two kinds of construction, basically. This is mostly residentials one part we build and keep, one part we build and sell. We have total investment of SEK 9.2 in properties that we will go on to keep, the majority is Helsinki, Copenhagen and Gothenburg Resis. We have on top of that SEK 2,400 that we think that we're going to start from Q3 now to Q3 next year. It will ramp up the pace a bit. We have development properties that we sell, that is basically in Sweden. We sell some in Finland as well. The market for selling apartments is, as you perhaps or most likely know, very strong in Sweden, very good demand in the projects, even if completion is maybe 1, 2, even 3 years ahead, still a very big demand for buying apartments. The result from those projects will show up in our P&L after it's completed and the tenants or the buyers of the apartments move in. That's a time lag of 2, 3 years between the project start selling and then when we actually book the profit. It sort of underestimates the development in a way, but you have to choose some methods. Good to know. It will be from quarter- to- quarter, very uneven development as the year passes by. The segment is doing very well. We're ramping up the pace and feel optimistic about the future. We have expectation of starting 2,000 or so apartments from Q3 now to Q3 next year in this segment, apartments actually selling. We have financing on the next slide. Financing market in general is very favorable, both in the bond and in the bank market. There's a good access to funding, and also the spreads are back where they were before the COVID crisis or in some cases even lower spreads than actually before all this happened. That is, of course, positive for us. You can see the maturity structure of the debt. It's spread out 10 years. You can see the percentage or amounts in every year. The interest rate maturity structure, you can see on the right-hand side. Average cost is 1.4%, and the total portfolio is SEK 113 billion. In this, it's also included hybrid loans. In our case, the hybrid is booked as debt, and it's included in the total debt portfolio. Next financing slide shows the development of net debt to total assets. That's been trending down for many years. Also you can see secure debt out of assets and secure debt out of debt. Those are figures that have a meaning when you look at the rating agencies. Otherwise as a common shareholder, maybe it's not that interesting, but from a bond investing or bondholder perspective, it's good to know that these figures are also. We have very big headroom compared to what we need to have for the current rating from S&P. Finally, we have some long-term trend graphs for the share, and we compare it with the NAV and profit from property management. It's been upwards trends over the year. Otherwise, this quarter been quite calm. We didn't buy or sell almost nothing, so it's been going on regular business. I said beginning of this quarter, we took possession of ABP and that will show up in Q3. That was a short summary, and as said, we apologize for the hassle with the call. Now we can see if there are any questions. If you would like to ask a question, please press star one on your telephone keypad. Please ensure your line is unmuted locally as you will be advised when to ask your question. Once again, that's star one if you would like to ask a question. The first question comes from the line of Jan Ihrfelt from Kepler Cheuvreux. Please go ahead. Okay. Thanks for taking my questions. I actually have 2 questions. The first one is really regarding your equity ratio. So that it gets 37% and your target is 40%. How soon will you close the gap there if there's any need for it? Yeah, we don't know exactly. This is a long-term target. We are not obsessed with meeting the target every quarter. Now the level decreased a bit because we have so much cash on hand. That's why this quarter had a slightly lower equity ratio. The trend over the years will be upwards. We have maybe 2% to get to 40%. On the other hand, the LTV is in line or below our target. We don't know exactly. It depends on if we find good investments and also obviously how the company is performing in the P&L. Okay. The next question regards the Finnish Resi market. If you could maybe elaborate a little bit what's happening there and when it comes to vacancies and so on. Yeah. Absolutely. It's basically the same thing that was last quarter and quarter before that and so on. What we saw when this pandemic emerged was that there were less demand for apartments in Helsinki for two reasons, basically. One was student, and the other one was long stay, people who were there working. At the same time, there are a lot of apartments being completed. You have the supply coming out as planned, but then demand temporarily a bit weaker. We don't worry about the long-term trend because nothing has happened there. We think this is very temporary, and I think it was in April or May, I don't remember exactly, but then we saw for the first time in our portfolio that there were more few apartments that we rented out compared to what the tenants left us. We had a positive figure. Before that, it was negative 13 months in a row or 14. We are not worried. Of course, you can see it in our figures with some rent that we actually don't get, higher vacancies, but no drama. We are not worried for the long term. Okay. Just the final question, if I may. The property uplifts, could you maybe split that into yield shifts and more cash flow effects? I think it was the same yield, actually. It was very small uplift. It was 1%. I think the rental growth was 1%. Okay. Thanks for taking my questions. Thanks, Jan. Thanks. The next question comes from the line of Ryan Bouwmeester from Clearance Capital. Please go ahead. Hey, Erik. Just a quick one. With regards to like-like, was that all indexation or was there an element of reversion in there? No, it's indexation, basically. You have also for apartments, it's not exactly indexation. It's more like a negotiation in Sweden. You can say the big chunk is indexation and small part is negotiation. Okay, perfect. Thanks. There are currently no questions in the queue. As another reminder, please press star one if you would like to ask a question. You can always email me or Marcus later on if a question comes to your mind. There are no further questions in the queue, so I'll hand the call back to your host for any closing remarks. Okay. Thank you very much, and apologies for this hassle in the morning. Thank you very much for listening in, and see you soon. Bye-bye. Thank you for joining today's call. You may now disconnect your lines.