Thank you very much, and welcome everyone. SBB presented Q4 numbers today showing that we are creating a social infrastructure champion in Europe. Next slide, please. At slide number two, you can see some of the highlights that we want to focus on through presentation. First, we have very strong, safe, and stable cash flows backed by income that is, at the end of the day, ultimately government-backed from AAA countries Sweden, Norway, and Denmark, and AA+ Finland. We have very strong growth without competition in European real estate market. The growth is fueled by our three value-add strategies that all of them deliver over the targets in 2020 property development, renovations, investments, and transactions. Point number three, we are a strong dividend delivery company. We have increased our dividend 900% since 2017, and this year we increased with 67%. Proposed dividend is SEK 1 p er A and B class shares. Point number four, rating. As you can see from the report, we have been doing strong de-leveraging, particularly during Q4. We now count that we have delivered all key ratios to achieve BBB+ as we have set as a target, and long-term target is A-. Finally, emphasizing strategic focus on sustainability as the core of our business model. Next slide, please. Here you can see a snapshot about SBB. As I said in the introduction, operating in the world's safest real estate classes, community-based properties in the Nordics, where the tenants are government-funded and the highly regulated Swedish residentials. On top of this safe cash flow from property management, three value-add strategies delivering growth and additional profit. We have sustainability at the core of our business model, and we are also the first member ever of Public Housing Sweden, also emphasizing our focus on sustainability and our relationship with municipalities in the Nordics. Strongest, safest cash flow in Europe, 99.8% rent collection during 2020. Looking at the property management assets, you can see the majority of the portfolio, SEK 63 billion in Sweden, SEK 17 billion in Norway, SEK 9 billion in Finland, and SEK 1 billion in Denmark. However, we see large opportunities to continue to grow both in Finland and Denmark. Looking at how the property portfolio has evolved during 2020, you can see that of our SEK 90 billion in assets, 75% is located in major cities and university towns in the Nordics with 22%, for example, in Stockholm. If you further look at our apartments in project portfolio, meaning in production or prepared for the production, 5,600 additional apartments, 80% of those are located in Stockholm. Strong cash flow, SEK 4.8 billion in passing rent. Profit for the year, SEK 9 billion. Still relatively high, and you have heard me emphasizing this before, still relatively high net initial yield with large potential for value increase. Nine-year WAULT, more exactly 9.2 years WAULT length in the Nordics. 5,600 apartments in project portfolio, which 1,700 apartments in production and 3,900 apartments prepared for the production. Strong de-leveraging, net LTV on total assets, 35%, as we will show on S&P's measure is 45% on adjusted debt to debt plus equity. Next slide, please. On slide four, you can see composition of our income. We are continuing to de-risk our portfolio, even within our low-risk portfolio, by having more elderly care homes, more income from special apartments for people with disabilities. You can see 18% of income coming from residentials, and if you add the elderly care and LSS facility, you will see that almost 40% of our income is coming from either residentials or apartments for elderly and apartments for people with disabilities. Strong trusted partner for municipalities, continuing to do municipal transactions also in Q4, and important to emphasize for people outside the Nordics that legislation in the Nordics, for example, Sweden and Finland, prohibits local governments from declaring default. At the end of the day, our ultimate risk is tenant sovereign risk. You can also see that we have increased our rolling NOI every quarter with very strong increase from, for example, Q3 2019, SEK 1.2 billion in rolling 12 months NOI to end of Q4 with SEK 3.5 billion in NOI. This is to continue. Slide number five, please. Emphasizing key pillars of our strategy, as I said before, unique and difficult to replicate long-term relationship with municipalities, creating stable AAA-rated cash flows complemented with additional income from our value-add strategies that are fueling fastest growing low-risk European social infrastructure property portfolio with compelling growth in the earnings per share. If you look at the slide, you will see that we have increased our profit with delivering SEK 1 in 2017 to delivering SEK 6.4 for 2020. At the same time, having unprecedented growth in property portfolio with more than 40% CAGR last four years. At the same time, combining this with strong financial position, demonstrated stability of the cash flows, and also by this report, credit metrics for BBB+. Next slide, please. Important to emphasize that we, during 2020, have almost doubled our team. We are today almost 300 professionals with world-class team focusing to unlock full potential to our shareholders through three value-add strategies beyond traditional property management. We have SEK 4.8 billion in passing rent, very stable and safe cash flow from property management. On top of that, we have as a target to deliver SEK 1 billion-SEK 1.4 billion in income from property development. We are exceeding that in 2020, delivering more than SEK 2 billion in profit from property development. We have as a target to deliver SEK 600 million from renovation and investment, and part of that is targeting 600 apartments in renovation. We are also exceeding that in this quarter. A very strong team on real estate transaction. Just to give you a flavor, last two years, we have done transactions for SEK 90 billion. This is next largest real estate company in the value of the total assets of next largest real estate listed company in the Nordic. From this business, we are expecting to deliver SEK 400 million on a yearly basis. We have always delivered much more than that. Next slide, please. On slide seven, just to give you a flavor how we are running our platform for value creation and how our value-add strategies are, how to say, built in our total value creation, maximizing shareholder value. At the next slide, I will go slide eight to give you some more details on property development. We have probably the strongest property development team in Europe now also enlarged with a strong team from Sveafastigheter. This team is to deliver target of SEK 1 billion-SEK 1.4 billion on yearly basis. We have seen that in 2020, we have had strong over-delivery from property development. Today, we are probably number one on the property developer. As I said, on top of portfolio of 34,000 building rights on all balance sheets, we have more than 5,600 apartments that are either in production for own management or prepared for production within project development. We are also publishing scenario analysis in the report showing that our development property portfolio estimated value up from competition of zoning of SEK 8.6 billion, which is exceeding book value of SEK 3.3 billion. Next slide number nine, please. As I said, number one property developer in the Nordics with 34,000 apartments at the book, an additional 7,600 apartments in joint ventures. On top of that, as I mentioned, strong delivery by almost 1,700 apartments right now in production and 3,900 apartments prepared from production. We have also, through acquisition of Sveafastigheter, have expand our focus on developing sustainable apartments throughout Stockholm region and are going to be probably the fastest growing residential business in Stockholm in next few years. Estimated accruing profit per year from property development SEK 1 billion-SEK 1.4 billion, which was exceeded strongly through 2020. Next slide, please. Next slide, focusing our second value add strategy on property renovation and sustainability with team focusing on delivery through our Vision 2030 to make us to be more sustainable property company in the world, and doing value-enhancing renovation across community service and residential properties. We have the target to renovate 600 apartments on yearly basis. In 2020, we exceed the target with 16% and renovated 695 apartments. We have a highly experienced team with strong relationship that work close with our tenants to understand their needs and requirements. At the same time, delivering on sustainability with 100% renewable electricity, 95% of the social impact of total rental income, sustainable financing through social and green bonds. Also in terms of life cycle sustainability values, investing in new production in wood. Currently 52% of new production in progress is constructed in wood. Next slide, please. Giving you some more flavor on sustainability and renovations and investments. Energy reduction from renovation averaging 28%, having strong value creation with 8% yield on costs from energy-reducing investments. Also within our refurbishment projects where we refurbished 695 apartments in 2020. We also at the same time done environmental decontamination of the buildings by also in that way improving the environment for 86% of the refurbished apartments. That means all apartments that have been needed there have also all materials have been exchanged. We still have large upside potential with 75% of property portfolio non-renovated, which is both significant value upside potential but also very good potential for decreasing effect on the environment by energy reductions. You see that we continue to deliver strong margins from our refurbishments, and with 67% net yield on the cost, also delivering profit that is going to continue to fuel our growth with estimated total recurring earnings effect per year from refurbishments and investment of SEK 600 million. Next slide, please. At slide 12, some additional flavor on our sustainability work, our Vision 2030. We are, as you will see from the report, continuing to do large investment in sustainability through new installation of solar cells to different energy reductions measures, to building in the wood, and in that way also offsetting CO2 emissions. Also building new buildings that are not only having very low CO2 emission, but even being part and having one of our buildings the first ever and largest energy positive building. Sustainability is important part of our business model, and not only ecological and environmental part, but also social part by us issuing probably the first social bond in the Nordics and probably one of the largest social bond issued in the world. Fueled by different investments that we are doing in our communities, all from offering summer jobs to young people in our communities, to supporting UNHCR to better shelter for refugee homes, and collaborating with our municipalities to deliver affordable housing and housing for people with disabilities. On slide 13, our third value add strategy focusing on real estate transaction. We have the number one real estate M&A team in the Nordics. As I said before, we have local people in different markets that are long-term working, knowing markets, and delivering good profit from transaction. At the next slide 14, you can see that we have an unprecedented track record in both divestments and acquisitions. In the last two years, we have done SEK 90 billion in acquisitions, and last year, the second-largest Swedish real estate company has the value of total assets of SEK 90 billion. That is just to give you a flavor about amount of the transactions that we are doing. This is, of course, important value-add strategy for our continuing growth, where we have before announced target of SEK 125 billion in property value by 2025, supported by BBB+ rating. Estimated recurring profit from transaction is SEK 400 million on yearly basis. We have been delivering more than that every year since start. Slide number 15, just to give you a flavor how this work in practice with different models, with life cycle of one of our properties that we acquired in 2016. We applied at this safe cash flow with rent-integrated residentials. We applied all of our three value-add strategies. At property, we developed 27,000 sq m building rights that we still own, and that we will use for new development. We did renovate with strong rent increases and strong reduction in CO2 emissions in this portfolio. We reduced CO2 emissions with 75% and with total 10% yield on cost. We sold the residential portfolio with great profit. This is just giving you flavor how this works in practice. At slide number 16, a few more details on our earnings capacity. Rolling 12 months, we are estimating having income of SEK 4.8 billion and having adjusted operating profit of SEK 3 billion from property management, SEK 2.3 per share. After profit from our value add strategies of SEK 2.2 billion and after deduction of dividend to equity instruments like B shares, hybrid convertible bonds, we are counting to have adjusted operating profit to ordinary A and B shareholders with SEK 4.2 billion or SEK 3.2 per share. This of course can be compared to our delivery in 2020 when we delivered profit after tax of SEK 9.1 billion. Also having very strong cash flow with adjusted for non-recurring cost amounting to SEK 2.5 billion in cash flow, which is increase of 166% to 2019. If you look here at earnings capacity 12 months, we are expecting to deliver SEK 3.2 per share, including income from add value strategies and after dividends paid to B shares, hybrids and convertible bonds. Next slide, please. At page 17, we are elaborating and giving you opportunity to scan through the numbers, showing that we are delivering numbers for BBB+ rating with adjusted net debt to total capital 12 months forward at 45% and at the numbers for presented right now at 50%. We have done very strong deleveraging during particularly fourth quarter of 2020, and this is supported by high quality, low-risk assets that during the pandemic have been proven to be Europe's most secured with rent collection of almost 100%. At the same time, we are continuing to rise the coverage ratio at the end of 2020, we had ICR of 4.1x. I see here 4.1%. It is ICR 4.1x. We have 70 billions in unencumbered assets, and we have very strong cash position, where we can continue to grow and combine the growth with having BBB+ rating in short term and looking forward to achieve our long-term objective of A- rating. Next slide, please. To summarize, profit after tax per ordinary share of class A and B increased to SEK 6.41, and this is with full dilution for convertible bonds. Three points to be emphasized, our strongest stable cash flows backed by AAA countries. Here, just to give you a flavor, if you look that we have a WAULT of 9.2 years for our community service properties, our elderly care homes, our schools, our special apartments for people with disabilities, and just assume 20 years for residentials, despite that in the Nordics, you can assume much longer. You can see that we have more than SEK 50 billion in contracted income without break clauses. That is, I should say, unprecedented number, having this large amount of cash that is secured fully CPI-linked with strongest rent collection in Europe, and on top of that, 4.5 years in fixed interest rate duration. Very stable basis with safe and secured long-term boxed-in cash flows. Next highlight is that safe cash flow is combined with growth delivered and fueled by our three value-add strategies, where projects and property development delivered profits of SEK 2.2 billion in 2020, exceeding our targets of generating an average of SEK 1 billion-SEK 1.4 billion annually in profit from property development. Continuing to focus on constructing environmentally friendly rent-regulated residential in Stockholm and Gothenburg, having 1,681 apartments in production and continuing to increase and expand our building rights portfolio to 2.5 million sq m, approximately 34,000 apartments, making us to be one of the leading, if not leading property developer in the Nordics. On the investment and refurbishment side, we exceeded our target of 600 apartments annually by 16% in 2020, completed renovation of 695 apartments. Of 695 apartments renovated in 2020, 86% have been also applied for different environmental improvement measures. The last highlight, starting with strong cash flows, topping with the growth, and this combination is of course also delivering strong dividend to our shareholders. Proposed dividend of SEK 1 per share A and B shares is 67% increase since last year and 9% since 2017. At last, SBB continues to deliver strong cash flow, profit, and growth. We have best-in-class people that are ready to compete with whoever is out there. Thank you very much. Questions, please. Thank you. Our first question comes from the line of Tobias Cutt from ABG. Please go ahead. Thank you and good morning. I would like to ask you regarding Offentliga Hus. I think you owned 44% of Offentliga Hus at year-end. Does that mean that Offentliga Hus is booked as a JV, or is it still consolidated in the balance sheet? Offentliga Hus is booked as interest company, our profit has been decreased with SEK 4 million because Offentliga Hus has negative profits for 2020. It's decreasing our income with SEK 4 million. Okay. What has happened since year-end? Do you own 54% today? Is that correct? We will come with update on Offentliga Hus, but we feel pretty comfortable to complete the deal in next few months. Have you had any indications from any of the larger or of the other larger owners within Offentliga Hus whether they are willing to accept the bid or not? Yeah, we have, and we think that people are selling the shares to us every day. We will follow up that in the next few days and update our numbers regarding how much shares we do own. Can you say anything about the status for the bid on Entra? Have you had any indication there about interest from shareholders in Entra to accept your bid? Yeah, we have a few shareholders that we have active discussions and at the same time, as we have said before, Entra is a relatively small deal in our view. We are seeing that as long-term race, and as I have commented before, we have all time in the world to acquire the assets that we want. Given that owners with almost 40% of the company have said that they are not willing to accept the bid, if you would get, for example, 40% acceptance, would you still continue with that and accept that? Is it a requirement to get to 90% to buy any shares, let's say? We will come with updates to the market on that in due time. We are pretty comfortable with the work that we have done on Entra, and Entra share price has been completely driven by our bid. We have put a very strong offer to all shareholders, and we have time to wait as long as it is necessary. You're saying that you are fulfilling the requirements for a higher rating, but still you haven't been officially upgraded. Can you say anything about the reason for that? Is the outstanding bids for Offentliga Hus and Entra one reason, for example, that we don't really know what the balance sheet will look in a couple of quarters from now? Our job is to deliver the numbers, and then it's up to rating agencies to implement that in their models. Also acquisition of Entra Hus and Entra, they are structured in the way, so we keep the BBB+ rating. That should not be, at least if you do the math, that should not be an issue. We will wait and see how the rating agency will follow up on this. One final question from me, please. Just when I look at the report, I get the impression that a big part of the future growth will be from developments of residential units. Can you give an indication of what kind of yield we should expect that you can deliver on the production? If you look at our portfolio, which I think is unique and which this report is showing, is exactly what you are emphasizing, that the large growth is going to come from our add-value strategies leading by our property development. Already this year, we delivered over the target by delivering profit of SEK 2.2 billion. We are able to deliver new buildings at levels that are slightly below 5% up to 5.5%, which is very strong when in the market you have to go down for the newly built apartments to 3.5%, and for old apartments even below 3%. There is very strong validation in years to come from our property development portfolio. Okay, thank you. That's all from me. Thank you. The next question comes from the line of Viktor Fribo from Fastighetsvärlden. Please go ahead. Thank you. The EPRA NAV per share is SEK 28.21 compared to, I think it was SEK 24.36 in Q3. Can you comment on this quite spectacular increase from Q3 to Q4? The main reason for that is combination of the strong profit and also at the same time that we are continuing to issue new shares. In Q4, we both issue new shares for SEK 1.4 billion and are delivering very strong profits. It's combination of those two. You have building rights regarding about 34,000 apartments and a lot of square meters of community properties in production. How important is your property and projects development for the company as a whole, would you say? It is part of our add-value business, it is also what is differentiated SBB from traditional real estate business that we have moved with number one property development team that is creating value in a sense that is stronger than many traditional property developers. If you look at SBB and our daughter company, Sveafastigheter, we are among the builders in Stockholm winning the most competitions for new sustainable rent-regulated apartments. That is of course an important part of our growth and important part of our value creation. That was my question. Thank you. Thank you. The next question comes from the line of Simon Mortensen from DNB Markets. Please go ahead. Hi Ilija. Just a few technical questions from my side. In terms of the financial fixed assets, which is new on the balance sheet of almost SEK 2.9 billion. What are those, are they, which is financial investments at market fair value? Is that Offentliga Hus or what is it? Yeah, that is listed shares and listed bonds, mainly listed shares. Okay. Offentliga Hus is then classified as financial investments per year-end if I'm correct? Yeah. That is related to listed shares, mainly unlisted bonds. Okay. The convertible bond, just wondering how is the dividend there reflected in the EPRA EPS, the dividends for the convertible bonds, especially the EPRA EPS on page 42 and the EPRA NAV, which I see there's a reversal effect stated, but how is the main elements of that convertible bond reflected in those two? It is done according to IFRS, and you can reach to Eva-Lotta, that is our CFO to get exact details. I will call her. EPS is diluted for amount of the shares that may or will be issued in the convertible. Okay. My last question is just if you have any comments on the economic letting ratio, which was down 120 basis points year-on-year. Yeah, that is related to our property development. We see that we are making a large amount of money from property development. We are focusing on to create new building rights and in the way switching the properties to get rent-regulated residentials and increasing part of it. We actually almost don't have any vacancies. The main part of our vacancies is related to rent-regulated residentials, where we have in 2020 increased the number of apartments with 16% and also the number of apartments that is vacated in order to be prepared for refurbishment has increased property development on top of that. Thank you. They were my questions. The next question comes from the line of Jan Ihrfelt from Kepler Cheuvreux. Please go ahead. Okay. Thanks for that. I actually had three questions. The first regards your rating. You said that you have every reason to believe of an increased rating to BBB+. Could you tell us just the effect that would get on your average interest rates cost in terms of basis points? How much lower will it be with such a rating? For the new insurances increase in rating from BBB- to BBB will be probably between 25 and 30 basis points and going to BBB+ will lead to additional 25 to 30 basis points. That is one part of the coin. The other part of the coin is that will already be BBB. It will be a very strong de-risking in the company and access to much broader investor base, which is of course given our profit very good for our development. Okay. You're also targeting an A rating some point in time. Could you just tell us approximately is it in two years, four year or what time frame do you have for this A rating? Yeah, we see that given the assets that we have, that we should be able to beat increasing size of the portfolio and increasing size of rent-regulated residential elderly care homes, special apartments for people with disabilities, schools, these kinds of core social infrastructure properties together with BBB+ leverage numbers should lead to A- rating. In three, four years we should be there. Okay. I'm also interested if you could give us the split in terms of net initial yield of your community service properties versus your residential properties. Could you give us a ballpark figure for these two segments? Yeah. I think that our rent regulated residentials are at levels like 3.7, 3.8, and that means that community service properties are at 4.5, 4.6, which is still relatively high. In both segments we see large potential, particularly after we have moved having more and more apartments in university cities and particularly Stockholm. Okay. My final question regards your building right portfolio of these 34,000 building rights that you have. I just want 34,000 apartments. How much are you going to develop yourself, or how much are you going to sell, or how much are you going to do with the JVs, and just give us a flavor on that, please. We are focusing to have more and more in the normal management because we have very strong margins on those, and it is very difficult to buy new apartments. We have traditionally said that we will have 50% of the portfolio in joint ventures and 25% in building for on the book and 25% selling. We do think now that we will continue with having 50% in joint ventures. However, we will build more from the book and sell fewer because we see that we have both strong value creation and at the same time securing long-term cash flow from lower assets. Okay. Thanks very much for taking my questions. Thank you. The next question comes from the line of Bertil Nilsson from Carlsquare. Please go ahead. Yes. Hi. Previous questions have been about property development, which I'm also interested in. If you look at the market as such and also that around 50% of the value increase in Q4 was residential for your portfolio, only 20% of the total market cap roughly. Would you say that if you look at the market as a whole, the production of new residentials are in line with demand or could increase, so to speak? Yeah. We deliver strong profit from all three of our value add strategies and there is strong demand for rent-regulated residentials. We are guiding that we should be able to deliver SEK 1 billion- SEK 1.4 billion from our property development which includes delivery from building new apartments. That is our view. Yeah. Second question. If you look at important events after Q4, you refer to value increase of SEK 1.2, which has not been in the result so far. When I read it, does it include the sample house, that figure? No. Offentliga Hus delivered a negative profit for 2020. They are punishing us with -SEK 4 million in our profit numbers. Without Offentliga Hus we should have SEK 4 million more in profit. Okay. Thank you. The next question comes from the line of Fredrik Stråle from Carnegie. Please go ahead. Yes. Good morning. Two questions from my side. Starting off with the last point that was just mentioned, the SEK 1.2 billion in quarter value uplift that's going to happen in the next couple of quarters. How much of that stems from projects and how much is actual acquisitions? The second part of that question is the majority of that going to fill through already in the first quarter? That is from the properties that are from the contracts that will start in the next. The numbers for this calculation is maximum 12 months forward. The majority of this will be done at the latest in Q3. It's in the next three quarters that it is. It's related both to the properties that are under the construction and the properties where the new contracts will start within this period. The majority is not related to any acquisitions you have done. It's either resigning- Majority is not related to any new acquisition. Majority is related to property development in the new contracts. That's clear. With regards to earnings capacity, Offentliga Hus, has that been taken into account? The 44% that you already own. Yeah, that is taken into account right now in earnings capacity as a part of income from joint ventures, let's say. That's clear. With regards to your cash position at year-end, it was more than SEK 13 billion, which is obviously a level you would not like to see that. Has that cash position materially changed already by now? Do you anticipate to have a higher cash position in preparation for any larger deals around the corner? We will have a higher cash position. We still have a relatively high cash position. We are expecting to have it during the next few months. Why is that? We think that we are delivering very strong profit and looking how we are delivering from our property development. We see a very good pipeline on all deliverables from our three value-add strategies. We think that this cash it is possible to combine with continuing to deliver strong profit. We think we can find good use for it. Okay. I have two final questions before you getting those cash into use. Second last question is investments. If you look at the investment ex-acquisition, it was SEK 2.1 billion in 2022. Given how are you talking about the business, it sounds like you're going to step up that volume in 2021. Can you give us any idea of what that figure might look like when we summarize 2021? We are saying that or guiding that we should be able to deliver in terms of profit SEK 600 million from our refurbishment and the investments business. That means if we say that we will deliver SEK 600 million, we use to almost double the yield. Let's say that we have a margin of 70%. That means that we should invest there SEK 800 million, SEK 900 million. On top of that we will invest in continuing to build new apartments, new elderly care homes, new LSS properties. That will be probably north of SEK 2 billion. My final question, and it relates to building rights in the residential rental portfolio. How much is the book value of building rights in that portfolio? Our book value is very low. We are averaging book value of SEK 1,360 per sq m. That is very low. As a way to illustrate that, we are publishing some scenarios also in the report in showing that estimated value of those building rights should be SEK 8.6 billion versus book value of SEK 3.3 billion. That is giving you something like that. Yeah. The reason why I'm asking is the SEK 3 billion, some of those building rights, I would imagine, are not in the residential rental portfolio, but in the other segment. I just wanted to know how much comes through in the residential rental portfolio and how much is in the other portfolio. The majority of that, it is like 80% of that is Okay. That is where those are booked. Fredrik, let me come back- Yeah with exact numbers, what is in order and what is in residential portfolio. Sure. Thanks a lot. Those were all my questions. Thank you. The next question comes from the line of Clark McPherson from Pictet Asset Management. Please go ahead. Hi, good morning. Thanks for taking my question. Just to come back to the rating. I'm just wondering what's changed since November last year. Moody's sort of did its last complete review. In that they sort of mentioned a list of deliverables, which suggests that there might be a longer pathway for you to obtain the upgrade despite the fact that your ratios look very much like a better-rated entity than the current rating. I'm just wondering if you've had any engagement with S&P since November to suggest that maybe an upgrade might be coming sooner rather than later. Yeah. We have today the ratings from S&P and Fitch. Following our November results, we have done large equity issuances and on top of the very strong profits from Q4. We are actually expecting rating agencies to act on this. You never know before it is done. We feel pretty comfortable with our numbers, and we feel pretty comfortable with our ambition to achieve BBB+, as we have emphasized before. We are awaiting reaction. Okay. Just on the hybrids, I think under the S&P criteria, you have maybe a little bit of capacity for further hybrid issuance. My numbers suggest roughly or just short of SEK 300 million. Hybrids could form possibly part of your rating strategy going forward, particularly with a view to trying to lift the rating to single A in the long term. Yeah. We are a fast-growing company. For the fast-growing company, hybrid is also like a bridge to continue to build strong equity. As I said, we may be short a few hundred million SEK at the end of Q4. If you just look one quarter looking forward, which rating should be looking at least 12 months looking forward, in theory it should be 12 to 18 months. We should even have space for more hybrid than the less. We like the hybrids. We have a good investor base there. We are going to use the instruments going forward. 15% total capitalization according to the framework. Okay, that's great. Thanks for taking my questions. Thank you. The next question comes from the line of Paul Curry from BMO. Please go ahead. Hi there. A couple of questions from me, just building on previous questions. Now we've established that Offentliga Hus is included in the earnings capacity. Can you just confirm what drove that earnings capacity down 5% quarter-on-quarter in terms of the per share measure? Is it the cost of the hybrids and the issuance of new shares? Are they the key drivers or is there anything else? I do not actually see where you see that. Sorry. Yeah, okay. Which page? Yeah. In which page? Page 45, SEK 1.52 is the earnings capacity per class A and B share adjusted. That's page 45 of the results. If I take the Q3 report on the same table, which is on page 41, it was SEK 1.6. It's now SEK 1.52, and it was previously SEK 1.6. This is just to see, because the earnings, this is affected by us in December issuing a large amount of 45 million B shares, and also issuing D shares, and new hybrid in December. That is on the property management level, earnings capacity is actually increasing. Given the short time of dilution, you have some effect there. Yeah. Okay. Yeah, that's clear. Thank you. Just a follow-up to Fredrik's question about cash on the balance sheet. Is part of the strategy there to keep more cash on the balance sheet to help LTV? It's obviously a very, in the way you calculate it's net debt and total assets, so you get to count the cash twice. It's a very beneficial way of keeping the LTV, reported LTV figure down. Is that part of the strategy or is that not relevant? Paul, as you know, cash is expensive, so we have only one strategy, and that is to deliver value to our shareholders. Okay. Yeah. Okay. That's clear. Then finally, just, we've done this a bit, but on the ratings agencies, again, you obviously meet the metrics and the ratios as required. There's been some talk of the ratings agencies being a little more, how to say, some of the softer elements are around more creative capital structures with the high use of B shares, of hybrids as kind of debt instruments, even if they're not calculated like that. They're starting to take a slightly more critical view. Based on your conversations with them, is there any element of that? Is there any element that they're now being a little harsher when it comes to this sort of instrument, even if you meet the metrics at face value? Those instruments are used by largest real estate companies in Europe. I have not seen any changes in how the hybrid instruments are treated. It has never been discussed in any discussions that I have been within concerning treatment of the hybrid instruments. Okay. Yeah. That's great. Thank you. This report is published today. We will see what will happen in the time after the report. Yeah. Okay. Last one from me is, I was interested under the prospects for the company, the table you provide, you compare yourself to Sinch and Stillfront and companies like that. Are these genuinely companies that you kind of analyze as peers, and you think that the rating should be equivalent to your own, and that the profits that they report is equivalent to yours? Yours is obviously driven by unrealized value changes. I like your question very much. That is personally important for me, because my point is, at the end of the day, it is not about the properties or who is owning the most beautiful house. At the end of the day, it is about people, and it is about infrastructure, and it is about team. That is my point. I'm arguing that I have a world-class team in all positions, and that is why I'm doing these kinds of comparisons, and I will be happy to continue with this. Okay, great. That's all my questions. Thank you. Great. Thank you. We have one more question from the line of Axel Olson from Nordic Property News. Please go ahead. Hi, Ilija. You mentioned earlier in the presentation that you saw growth possibilities in both Denmark and Finland. I was wondering a little what kind of possibilities and where in those countries do you see potential for growth for you? We are currently having discussions to acquire a new portfolio in Finland, and we are also looking at social infrastructure in Denmark. We will see new deals in those two countries before the summer. Okay. Are there any particular regions or cities that are of interest, or is it just depending on the portfolio? We are focusing on social infrastructure, and the largest part of our portfolio is in university cities in the Nordics. It is there the targets are. Great. Looking at your report, in terms of property value, Finland is 10% of your portfolio, and Denmark is at 1%. Where do you see those figures going when we sit here next year talking? We are doing the deals where we create the best value for our shareholders. We do not have specific targets based on the countries. Great. That's all my questions. Thank you. Thank you. As there are no further questions, I'll hand it back for closing remarks. We have received a few questions by email as well. As time is running out, we will get back to those in writing. Yeah, I think we had one from Barclays. I think that has been responded to through other questions. We will respond to all of our queries by email. Good. Thank you very much, and as we try to be very clear, it is all about people. Thank you.