Värtahamnen, Stockholm, an area full of potential where we at Kungsleden will have our future head office this summer. Today, we welcome you to our present head office here at Västra Kungsholmen. I, Anna Trane, Head of Corporate Communications, will guide you through our capital markets update. We'll have presentations by Biljana Pehrsson, our CEO, and Ylva Sarby Westman, our Deputy CEO and CFO. Let's take a look at the agenda. We'll start off with the full year business update for 2020, followed by our financial performance and key figures. We will look forward and go through our five-year business plan and our new financial goals. At around 10:45 A.M., we'll start our Q&A session together with you, and as you can see, you can already now and onwards during this session, post your questions. If you look at the screen just below where you see me, you will have a question box. You fill in your name, the company you represent, and your questions, I will be sure to pose your questions to Ylva and Biljana later on. Now let's begin with the full year business update with Biljana. Thank you, Anna. Good morning and welcome. 2020 has been a very special year, a challenging year for people, companies, societies, and countries. It has taken hard work from everyone at Kungsleden, discipline, and dedication to actually manage through the challenging market environment. I'm very happy that we deliver strong results for 2020. Our profits from property management are up by 6% to SEK 1,257,000,000. The profits are driven mainly by higher revenues, higher net operating income, as well as decreased central and administrative costs. As you can see on this page, we have continued to have strong like-for-like growth in revenues with 4%, including the discounts. If we excluded given discounts, the like-for-like number is 5%, which is exactly the same like-for-like growth that we achieved during 2019. We continue to invest in our properties and development projects, and combined with unrealized value changes of SEK 950 million, our property portfolio has grown by 6% to SEK 41 billion, and we continue to decrease our leverage. During 2020, we have decreased the LTV to 45%. This morning our board is proposing a dividend that is increasing by 8% to SEK 2.80 to the AGM that is taking place in April. Kungsleden, we continue to have limited effects of the COVID and the rent reliefs that we have agreed upon with our tenants have decreased from quarter to quarter. For the first quarter in 2021, 99% of the rent was paid in time, which is in line what we had before the pandemic. As you can see, rent reliefs altogether amount SEK 12 million, which is less than 2% of the rent for the first quarter. important part of that we can deliver good results despite the challenging market environment is our property portfolio. We have right properties in right location where there is a demand for offices, logistics, warehouse, and industrial space. 74% of our property value is within offices, 16% is within industrial warehouse and logistics. If we look at the geographical distribution, 90% of the property value is located in four cities. Stockholm is the largest exposure for us. Almost half of our value is there. We have Gothenburg, Malmö, and Västerås in the remaining 90%. An important part of our strategy is, of course, our clusters. Not are we only concentrated geographically to our four core markets, we have also within those four core markets, concentrated our properties into chosen locations with good accessibility where we can have many square meters of leasable space in one location, and that is our clusters. As you can see, at present, we have 70% of the property value located in our 12 clusters. You saw one of the introducing movies, that is our cluster, Stockholm City East. Another contributing important factor to our continued good performance is, of course, our financial stable tenants, and well-known customers, as you can see here. We have everything from large ABB to small startups and everything in between. 18% of the rental revenue is represented by public tenants. As you can see, we have long remaining lease duration. For the largest top 10 tenants, it's 5.2 years. For the total portfolio of 1,600 tenants, unique tenants, the lease duration is on average four years. This, of course, gives us stability in our performance onwards. As I have mentioned last year, the rental market continued to be open despite the pandemic, and I'm very happy about that we managed to sign 288 new leases last year that represent roughly SEK 156 million of annual rental value. I'm also happy about that we managed to achieve a positive net leasing of SEK 22 million. Also here, I think an important contributor is that we are in strong markets. Stockholm, Gothenburg, Malmö, and Västerås, all these markets have very low vacancy, few new square meters entering the market, and there is still demand in these core markets for us. I'm also happy about that we have managed to continue to renegotiate our existing leases. As you know, and as shown on the right-hand on this chart, is that we have roughly between SEK 300 million and SEK 400 million of existing leases expiring every year. Last year, we managed to renegotiate more than 100 of existing leases, representing a rental value of SEK 238 million. On average, we achieved a rent uplift of 12%, that is roughly SEK 29 million. What is also interesting about the renegotiations is that 1/5 of the renegotiated existing leases were with tenants that added on new space to the existing one, which is also encouraging in these challenging markets. All in all, improved like-for-like growth, a good new letting, good renegotiating result is resulting in higher average rent in the total investment portfolio. As you can see on rolling 12-month basis, we have improved the average rent with 5% compared to corresponding period last year. For the very first time, this is all-time high, average rent of SEK 1,506 per sq m. Our surplus margin is on all-time high, an improvement by 1.4 percentage points compared to corresponding period, and it's now 70.4%. If we look at the property values, as I mentioned in the beginning of the presentation, for the full year, the value uplift was 2.5% or SEK 950 million, and it is a result of both the yield compression of 12 basis points over the year. The valuation yield at the end of 2020 stands 5.1%, and it's also thanks to improved rent and NOI in the portfolio. We are also delivering on sustainability goals that we have set out for us. As you can see on this slide, the energy consumption reduction for 2020 was 10%, which is quite impressive. By reducing our energy consumption, we're also reducing our energy costs. We have also improved the number and amount of properties that we have certified, and it now stands 42%. Here, I would like to hand over to Ylva to give an update on the financial results. Thank you very much, Biljana. As you have heard, we continue to deliver a strong result despite the pandemic. Profit from property management increased by 6%, mainly explained by higher revenue, an increased surplus ratio, and lower administrative costs. We exceed the financial targets set in 2017 to achieve a profit from property management in 2020 of SEK 1.2 billion. We have a strong financial position, and our LTV has continued to decrease during the year from 45.8% in the beginning of the year to 45% in the end of last year. We have continued to be active in the Nordic capital markets and issued a total of SEK 3.2 billion, the majority, green bonds on longer maturities and with attractive pricing. The latest bond that we issued in January this year of SEK 300 million with a duration of six years had a pricing of 130 basis points over STIBOR. Very satisfying to see that we are now back on a price level that prevailed before the pandemic. The share of green financings increased from 27% to 38%, and our long-term goal is to finance all our properties with green financing. We have further improved our liquidity position during the year. As you can see on this slide, we have SEK 3.4 billion in cash and credit facilities that can handle almost all remaining loan maturities during this and next year. We have also refinanced almost half of the loan maturities for this year. That's very positive. The average debt maturity is now 3.8 years, and the share of short-term borrowing has reduced further in the period through the repurchase of bonds maturing this year. We have also benefited from interest rates on longer maturities being low and extended forward-starting swaps and prolonged the average fixed interest term to 3.7 years. The ICR remain high at 4.5 x, and the average interest rate decreases from 1.9% in the beginning of last year to 1.8% in the end of the year. Our current net asset value, the EPRA NTA, increased by 8% to SEK 97.13 due to growing profit from property management and positive value changes in the property portfolio. We have a strong financial position, and we have strengthened it further during the year. With this, we will end the full year reporting. To summarize, we have a high-quality property portfolio in prime locations. We have strong and trustworthy tenants and an efficient and customer-oriented organization. We are very well prepared for the future and for the next step. Now I would like to hand over to Biljana to present our new five-year business plan with focus on growth and our new financial targets. Thank you, Ylva. Before I present the new five-year business plan with focus on sustainable growth and the new financial targets, I would actually like to take the opportunity to present our very strong track record since the strategy shift. Since the strategy shift, we have managed to increase the profits from property management by more than 230% to today SEK 1,257 million. That is quite impressive. The main drivers behind this increase has been, of course, a better quality portfolio with right locations in markets where there is a demand, combined with deleveraging the company and decreasing our financial costs. If we look at the left side of this picture, you will see the huge transformation of the property portfolio since year-end 2012 and post the strategy shift. We had back then a property portfolio of just about SEK 14 billion. It was more than 360 properties located in 150 municipalities out of Swedish 250 municipalities. The vast majority of the properties were within industrial warehouse segment, very much retail as well, and to a smaller extent, offices. From that portfolio, we have over the years divested half of it and instead acquired properties in line with the new strategy. Office buildings, many times value-add buildings, in good locations in Stockholm, Gothenburg, Malmö, and even some in Västerås. We have added on quality. We have added on modern buildings. On top of that, since we have acquired quite a lot of value-add properties, vacancies we have modernized, we have invested, we have leased them out on higher rent levels. We have actually managed to grow the value in the property portfolio during this time with more than we're close to SEK 7 billion. All this is a huge transformation and lays a very good ground for our next phase of our journey onwards. I mentioned that we have also deleveraged the company. When we started, since the strategy shift, the LTV was higher than 60%. Today, it's 45%. More important, our average cost of debt, that was close to 7%, is now down to healthy 1.8%. Of course, a very important milestone of Kungsleden's history was when we got the official rating investment grade back in 2019. If we look at the transformation of the property portfolios, here are some numbers that can prove the quality improvement. You see that we have more than doubled the average rent per square meter in our portfolio. Even more, the value of the property portfolio has increased from being around SEK 6,500 per square meter to today, above SEK 20,000 per square meter. If we look at our total return, which in this case is the growth of the EPRA NTA plus the dividend per share, you will see that we have managed to achieve a double-digit returns over the last five years. For year 2020, the total return is 10.7%. All in all, to summarize, we have a very strong track record on delivering on stated goals, and many times we have actually managed to deliver earlier than projected. Here are a summary of all the stated goals that we have had since 2017 and even further back. With this, I am now ready to present the new goals set out for Kungsleden for the coming five years. Our new financial goals, starting from now, is to sustainably grow our business by growing our property portfolio to be at least SEK 55 billion, not later than the year 2025. In the same time period, we should grow our profits from property management by more than 30% to be SEK 1.65 billion. Our target is also to have a return on equity of more than 10% per year over time, and we have decreased our financial target of LTV from today's 50% to 45% in the long run. The interest coverage ratio should be above 2.5 x, and the dividend policy is that we should grow the dividend to always represent a minimum of 50% of profits from property management after tax. These are the new financial targets set out by our board this morning. How will we achieve a growth for our profits from property management of above 30% the coming five years? Well, it is actually by, number one, increasing our investment per year. In the old business plan and financial targets that were set out back in 2017, we had a goal to invest of SEK 1 billion per year in large development projects, but also in tenant improvements and other value-creating investments in our investment portfolio. That target is now increased to be at minimum SEK 1.4 billion. As I have told you earlier, we have a very strong pipeline of future projects, and we believe that we can manage to increase our investments per year to SEK 1.4 billion going forward. On top of that, we will continue to renegotiate existing leases, lease out vacancies, and increase rental value in our portfolio. With that, we will also create more value in our property portfolio. Thirdly, we will do acquisitions. We will do acquisitions in our clusters and locations where we still don't have the right size, where we have very good performance and very low vacancy. Those are the ways how we will reach our growth targets onwards. If we look at the investment program that has so far been very profitable for us, you see here that the plan from this year and onwards is to invest SEK 1.4 billion, equally as much in development, large projects, as well as tenant improvements and other value-creating investments. As you can see on this slide, we have very high return targets for these investments, measured by IRR of 9% or more, or if measured by yield on cost, of 6% or more. On the TIs, we have also a target that the TI should be repaid in half of the lease period. Have we managed to achieve that? I will tell you in a little while. Before so, I would just like to mention the large ongoing developments that we have today. These are the six ones that are ongoing, that are under construction. As you can see, once completed, they will contribute with a rental value of more than SEK 200 million. We have four developments that will actually be completed towards end of this year, and they will contribute with roughly SEK 150 million of rental annual revenue when fully leased. They will also, of course, contribute with higher property value. As you can see on this picture, on average, the pre-letting ratio is high. It's close to 70%. Last year, we completed several large development projects, and two of them I have on this slide. Our largest development project, Blästern, in Hagastaden in Stockholm, is a redevelopment of an existing office building of 15,000 sq m, and then we have added on more than 2,000 sq m on top of one building. That is now today converted into super modern office space and hotel, and the total investment has been roughly SEK 600 million. As you can see, the achieved IRR is 11%, and the project profit is more than SEK 300 million, which we are very happy about. Another development that we completed last year, a new construction of what is probably Europe's most modern custody in Östersund, an investment of roughly SEK 140 million, where we achieve an IRR of 9%, 100% let out to a public tenant, and the project profit is just above SEK 60 million. So far so good. Since the strategy shift back in 2013, when we actually started off with developments altogether, we have actually built up quite a strong development pipeline for the future. Roughly, we estimate the investment volume being SEK 13 billion, and on this picture you see four of them. On the left side, upper-right corner, left corner, you have a place in Kista, 10,000 sq m of modern office space that will be developed onwards. On the left side, down corner is Gladan here in this cluster, Stockholm City West, where we will look to redevelop three existing office building and add on another 5,000-6,000 sq m of leasable space. On the right-hand side, you will see Västerås, Kopparlunden, where we have huge potential, 70,000 sq m, offices, hotel, education, residential development. On right bottom side, you see Väsby, our cluster in Stockholm, where we have got a land allotment last year, and where we will now start the process of getting a zoning plan for a new office building of more than 20,000 sq m. Some of our future developments that we are working on today. Part of our development pipeline is coming as a result of us working very actively to drive zoning plan processes and creating building rights. As shown on this chart, you will see that so far we have created a pipeline of potential building rights for commercial use of more than 560,000, of which 100,000 are actually in place. At the same time, we have also taken the opportunity where there has been a good location for it to also drive zoning plan for residential building rights. As you're shown on this chart, we have roughly 280,000 sq m of potential residential building rights in our property portfolio today. We estimate the value of the building rights once in place to be SEK 2.5 billion, of which today we have SEK 1.5 billion in our books. The commercial building rights, we of course, intend to develop ourselves and thereby creating even higher value, once we are completed. While for the residential, we will divest as we did in January. In January, we sold more than 30,000 sq m of residential building rights in Västerås to JM. We hope that that zoning plan will be completed in the second quarter of this year, then we will, so to say, leave that to JM. The second part of our growth will continue to come from the rental revision potential we have in our investment portfolio. Shown on this chart is our clusters. We have 12 clusters representing 70% of the total property value we have. As you can see, the current base rent on average is at least 10%-40% lower than what we are tendering today when we are doing new lettings in the same location. That potential is what we are going to work with over the coming years by leasing out the vacancy that we have, but also with continuing to renegotiate the existing leases that we have in these locations. Thirdly, acquisitions. As I mentioned earlier in the presentation, we have cluster and locations where we are still small. For example, Hyllie in Malmö, we have today just below 50,000 square meters of GLA. We have a very low vacancy of 2% or less. The rent is still increasing. The last lease agreement that we signed in Eden, which is under construction, was on the rent level of SEK 2,950 per square meter, which is fantastic. This is a location where we will definitely look to grow, both by doing developments but also by acquisitions. In the new five-year business plan, we continue to set out very high and ambitious, sustainability goals. As we have already told, we have set out a climate positive goal to be climate positive in the whole chain in our business by 2035, and within property and facility management by year 2025. We have a number of goals that we are working with, of course, to continue to reduce the consumption, to continue to certify our properties. As Ylva was mentioning, our goal is to have all of our properties certified in order to finance them 100% with green financing. As you know, green financing is more attractive in the market. We are getting better pricing when financing green. To summarize, we very much look forward to the coming five years. We have a very good portfolio today. We have good tenants, stable tenants, that has really shown now during this very challenging market situation. We have a good, dedicated, engaged organization in place. The focus onwards is on growth, sustainable growth, and to further improve our financial position. Of course, our ambition is to achieve an improvement in our official credit rating. With this, I will stop and open up for questions. Thank you so much, Biljana. Going forward at Kungsleden, focus on growth. I am sure that there are many questions, and in just a minute, we will start the Q&A session with you. First, I would like you to take a minute to see one of our clusters in Finnslätten, Västerås, where we see great potential going forward. [Non-English content] [Non-English content] [Non-English content] Welcome to our Q&A sessions. Happy to have you all with us. With me I have Biljana and Ylva ready to answer. I will actually start with Tobias Kaj from ABG Securities. You have a couple of questions and I will start with: "Are there some specific segments or regions that stands out regarding renegotiations or net letting? Good questions. When it comes to net lettings, we have had a very strong performance in all of our markets except for Stockholm. I think that is quite logical since Stockholm has been the market most affected by the pandemic. I am not surprised by that, but we see good potential onwards and we have a very strong pipeline onwards. When it comes to renegotiations, it has been more even throughout all our geographical markets and segments. It is equally as much all the major cities that we have, Stockholm, Gothenburg, Malmö, Västerås, and it is equally spread within offices, industrial warehouse. Okay, great. There are more questions from Tobias Kaj, so I will go on. "How large a volume do you expect to renegotiate 2021? What kind of uplift do you expect? Very good question. I am positively surprised that we actually managed to renegotiate that much last year because of the situation in the market. Now we have actually three years where we have renegotiated roughly SEK 240 million-SEK 250 million of existing leases and on average achieved a rent uplift of 10%-15%, which is quite impressive. Let's just continue in that way, I hope. We'll see. Yes. More questions from Tobias Kaj. "Positive net letting all quarters 2020. Do you expect positive net letting also in Q1? I hope so because, as a matter of fact, we didn't sign all leases we wanted to sign by year-end. We have actually a very strong pipeline to start off this year with. I hope so. Sounds good. "Can you split the SEK 1.4 billion yearly investments in new production and tenant improvements? I can try to split it in between large developments where we have new production included, but as well as refurbishment of existing buildings, and the TIs and other value-creating investments in the investment portfolio. Historically, since 2017, it has been almost equally as much. We have had maintenance investments of around SEK 100 million-SEK 150 million per year. I expect the maintenance investments to continue to be around SEK 150 million onwards, the rest is half of it is development projects and half is TIs and other value-creating investments. Worth to mention, the first generation of our developments has been very much of taking care of unmodern buildings, of big vacancies. We have modernized the whole buildings. We have sometimes added on more space or leasable area. We are entering a new phase of our development history by more new buildings, such as Eden, such as the custody I showed in the presentation. It will be definitely more of that kind of investments onwards. Sounds good. I will continue. "Blästern 14 generated 11% IRR in a market with a strong rental growth and yield compression. What would the IRR have been if rents and yields would have been unchanged during the project? When we took the investment decision, we targeted a rent on average, I think it was just SEK 3,300, SEK 3,500 per sq m. I think in reality, we surpassed that by at least SEK 1,500 or something on average. Of course, the market has been with us. Also when we took the investment decision, we thought that given that target rent, that we will have IRR of 9% with more or less a flat of a yield. Of course, the difference between 9% and 11% is because of higher rents in the market, and we have managed to get that as well in Blästern. Of course, a bigger yield compression than expected when we took the investment decision. Okay. Finally, from Tobias Kaj, a question concerning sustainability. When will you start to report Scope 3 emissions? Good question. We are actually developing our more detailed plan on the sustainability goals. I can already now say that we have joined Science Based Targets. The purpose of that is to get evaluated and validated by a third party so that our work on sustainability can be easily validated and, of course, understood by the market. Okay. Now, let's go over some questions from David Flemmich at Nordea. Many questions popping in here. It's been a very interesting session, I think. Yes. From David Flemmich, Nordea, "Can you please elaborate on the components accounted for in your" Sorry, I should have brought my glasses here, too. "IFPM growth target?" No. Yes. Profits from property management target? Yeah. Yeah. IFPM. Yeah. Everything derives from if we manage to invest SEK 1.4 billion in the way I have just described, if we manage to continue renegotiations, leasing out vacancy, and if we, on top of that, can manage to acquire some properties, then the growth from profits from property management will, of course, go that way. It's basically our financial and business plan that is behind those numbers. Do you include contribution from lower interest rates in those growth numbers? No. No. That is a good question, because if we manage to get upgraded, there is a potential of reducing our financial cost on average by 20 basis points further. If so, as you said it was, what level would you say is reasonable given current bank and bond margins? Yeah. 20 basis points lower. Yeah. 20 basis. Yeah. Okay. Now let's go over to Erik Granström from Carnegie. How much of the property portfolio growth until 2025 will come from acquisitions? We've been into this before, but maybe be more specific if possible. Well, let's put it this way. We have a portfolio today of SEK 41 billion. If we manage to invest SEK 1.4 billion over the coming five years, that sums up to SEK 7 billion. Of course, we hope that the value creation will be even larger than that. The rest will come from rent improvement in the existing portfolio, by that creating higher values, and acquisitions. If we don't manage to invest SEK 1.4, then we will acquire more. It's always balancing. We can be flexible too. Yeah. We have shown so far that we have been very disciplined when it comes to acquisition. It has to be the right property in the right location, and we know exactly where we would like to acquire, if so. The right price. The right price. You've also shown so far that you've been very disciplined in attaining the goals. Yes that you set out. Yes. Another question from Erik Granström. "Net leasing of SEK 10 million in Q4. Any geographical differences?" You touched upon that a little bit too, I think, but maybe elaborate. Yeah. In general, all markets have outperformed except for Stockholm. Now we're entering a new year with new opportunities, and we believe that Stockholm will pick up. How does the SEK 1.506 per sq m compare to the average market rent? We have that on the cluster page in the presentation. That is basically the breakdown of the 1,500 square meters in total of all of our investment properties, breakdown into our 12 clusters, which represent 70% of the value. There you see what we have in current base rent and the potential. The potential is between 10%-40%. We still have actually a lot of work to do in our existing portfolio by renegotiations, leasing out vacancies, et cetera. The potential you see, how much will we see from that given renegotiations in just 2021? How long term are you in this? Since, is it 2018 or something like that? Yes. Yeah. The rent was SEK 1,200 per sq m. Yes, that's right. Mm-hmm that's right. Mm-hmm On average, and today it's 1,500. We have managed to improve between 5%-8% annually, and we hope that that will, of course, continue. What is very important is that we take the view that, as others in the market do, that actually 2021 will be a better year. A vaccination program will roll out despite the fact that we have some delays right now, and we hope that restrictions will be lifted towards summer, and that we will actually have an economical growth of around 3% for this year. If that happens, we are actually positive on the future, and we think that if we had a good year in 2020, despite challenges in the market, we believe 2021 can be even better. That is the general view. Well, that sounds like a positive future. Looking at investments, you've invested SEK 1.4 billion in the portfolio 2020. The plan is similar per year going forward. If we look at 2021 specifically, do you expect investments to be lower or higher? I expect them to be SEK 1.4 billion. That is the plan, and that is our expectations. Now to a very interesting question. Still Erik Granström. Do you think you can improve the credit rating further? Yes. What will be key here? Well, I think there are several keys that we have actually improved when we look at the grid for official rating. We have improved the size of our property portfolio, the quality of our property portfolio, and thereby also the operating results in our property portfolio. At the same time, we have continued to deleverage our company and to set out a financial target to have an LTV of below 45% in long term. We are actually one of the few listed companies in Sweden that have such target, and that is, of course, a signal to the market and to the rating agencies that we are targeting a higher rating than today's Baa3. Given that you have such a stable portfolio that we just heard about here, why do you need even to maintain an LTV of not more than 45%? Why we need to maintain? The credit rating. Yes. Yes. Growth at the same time as being financially very sound and stable. Yes. And then we- Because that will affect our financial costs in such a positive way. That's why it's of course important for us. Important. Yes. Going forward. Yes. Okay. I'm going on here. I have questions from Paul May at Barclays. First, Paul would like to say that this is very interesting growth targets. We've been touching this, but I'm still asking this again if there's anything more to add. Achieving growth and at the same time as we maintain this leverage. Anything more you would like to add here? No. It's doable. A lot of the growth is coming from successful investments. If we look backwards, the old financial targets were set out back in 2017. At that time, we said that we will increase our profits from property management by more than 20% in three years' time. As you can see, we have surpassed that target by far. We had also a target of growing our property portfolio to SEK 40 billion at least. That is also surpassed. I think we have a very strong track record of delivering on stated goals, and we are confident that we will deliver upon the new goals. Mm-hmm. Now we're shifting the question here into looking forward at the market and changing habits. Are you at all concerned by the evidence pointing at changing working habits? Working more from home? I am not concerned. It doesn't give me bad sleep. However, we are adapting always to changed demands in the market. Our view is that this death of offices is exaggerated by far. Our figures, and us being on the ground talking to companies and potential tenants every day, we don't see any major shift. Our view is that before the pandemic, on average, people that can work from home and that can work in offices, 30% of employees have actually worked from home before the pandemic, roughly one day a week. After the pandemic, this is analysis made by many. We believe that that scenario may happen. They say that post-pandemic, when restrictions are lifted, the portion working from home will probably double to perhaps 60%. Probably we will work two days a week or so from home, maybe. If that happens, then office space need will be reduced by 10%, 15%. It will not happen overnight. It will happen over time, as with all trends. Balance it. balance out. Balance it. Balance it out. We have many other drivers behind demand. The biggest and the most important driver is actually economical growth. When we have a growth in economy, that means companies are expanding their business, they are profitable, they are doing well, they are employing people, and they want more space, commercial space, including offices. That is creating a demand with us and others. That is very important for the future office demand as well. We have the other trend, which is about health, wellness, health security. We are sitting- Yeah. arm's length distance. Many companies are starting to think of maybe we will have an environment where we have these viruses coming more regularly. Maybe we have to think about having space, not squeezing too many people. Other things are trends that we see when you have an office. Before, 80% were workstations and 20% space like this. Meeting area. Exactly. Conference rooms, kitchen, dining rooms, et cetera. Now it's getting the opposite. I think there are a lot of trends that also will create more demand for space than we have seen historically. Yeah. Historically, we have just had one trend with less space per employee. I think that will flatten up a bit, and then we'll see where it will take us. Thirdly, what is also very important to understand is that our starting point in Stockholm, Gothenburg, Malmö, and Västerås is that we have had historically low vacancy levels. Västerås 4%, same for Gothenburg. Stockholm below 5% in the inner city. CBD even lower. Only Malmö has actually had slightly higher vacancy, thanks to new construction and the office stock has been built up the last number of years. That is also a good starting point. Even if the demand will weaken, we don't have an oversupply in the market. Some of the things to think about. You sound very confident going forward. That sounds good to me, too. Your portfolio still looks to be under-rented with yields that remain attractive relative to the market. What level of like-for-like rent growth are you targeting in the 2025 plan? Yeah, it's a good question. As you know, we don't give a forecast in that sense, but we have had now two, three years with a healthy like-for-like growth of around 4% or 5%. I would hope that at least. Yes. Yeah. We have done very cautious assumptions in our five-year business plan. This is the dream, but the scenario is built on more cautious assumptions. Let's go on to Lucie Plassard from Green Street. Sorry, the question slipped away. Here she is. How will the portfolio split? I'm very sorry, there's so many new questions popping in here, so every time there's a new question, I lose sight of the first one. How will the portfolio split look like by 2025 in terms of offices and logistics? Yeah, very good question. If we just look what we have in the future development pipeline, there is actually a large part of that is within logistic warehouse and industrial buildings. If they come to happen, if we manage to agree upon a lease agreement, secure the anchor tenants, et cetera, I believe that our portion of that category, industrial warehouse logistic, will increase from today 16% to perhaps 20%. Okay. By just looking at the future development pipeline. Good question, a little shift going forward. Next question from Lucie Plassard is, have you also set out a debt EBITDA target as you grow your development pipeline? We target actually to decrease- Yeah that ratio further. We have decreased it, and we will continue to decrease it. Yes. We have been around 11x. Of course, it's important since the rating agencies are looking on this key figure. Yeah. Okay, let's go over to Johan Edberg at Handelsbanken. "Isn't the IFPM target for 2025, five years, a bit on the cautious side? Given project completion in 2021 and 2022, and given that you're obviously targeting a better rating, that should also have a positive impact on funding costs. Seems to me like you have very good chances of reaching the target. Yeah, we think so too. The second question here, are you expecting divestment to have a negative impact on the IFPM growth? If you will have any divestment going forward. No, our focus is to grow. That is the main focus. Yeah. Another question from Lucie Plassard. It is so fun that so many people are interested and asking us lots of questions going forward. You said acquisition should help you consolidate your position in some weaker clusters. What geographical areas are the weaker ones? Not weaker. Our clusters are actually outperforming, but where we have more potential where we are still fairly small, as I mentioned in Hyllie, the cluster is below 50,000 square meters of GLA. The target for a cluster is to be at least 100,000 square meters of GLA. Of course, the size combined with the fact that we have very low vacancy of around 2% in Hyllie. If a tenant needs more space and we cannot supply with more space, the risk is obvious that the tenant moves to somebody else. We would like to grow where we have good potential and still a small size, of course, in that location. Okay. more to get the right sizes of the clusters. Yes that's what you're- Where we have good potential. Good. Another question from Johan Edberg at Handelsbanken. You seem to have some 16% of total properties within the industrial segment, but you're not highlighting these assets very much. What's the quality on these assets according to you? Have you been shown interest from potential buyers on these assets? Yes. Shall I answer? Are they for sale? Yes. You can. Absolutely. I think that we have the question every day almost from both Swedish and foreign investors willing to invest in both logistic warehouse and also light industrial. Absolutely. That has, of course, affected our valuations as well. A big part of the unrealized value changes for this year is actually coming from that category. The quality? The quality is comparable to- Castellum's Yes, as an example, if that says something. Mm-hmm. Yeah. Okay, good. Point taken. We will talk more about that. Yes. Absolutely. onwards. Yes. Now we have a follow-up question from Tobias Kaj from ABG Securities, and he's actually going into the growth going forward, done some math here. "What's the reason for lower earnings growth target next five years? 5%-6% versus the three last year's outcome of 8.5% per year. Yeah. Well, it is a public target, so of course maybe a bit cautious. As you have heard, we have not taken into account a number of things that we think will happen. I don't think a growth target of above 30% the coming five years is to put the bar too low. It's actually hard work that takes to be done in order to get there as well. We have a different market situation today than we had back in 2017 when everything was green, everything was going this way. Now we have still uncertainties. I am an optimistic person by nature, but I cannot shy away from the fact where we are today. We thought that the virus will be behind us when we enter this year. We thought that it would be behind us last summer. Yes. Last summer. Yeah. Here we are in February and having troubles with the vaccination rolling out. Let's see. Let's hope for the best. Yes. Another follow-up from Paul May from Barclays. To follow up on the targets and leverage, the last plan benefited from a very strong underlying market yield compression, which helped leverage. This is unlikely to help moving forward to the same extent. Just trying to understand the comfort on the leverage position. Well, a good question. As a matter of fact, our value increase over the last three, four years has been driven mainly by improvements in rent and NOI. It's actually only last year. Yes that it tilted and that the yield compression is contributing more than the increase in NOI. I think if we manage to continue to invest good with good returns in accordance to our targets, then we will manage to create the values that we are targeting. Definitely. Now a question from Robert Woerdeman, Angelo Gordon. He has already envisaged our positive future with the following question: "If your stock would re-rate trade at a premium, would you also protect-