Welcome to Kungsleden's interim report presentation for the nine months of this year, 2021. We are sending live from our headquarters in Värtahamnen, Stockholm. With me, I have Ylva Sarby Westman on my left side, and I have Anna Trane on my right side. Shown on this page is a photo of our development project, Eden in Hyllie, which is in the process of being completed. The first tenants are moving in, and it looks very nice. It's a premium office building, new construction of close to 8,000 sq m of GLA. We continue to deliver strong performance and results. As you can see on this page, profits from property management are up with 7% for the nine months. If we look at the third quarter, the profits from property management are up by 8%. The main drivers behind the uplift is increased rental revenues and income driven by having strong net leasing since 2018, combined with strong renegotiation results, which I will come back to. As you can see, like-for-like rent is growing by 3% this year. Combined with lower administrative and central costs, and financial costs, those are the main drivers behind the profits from property management being increased by 7%. We have invested close to SEK 870 million over this period. Combined with a value uplift of SEK 1.7 billion, the property portfolio stands SEK 43.2 billion at end of September. That is also driving the LTV down to 43.8% from being 45% corresponding period last year. Rental market in our four core markets continue to be good, and we see a very strong pickup in the activity. As you can see on this slide, we have arrived to signing more than 200 new leases in this period, corresponding to a rent value of SEK 165 million. The net leasing is SEK 33 million. Only in third quarter, the net leasing was SEK 22 million. We have a good pipeline of new leases onwards. If we take a look at our renegotiations, as you know, on the right side of this page, you see that we have approximately between SEK 300 million and SEK 400 million of existing leases that are maturing every year. Those are the ones that we are actively working on prolonging, of course, and as well lifting the rents to the market rent level. Up until last of September, we managed to renegotiate approximately 70 leases corresponding to a rent value of SEK 190 million, and we managed to achieve a rent uplift of 8% on average. All that is, of course, driving the average rent per square meter in the whole investment portfolio. As you can see now, the average rent stands SEK 1,548 per square meter, and that is an increase by 4% compared to corresponding period last year. The surplus ratio is 70.4%. Better rental revenues and income as well as net operating income are one of the main drivers behind the value uplift that we have seen so far this year, combined with the yield compression of 12 basis points from January to September this year. All in all, the value uplift is SEK 1.7 billion. I can just add on that the valuation yield on average is 5%. If we take a look at our large ongoing development project, you will see here that we have added on another one, new one to the list. At present, we have seven large ongoing development projects with an investment volume of SEK 1.5 billion. The total rental value, once completed and fully let, is SEK 258 million. The new one is a:place. It's an existing office building in Kista that will be completely redeveloped. Two of the large ongoing projects are in the process of being completed this year, and that is Eden by Kungsleden, which I mentioned at the beginning of the presentation, and also Stettin 6 on Tegeluddsvägen 100 in Värtahamnen Gärdet. Both of these projects are having tenants moving in as we speak. The occupancy rate has therefore, during the third quarter, increased by 0.3% and stands at the end of the third quarter, 92.7%, which we are very happy about. If we take a closer look at the new large project, the development project, a place in Kista. This is some pictures of how it's expected to be once completed. The GLA is 9,300 sq m. It will be completely redeveloped from a Class B office to a Class A premium office. We have already signed two large leases with Infor and Quick Office, corresponding to 40% of occupancy level. The investment volume is expected to be just above SEK 160 million. We continue to deliver on sustainability. As you can see on this page, of the more than 200 leases that we have signed so far this year, 112 are green. We continue to certify our properties. As you know, by end of 2025, the target is to have most of our properties certified. Today, the volume is 45%. As we grow the number and the volume of certified properties, we also grow the volume of green financing, which today stands 41%. If you take a closer look at our customers and properties, yet again, this is a photo from the main lobby of Eden in Hyllie in Malmö. You will see that we have a very financially stable and diversified customer base. The 10 top tenants are everything from ABB to Swedish Social Insurance Agency, Västerås Municipality, et cetera. The average remaining lease duration of the 10 largest tenants that represent 21% of the rental value is five years. If we take into account all of our leases, the average remaining lease duration is 4.1 years. 18% of the SEK 2.5 billion in rental value comes from public tenants. We have, over the past last two to three years, developed our own very sustainable customer offers, new offers that has not been in the market before. The Symbiotic concept is one of the concepts that we have developed ourselves, and that concept is focusing on four core elements: humanity, well-being, nature, service, and smart digital solutions. The Symbiotic concept can be applied to an office, such as our headquarters, which is a Symbiotic office concept. It can be applied to a building, such is the case with Eden in Hyllie, that is a Symbiotic building, and it can also be applied to a cluster. Another concept that we have successfully launched is the Three Minutes offer. That concept is a turnkey, ready-to-go office premises. In Three Minutes, you can sign a lease and move in. That's the idea behind this concept. At present, we have five locations with the Three Minutes concept in our portfolio. The newest customer offer that we have developed this year is the Klimatsmart Lokal, and that stands for climate-efficient premises. That concept is focusing on lowest possible impact on the climate and environment by using recycled and climate-smart materials and minimizing tenant improvements, works, and waste. The first signed lease is in Danderyd. If we take a closer look at our property portfolio, as I mentioned earlier, it is now SEK 43 billion. 90% of our property value are located in Stockholm, Gothenburg, Malmö, and Västerås. If we take a look at the categories, 74% of the property value is offices, 17% is within industrial, warehouse, and logistic category. Stockholm represents 45% of the property value. Our strategic direction when it comes to a location, both on the macro and micro level, has paid off. As you can see, we continue to deliver strong leasing results and renegotiating results. In fact, we have had positive net leasing since 2018, which we are very happy about, and those are the main drivers behind improved rental revenues and net operating income. Not only are we focused to our four core markets, within these four core markets, we have clustered our properties into 12 cluster locations. Five of them are in Stockholm, two in Gothenburg, two in Malmö, two in Västerås, and then we have a cluster in Östersund. 70% of the property value is located in those 12 cluster locations. The total return, according to MSCI, on average the last three years, has been 2%-3% higher in the clusters than the other properties in our portfolio. With this, I will hand over to Ylva. Thank you very much. As you have heard, we continue to deliver strong results from all part of our business. Profit from property management increased by 7% to slightly above SEK 1 billion, mainly explained by high revenue and lower administrative and financial costs. For the third quarter, profit from property management increased by 8% with the same explanation. Total revenue increased by SEK 44 million as a result of strong net leasing, successful renegotiations, and indexation. We have managed to reduce our administrative costs by SEK 11 million due to lower personnel costs after reorganization. Net financial items decreased with SEK 7 million to SEK 284 million. The decrease is explained by lower average interest rates and that borrowing costs of SEK 9 million attributable to projects were capitalized during the period. Changes in values on financial instruments was positive, SEK 182 million, compared to -SEK 191 million last year, as a consequence of interest rates on longer maturities increasing in the period. The total tax expense for the period was SEK 596 million, of which zero is current tax. Net profit was SEK 2.3 billion compared to SEK 960 million last year. The increase is mainly explained by higher profit from property management and also positive value changes in the property portfolio. We have a strong financial position. Our LTV ratio has continued to decrease from 45% in the beginning of the year to 43.8% in the end of the third quarter. The share of green funding has increased from 36% to 41%. Our funding mix is well diversified with 44% bond loans and 31% traditional bank loans, the share of unencumbered assets amounts 34%, and we are actively working to increase that ratio since we are targeting an upgrade of our investment grade rating one a notch. During the quarter, we have prolonged and also expanded an existing credit facility of SEK 2.9 billion. The new facility is sustainability-linked, and the first in Sweden with both a diversity goal, a target to increase the diversity in our organization, and also goals to reduce both the energy consumption and the carbon emissions in the property portfolio. We have cash and credit facilities of SEK 3.5 billion that can handle all remaining loan maturities during this and next year. The average debt maturity of the loan portfolio was 3.7 years by the end of the quarter, and the average fixed interest term increased to 3.3 years after extension of swaps of SEK 2.5 billion. The interest coverage ratio increased to 4.8 x, and the average interest rate decreased to 1.7%. Our long-term asset value, the EPRA NRV, increased by 11% to SEK 109.10 due to growing profit from property management and positive value changes in the portfolio. In summary, we deliver a strong result from all parts of our business, and we have strengthened our financial position during the period. With this, we end the Q3 reporting, and I will hand over to you, Biljana, to present our outlook. Thank you, Ylva. We have a positive outlook going forward with a strong economic growth ahead of us. The GDP growth for this year is expected to be 4.6%. That is actually the highest numbers in many, many years. The forecast for next year is expected the economy to grow by 3.6%, which is also a very strong growth number. This means that companies are doing well, they're employing people, they're expanding their production, and in doing so, they need more commercial space: offices, warehouses, industrial space, logistics, et cetera. That is the main driver behind the very strong demand that we see in the market today. If we look at the outlook for rents, this is taken from Newsec. According to Newsec, the return of offices has begun. The forecast for 2022 is that the vacancy levels will either decrease or flatten out, as shown on this page. The forecast for the rent levels in our four core markets, Stockholm, Gothenburg, Malmö, and Västerås, is that the rents will continue to grow in 2022, which is very encouraging. If we look at our rent levels in the investment portfolio, and here shown our clusters within offices, you will see that we continue to have a very strong rental growth potential in our office buildings. The potential is somewhere between 10%-40% if we take a look what we are signing new leases on the tender rent levels shown on the right-hand of this page compared to the current base rent that we have in the properties. If we take a closer look to the logistics segment, also here, Newsec expect a strong increase in demand that will continue to push the yields down. You see here that we do have in our four core markets very low vacancy levels that are expected to decrease or flatten in year 2022, and the rents are expected to increase somewhat. Also here, if we'll take a look at our own portfolio, as shown here, most of our industrial warehouse logistic portfolio is located in our three clusters, Finslätten being the largest one, and then Fosie and Högsbo. As you can see on this page, we have actually revised upwards the tendered level of rents in Finslätten from before SEK 1,000 to SEK 1,200 up to SEK 1,600. This is thanks to the very good demand that we see at present in Finslätten in Västerås. The rent uplift potential within this category is 10%-80%, this is, of course, something that we will continue to work with onwards. If we take a look at the transactional market, as you know, we see record high volumes this year. Up until last of September, the volume was roughly SEK 220 billion, which is higher than 2019, which is the record year with the highest transaction volumes up until that date. We do see yields coming down within all categories: offices, warehouse, industrial, logistic, residential, and also samhällsfastigheter. Our focus is to continue to deliver on our profitable investment program as shown on this page. As you know, we have a target to invest SEK 1.4 billion in our portfolio. Roughly half of that is within large development projects. That can be new constructions or complete redevelopment of an existing building or adding on new space. Roughly SEK 650 million is invested in investment portfolio. When we sign new leases, we are doing tenant improvements and other value-creating investments. Both of these two categories have the same return targets, and that is measured either as yield on cost, that shall be above 6%, or if measured by internal rate of return, 9% or more. The category maintenance investments, which is roughly around SEK 150 million, those will not contribute to rent increase nor value increase if to keep the value. All SEK 1.4 billion, and so far we have invested roughly SEK 870 million. I'm very happy that we, during the third quarter signed a large lease agreement with Northvolt in Finslätten, Västerås. It's a lease of 15,400 sq m, predominantly office building, as shown on the right-hand upper corner. It's a 15 years lease agreement. The average rent is around SEK 2,000 per sq m. This building will be developed in accordance to Symbiotic Building concept and also will be LEED Gold certified. The target is that this building will be net zero carbon as well. The investment volume is estimated to SEK 450 million, and we hope that we will start the construction by end of this year. Another new development in pipeline is, of course, the new construction of a modern logistic facilities to AA Logistik, also that in Finslätten. In the second quarter, we signed a 15-year lease agreement with AA Logistik, 32,000 sq m of leasable space, mostly logistic, but also some offices. Lease term of 15 years, and the investment volume is expected to be just above SEK 400 million. This development requires a new zoning plan, and that plan is in the process, and we estimate that we can start the construction in 2023, and that the completion can be by end of 2024. We are every day working on building up our development potential with working with our building rights. As you can see on this page, we have roughly 600,000 sq m of commercial building rights in pipeline in different stages. In some cases, we have building rights that are existing, roughly 120,000, and then we have zoning planning process, feasibility studies, and future building rights potential. These commercial building rights we intend to develop ourselves over time. When it comes to the residential building rights, those ones we are working actively to secure in order to sell them to residential developers. As you can see, we have 275,000 square meters of residential building rights potential. All these building rights are in our books at the value of SEK 1.5 billion. However, we estimate that the value potential is at least SEK 2.5 billion. On top of that, of course, once we develop the commercial building rights, the development potential is even greater. Finally, to summarize, we continue to focus on sustainable growth and to further improve our financial position. We want to improve the quality in our property portfolio, to strengthen our development projects pipeline, and on top of that, do some acquisitions. Combined, to further improve our credit rating, as Ylva was mentioning. The goal is to improve and increase our profits from property management to be more than SEK 1.65 billion, not later than 2025, and the property portfolio to grow to be greater than SEK 55 billion. We very much look forward to our next phase in our journey. With this, we will open up for questions. Yes. Welcome those of you who still haven't joined the telephone conference, please do so, and those of you who would like to pose questions through the question box in the web player in front of you, please post your questions and I will state them for you, stating your name and the company you represent. Before I hand over to Arkadin, Biljana, I'm so curious. I know you were just last week at Eden and Hyllie. What are your impressions? Is this the way to go forward now? Oh, I definitely think so. I talked to our tenants, our customers, that have moved into Eden, they are so happy about the Symbiotic concept. They say it's totally in line with their corporate values and goals as well. We have actually spontaneous visitors coming to look at the property and just to see if there are any space to be leased, which I have not heard about before. It's really something else in the market, the Symbiotic concept in Eden. That sounds great. Looking forward to seeing that myself and also for you. Now I will hand over to Arkadin, the operator. Please tell us if we have any questions online. Thank you, madam. We have two questions on the phone. Ladies and gentlemen, I would like to remind you that if you wish to ask one, please press zero one on your telephone keypad. We have one first question from Mr. Jan Ihrfelt from Kepler Cheuvreux. Sir, please go ahead. Oh, sorry. Jan Ihrfelt, Kepler Cheuvreux. I have a couple of questions, actually. First of all, starting with your property uplift, they were up 0.9% in the quarter, I just wonder if you could give a split between your office portfolio and your more warehouse logistic portfolio. Yes. Since we have seen a strong transaction market in both segments, we see lower yields in both industrial warehouse logistic segment and also in the office market, in our core markets. As we said earlier, 50% comes from improved rents and NOIs, and 50% from lower yields. If we compare the two categories, you can see that it's a bit stronger uplift in the industrial logistic warehouse, since then compared to the office category. Since the office segment is much larger, it's a bigger impact on the value uplifts. Both categories contribute. On the logistics side, was it like 2%-3% up or so? That's right. Okay, great. Moving on to central administration. That line was down quite significantly in the quarter, could you just confirm that this is a sustainable cut that you have done? Yes, it is. I think that on a full year basis, approximately SEK 8 million-SEK 10 million lower than last year. That's the estimate. Okay. Investments, you're guiding for SEK 1.4 billion. So far you have reached less than SEK 900 million. How confident are you of reaching your guidance there for your investments this year? Yeah, we believe we will reach the SEK 1.4 billion. As you know, usually in the fourth quarter, you end up getting all the, so to say, invoices. We think we will get to that point by end of this year. Okay. My last question actually regards You did sell building rights in Järfälla in April, I remember. Will that deal be closed in the fourth quarter, getting a positive capital gain of more than SEK 100 million? The capital gain was actually in the second quarter this year, since the zoning plan was completed then. We have already, as we communicated in the Q2 report had that positive effect. Okay, I missed that. Okay. Congrats, a good report and strong net setting. Thank you. Thank you, sir. We have the next question. The question is from Mr. Markus Henriksson from ABG. Sir, please go ahead. Good morning, everyone. A few questions here from my line. Net leasing, very strong in the quarter. I just want to look a bit more into it. Do we have anything from the Northvolt, ABB, and NKT leases in the figure or not? We have the Northvolt lease in that figure, yes. As you can see, we have a very strong result for the nine months, SEK 165 million of rental value in new leases and more than 220 lease agreements. We have everything from the large lease agreement with Northvolt and AA Logistik to very small leases and everything in between. It's substantially better than last year, where the new lettings were just above SEK 100 million. It is a very strong performance this year. Okay. Just a follow-up there, because when I look at the graph you present in the report, it seems to be mainly from investment properties that pushed up the net leasing in the quarter. Northvolt is included in the SEK 22 million? Yes, it is. Okay. That is on the new leasing development properties, the light blue color on the page. All right. Yeah, thank you. You mentioned we have some moving in here in Eden and Stettin. Could you highlight for us how much it contributed to rental income here in Q3? Oh, good question. I know that it contributed by 0.3% in occupancy level. Of course, the rent levels in Eden and Stettin are stronger. You don't have the full year effect up until next year. How much it contributes to the average rent, I think it's very minor. All right, we should expect quite an uptick here in Q4 then. Could you highlight the uplift there for us? Yeah, Q4 and even more starting from next year. All right, gradual increase. Okay. Last question, thinking about the Northvolt Effekten 13. Do you expect that project to be completed in early 2023 or late 2023? Late 2023. Okay. Thank you. Thank you. Thank you, sir. We have no other questions by phone. Okay, if anyone will drop in, I'll give you a new chance. Let's go over to the chat, and we have Lucie Plassard from Green Street. The first question is: What is a good estimate of the yield on cost for Kista redevelopment project? It is close to 6%, actually. Mm-hmm. Good. On both the office and the logistics segments, which cluster shows the best prospects in terms of rental value? I think that in the existing investment portfolio, we do have a greater uplift potential in the category of industrial warehouse logistics. As Ylva was mentioning, since the office category is much larger, then of course it is there that we can really drive the average rent on the total level, so to say. A third question from Lucie Plassard, Green Street is: Which trends do you see in the short term on the office segment in central Stockholm versus central Gothenburg in terms of vacancy and rental levels? As you know, we don't own any properties in Stockholm CBD nor in Gothenburg CBD, we are perhaps not the right company to ask. If we look at the two clusters that we have in the inner city of Stockholm, being Stadshagen and Gärdet Värtahamnen, we see a very stable rental market with good demand and vacancies being still at low levels, the same go for Gothenburg. We have a positive outlook in these markets. Okay. I have no more questions from analysts. I have an interesting internal question from Fredrik Elliott: In what segments and locations have you had the most yield contraction during the quarter? I would absolutely say that it's in the industrial warehouse logistics segment that we have seen the biggest increase, but also, as I said earlier, in the office segment. Just one more internal question from Erika Tomaszewski: You've had these 12 clusters now for a long time. Are you planning on creating a new cluster? If yes, where do you see the most potential? Well, Erika and everyone else, yes, we do have a plan for more clusters. We have identified the locations, and I think in time, I hope we will get there. Sounds great. I will give the operator at our Arkadin telephone conference just another chance to see if anyone else has joined to pose a question. Otherwise, just go back to me. Thank you, ladies and gentlemen. I would like to remind you that if you wish to ask a question, you may press zero one on your telephone keypad. It's zero one on your telephone keypad. Well, I know it's a pretty busy day today, a lot of reports coming up. With no more questions, I would just like to hand over to Biljana to wrap it up. Well, thank you very much for listening in, and hope to see you again soon. Thank you.