Thank you, and welcome to the presentation of Wihlborgs Q3 2023. For many years, it was said that bumblebees technically could not fly, but they flew anyway. It is now known that bumblebees can fly despite their weight and small wings, thanks to extremely high intensity and a special technique in how they angle their wings. In the same way, we can hear experienced people talk about a lot of things they say are impossible. We don't listen to that. Instead, we focus on what we can do every day, and then we fly on. I would say that hard work is our intensity, and our special technique is to be really close to our tenants. And exactly as the bumblebees, we stay close to the area we are familiar with, the Öresund region. We don't know better than anyone else how long it will be windy or what the next storm will be like, but we are prepared, focused, and ready for what may come. Strong cash flow continue to be our insurers. Financial costs continue up, but at the same time, I think we have never had such large amount of new tenant offers under negotiation. I continue to see the light in the tunnel as something positive, and this opinion is based on our results and the activity in our market. Let's go to our report and the summary of Q3. Rental income, up 19%. Operating surplus, up 22%. That means that we also continue to be more efficient in our operation. Higher financial cost, but 12-month ICR at 3.2. Positive net letting, 34 quarters in a row, and quite high level of signed leases for a Q3 period. Stable balance sheet, continued access to liquid funds, and by that, we can also continue with our investments. Result for the first nine months, 2023, rental income increased by 90% to SEK 2.912 billion. Operating surplus increased by 22% to SEK 2.104 billion, meaning that our focus on cash flow continues to work, and income from property management amounted to SEK 1.381 billion, affected by higher financial costs. The result for the period amounts to SEK 323 million, which corresponds to 1.05 SEK per share. EPRA NAV is now 89.07 per share, +3% compared with one year ago, adjusted for paid dividend. Lower property value of -1.5% affected these figures. A comparison of the rental income, first nine months 2022, and nine months 2023. Acquisition, +SEK 190 million. Currency effect, +SEK 47 million. Indexation, +SEK 176 million. Supplementary billing increased by SEK 53 million, and other increase from completed project, new leases, and renegotiation, +SEK 91 million. The canteens in Denmark were outsourced from the first of March 2023, and that gives lower income, but also lower costs. We have signed new leases for the last quarter of SEK 62 million, SEK 260 million for the period, and the positive net for the quarter is SEK 15 million. High activity rather than the opposite, but we have to work for it and be really active and listen to our customer. Q3 is a shorter active period due to vacations and normally fewer possible deals. But as said, the activity has been quite high, and when I look ahead of us, many things look positive. There are many sectors with continued needs: defense industry, security, public tenants, education, accountants, lawyers, tech sector, and life science are examples of sectors with high needs. We will also see a few larger changes some years ahead of us, Saab leaving Malmö for Lund, and we expect Danske Bank to reduce in Høje-Taastrup. But other needs will cover for this, and we already have discussions ongoing regarding these areas, even if we haven't seen the terminations yet. High security and close to railway and good infrastructure are interesting factors for several future tenants. Here are some of our new tenants that we have signed during Q3. As usual, a mix of different segments: toys, defense industry, infrastructure competence, and lawyers, for example. Here we have the net letting in a historical perspective. Letting in light green, termination in light blue, and dark blue stacks are the net letting. As mentioned, 34 positive quarters in a row and only one quarter with a negative number for over 14 years. We will do everything we can to continue like this, but as always, let's keep in mind that, a quarter is quite a short period. Here's the list of our 10 largest tenants in alphabetic order. All these tenants are strong customers, and they contribute with 20% of our rental income. Seven out of 10 are governmental tenants, and the rental income from public tenants is, 24% in total. They, of course, contribute to long-term stability in our cash flow... Rental value as of 1st of October, SEK 4.272 billion per year, and rental income, SEK 3.92 billion, plus 13.6%. A good part is, of course, indexation and acquisitions, but it's still a good signal of growth. Growth both in volume, but also in high quality that our tenants are willing to pay for. Let's point out that Sweden has the indexation is made once a year with October CPI as base. In Denmark, the indexation is made all year round, depending on when the lease was signed. That means that we now see in these figures that Denmark already has lower inflation, which is good, but that also contributes a bit less to higher rents. Looking at like-for-like figures, comparing all the properties we owned a year ago with updated figures, we can see that the rental value is up +9%, and rental income is up 10.2%. That is strong, especially if you consider the lower indexation in Denmark. If we just look at offices in Sweden, rental income is up 12.4%. Occupancy for the whole portfolio is up 1%, also a good number. Let's look at changes in market value of our properties. We started the year with SEK 55 billion, 179 million in accordance with our external valuation. We have acquisitions of SEK 104 million, invested SEK 1,288 million, a small divestment, minus SEK 80 million, changes in valuation amount to minus SEK 950 million, and together with the currency translations of SEK 358 million, that summarize to SEK 56,036 million. As an extra assurance, we have this quarter done a total valuation of all our properties by external appraisers, one appraiser in Denmark and one appraiser in Sweden, and we will do that again at year-end. We are confident that our valuation and our methods for that continues to be stable. We started to raise the valuation yield in Q2 last year, and that has continued bit by bit since then. The value of the portfolio has developed, as you can see on this slide, since 2005, without raising any new capital, and last year, also despite higher yield requirements. We have not built our portfolio on the assumption that money is for free. But as always, valuation is a kind of calculation method with several assessment parameters. Therefore, it's interesting to measure how well we actually perform in relation to these values on the following slides. These figures, the running yield, show how we actually perform in relation to the valuation, so not the valuation yield. For the whole portfolio, the occupancy rate is 93%, excluding project and land, and with an operating surplus of SEK 2,993 million, that gives a running yield of 5.6%. In a 12-month perspective, the running yield has grown from 5.1% to 5.6%. Fully let will give a running yield of 6.2%. Good earnings capacity in relation to the value of the portfolio. In the office portfolio, the market value is now SEK 46.475 billion, and overall, the occupancy rate is 93%. 96% in Malmö, 91% in Helsingborg and Lund, and 94% in Copenhagen. This is improved numbers compared to a year ago, except from Lund, where we have added two new projects, Raffinaderiet and Kunskapen 1, which are not fully occupied yet. The operating surplus from offices summarized to SEK 2.536 billion Swedish krona, and a running yield of 5.5%, brings stability and resilience when interest rates goes up. The demand for logistic and production continues to be good. Occupancy, 96% in Malmö, 89% in Helsingborg, 98% in Lund, and 96% in Copenhagen. 92% occupancy rate as a whole, with a running yield of 6.8% and a total value of SEK 6,696 million. This is a catalog of our value and properties in our four cities. 40% of the value in Malmö, 22% in Helsingborg and Copenhagen, and 16% in Lund. The labor market in our region continues to be strong, even if unemployment in certain segments had increased slightly, and unemployment in Malmö is higher than in Sweden as a whole. Let's remember that this is low in a historical perspective. Except from April this year, we have to go back to 2009 to find numbers like this. It's still an untapped asset for the Danish market, which has hardly any unemployment at all. Denmark continue its massive infrastructure investments, and I guess an awakening must come in Sweden soon. Denmark has chosen to take the entire investment of the Fehmarnbelt Tunnel themselves, but they have included in the calculation that the Swedes will pay 40% of the investment, thanks to tunnel fees. If Sweden doesn't start our investment in infrastructure on the Swedish side, we will pay much more than the tunnel fees for this new connection to Germany. The southern part of Sweden will benefit anyway.... Acquisitions. As announced before, we have acquired a small property in Copenhagen on the same block as we already have properties, Klædemålet, fully let to a school, and with a property value of DKK 71.5 million Danish kroner. We have also divested the Revolversvarven 11 in Malmö to Sandberg Development for their further expansion. Time for financials. Over to you, Arvid. Thank you very much, Ulrika. Looking at the income statement for the third quarter, isolated, we had rental income of SEK 977 million, which is up 15%, and actually a record figure for an individual quarter, regarding rental income. Operating surplus amounted to SEK 715 million, up 20%, making out an operating surplus ratio of 73.2%, which is a good increase versus the 70% in Q3 2022. Income from property management amounted to SEK 433 million, minus 9%, driven by higher interest costs, as you can see, in the table in the report. As Ulrika mentioned, we had external appraisers valuing 100% of our properties as of Q3, which resulted in a change in value of properties in the quarter of -SEK 828 million. All in all, a profit for the period then, after these negative value changes, of -SEK 302 million. Looking at the balance sheet on the next slide, you can see that investment properties, in a twelve-month perspective, increased by SEK 1.5 billion to SEK 56 billion in market value. At the same time, equity decreased by SEK 0.3 billion, but that has of course been affected both by the negative value changes of the property values, but also, of course, of the paid dividend during Q2 this year. Borrowings stand at SEK 28.3 billion, up SEK 1.5 billion versus 12 months previously. On the next slide, you can see the key ratios as of end September. The equity assets ratio stands at 39.4%, and the LTV at 50.5. For the 9-month period, the interest cover ratio is 3.0, which we feel is a good level, given that STIBOR, in 1.5 years, has gone from zero to 4%, or just above 4%. EPRA NRV is 89.07, up 3%, adjusted for the paid dividend during the year. On the next slide, you can see the historic development of EPRA NRV. And in the long-term perspective, since 2009, the annual growth has actually been 16% per year, adjusted for dividends. The financial ratios, already in the Q2 report, we took a slightly longer perspective on these graphs than we usually do, just to show, basically the situation we came from during times when interest rates were not zero, so to speak. So the interest cover ratio, on a rolling twelve-month basis, is now 3.1, coming down from extremely strong levels of even above 7 times. But in the longer-term perspective, an interest cover ratio of 3 is quite stable. And combined with equity assets ratio of about 40% and LTV of about 50%, we feel we have a stable financial position to continue to build our business from. On the next slide, you see the historic development of the net debt in relation to EBITDA on a rolling twelve-month basis. And that ratio continues to improve and now stands at 10.4 times. On the next slide, you can see the sources of financing for Wihlborgs as of end September. We have repaid SEK 470 million in bond loans during the quarter, reducing the proportion of bond financing to 7% of the total. So we rely heavily on bilateral bank agreements and the Danish real mortgage system, as you can see on the slide. On the next slide, you see the details of our loan portfolio. The average interest rate has gone up, and excluding cost for credit agreements, the average interest rate is now 3.92%. Including cost for credit agreement, it's 3.96%. You can see on the right-hand side of the slide the SEK 350 million in bond maturities, which have actually now been repaid a couple of days ago. And we have additional bond maturities in the beginning of 2024 amounting to SEK 1.15 billion. The average fixed interest period now stands at 2.5 years, and the average loan maturity of 5.8 years. During the quarter, we've entered into a couple of new interest rate swaps, basically following the methodology of our financial risk management policy. On the next slide, you can see a description of the interest rate sensitivity. In the graph, you show what happens to our average interest rates, if an immediate change of the market rates would occur. I think it's important for us to conclude that an immediate increase with an immediate increase of the underlying interest rate or STIBOR, CIBOR of two percentage points, our ICR would still be at our target level of 2.0 times. As we have mentioned several times before, our bank covenants state that the ICR is not allowed to go below 1.5 times. And the same exercise shows that an underlying interest rate increase of 5 percentage points would bring us down to an interest cover ratio of 1.5 times. So we feel that we have, despite the increase in STIBOR over the past 18 months, a reasonable stability on the financing side. On the next slide, you see the historic development of the average fixed interest period, as well as loan maturity. The loan maturity is very stable, around 6 years. The fixed interest period was down at 2, but is now up to 2.5 years, and I expect it to stay around that number going forward. Finally, on the next slide, you can see our available funds. That is unutilized credit facilities, plus liquid funds and the historic development over the past five, six years. We now have available funds of approximately SEK 2.5 billion, which we feel is a reasonable situation to be in to cope with coming investments and potentially repaying bond maturities if need be. So with that, I'd like to hand the word back to you, Ulrika. Thank you. Let's talk about an update on sustainability. We continue with our certification program, adding on properties to this year's list of certified properties. The forecast for the year is 80%, and our goal is that 90% of Swedish offices will be certified until 2025. On the certification program, we are also proud to be a part of developing the new zero CO2 certification system, NollCO2. After two successful large projects in that system, we continue to add on NollCO2 to all new products where possible. Let's all remember, that when it comes to climate impact, you can't see on the outside if it's a good or bad choice. Even if you see materials that you know are good materials, that does not mean that the overall product gives the best result. We and the industry must continue to develop calculation methods and improve together. We also continue with energy savings, another 13% reduction on energy consumption for the first nine months. A part of that is solar cells with which during Q3 contributed to 5% of the total consumption. In general, Danish building have a bit less advanced technology than a modern Swedish building. The tenants also have a somewhat greater acceptance for slightly larger temperature variations, and that's good for the climate. But improvements are needed. Here is an example of an energy-saving project at Mileparken in Copenhagen, where we saved a lot of energy through more efficient control. I'm sure that some of you can relate to the '80s and the '90s, when internet was born, or at least grew to something well-known. Internet is information in small packages that can be distributed in different ways. In this Alfa project in Lund, our building is first out to try a new technology for how to distribute and control electrons or electricity instead of information. One building can produce energy, another can store it, and the third one can be the consumer. Finding a way to control these needs and construct, constructing a business model for this by creating a protocol for electrons, EP, is Jonas Birgersson. This can create smaller microgrids and relieve the larger grids, which have capacity problems today. Since it's a simple installation compared to expanding the large networks, the idea is easy to scale up.... Very interesting to see what happens with this opportunity. Important ESG work consists of many things. A few weeks ago, we got our result of measuring the satisfaction of our employees, and we break all-time high. Happy people at Wihlborgs, proud of the impact we create in our region. So, when we are happy, we can take care of our customers in the best possible way. So a great place to work matters in business. Let's go to our investments in progress. First nine months, we have invested SEK 1,208 million, and it remains SEK 2,192 million in improved projects. Construction costs continues to improve. Both we and our suppliers need to be on top, so that we can get our calculations to work with higher yield requirements. A quick review of some of our projects. The largest ongoing is Bläckhornet 1 in Hyllie, and it follows the schedule well. The structure of two floors underground is completed. First, we will build five floors mobility hub, and the next step is the office and restaurant above that. We have offers and ongoing discussions with tenants for almost 50% of all offices, and that is a good number this early in the project. Estimated completion for the mobility hub is Q4 2024, and for the office is Q4 2025. In Lund at Science Village, our project space is under completion. Oatly, the first tenant, had moved in now in October. We invest SEK 244 million with completion in this quarter, and now it's also clear that we get the first zero carbon dioxide certification for a laboratory for this building. Posthornet 1, phase two, a new build office of 9,900 square meters right beside the Central Station in Lund. Investment of SEK 448 million, and completion is planned to Q4 2025, but that might be a bit later as we see possibilities for a better procurement for the construction phase. That procurement is ongoing, as well as offers to new tenants. At Tomaten 1, we build a facility for impact, 6,400 square meters in the first phase, and we invest SEK 107 million, including buying the land from the municipality. Yield on cost approximately 6.5%, completion in Q2 2024. And if you're interested in zero carbon dioxide and new materials, I suggest that you, look out for some news around the eighth of November. For Nederman, and with a 20-year lease, we are working with a project of 25,000 square meters at Rausgård 21 in Helsingborg. Investment, SEK 420 million, and completion Q3 2024. A long-term investment, and we had a visit at site together with Nederman's group management a few weeks ago, and they really have a fantastic working environment to look forward to. At Plåtförädlingen 15, we invest SEK 141 million for Springhill and have room for one more tenant. So 75% pre-let, a short production time with completion now in Q4 2023. And we have started our project for Rollco at Snårskogen 5, 3,600 square meters, investment SEK 78 million, and completion in Q3 2024. The last one in this presentation, Sunnanå 12:54, 100% pre-let, 17,000 square meters logistic, and completion is planned to Q2 2025. That was some of the ongoing portfolio. Let's also mention something about future investment. Close to next decision, I hope, is Börshuset. We expect building permission the fourth or fourteenth of November, and after that, we can take action, both on the last step in the ongoing procurement and continue our discussions with the tenant. We expect a new level of top rent in Malmö for this, unique project. We have signed an agreement with Malmö University after a public procurement act to create a project together at Amfitrite here in Malmö. Size and design is to be decided, as well as zoning plan. First out is a kind of architectural competition together with the municipality. A lease might be ready for signing during 2025, if everything works out well. One of the best places to be in Malmö, so we're happy to get the opportunity to work together with the university again. Here are four possible projects in Lund and Helsingborg. Vetskapen 1 at Science Village area, in Ideontorget, just beside the tram station, Polisen 7, offices in the city center of Helsingborg, and Västerbro in Lund. Here we can develop some 70,000 square meters in the future. Zoning plans are approved for the first three projects. Some office possibilities in Malmö, in the area of Nyhamnen and Dockan, a combination of ongoing zoning plans and Naboland is, have approved, zoning plan. A few other possible, projects from the industrial and logistic segment. Tomaten 1, additional 2,500 square meters beside the facility for impact. Bilrutan 5 in Landskrona. We have more land in Landskrona, close to Bilrutan, where we continue further industrial and logistic project at Örja and Pedalen. Sunnanå then, we can make room for additional approximately 4,000 square meters here. Here are some examples of what we can call fill-in project on existing land, but when demand increases, we can add on value. So let's summarize Q3 2023. Once again, rental income up 19%, operating surplus up 22%, higher financial costs, but 12 months ICR at 3.1. Positive net letting, stable balance sheet, continued access to liquid funds, and by that, we can also continue with our investments. And with that, we are open for questions. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Stefan Andersson from Danske Bank A/S, Danmark, Sverige Filial. Please go ahead. Thank you. A couple of questions from me. I'll maybe start with what I could interpret as a little bit of a guidance on net letting. I got the impression that you expect a little bit of challenging, more challenging discussions out there. Are you then talking about Q4 specifically, or more into 2024? Sorry if I wasn't clear about that. I think that we see a good number of new tenants and good leases ahead of us. But also be aware of that a few years ahead, we have the larger leases that we have to find solutions for. And as I mentioned, both in Q3, Q2, and now in Q3, for example, we know that Saab will leave Malmö and moving to Lund, a good thing for Lund. And we already have discussions with another tenant highly interested of a security building. So you have to be aware of what's in a few years ahead of us as well. But I see good potential also for Q4, and for 2024, and so. Okay, thank you. And then a question on rent increases. Fabege reported a couple of days ago, and they were relatively clear, saying it's becoming more and more challenging to get the index through into the system on spot rents. You have a different situation in the southern part of Sweden versus Stockholm, of course, with rent levels. But so I'm just a little bit curious, if we get 6%-7% here now, do you think the market will follow through on that level, or will you see challenges there? I think that the indexation will pass through. You mentioned we have lower rents in the south part of Sweden, and we often talk about rent levels in correlation to building cost, and we still haven't really coped to keep up the higher cost on the building cost side. So I think the indexation for this year will follow through in a good way, but that is very important, of course, for the country and for the economy as a whole, that we get control over the inflation. Yep. And then on the surplus ratio, you've done... You had some headwind up until Q1, I think, on year-on-year comparisons, and then it's been very strong here now for two quarters. And I guess energy cost is part of that. Looking at Q4, do you think that maybe the historical pattern before 2022 is more relevant when it comes to surplus ratios as energy costs are coming down? Or is it something? Have you done something else that we should be aware about? I think energy costs, of course, in a sense, a bit tricky to predict because they depend on the weather, and they also, to some extent, depend on spot electricity prices. What you can bear in mind, if you compare to 2022, is, of course, that we outsourced the Danish canteen operations as of first of March this year. They were basically loss-making, thereby deteriorating the surplus ratio. Yep So that is, of course, one explanation to Q3 this year looking better than Q3 last year. When it comes to energy cost, how much have you locked in already? When it comes to... Well, I mean, energy is different things. If you look at district heating, those prices are normally negotiated on a yearly basis. And we had some price increases for 2023 versus 2022, but not major price increases. When it comes to electricity, there's, of course, the possibility to hedge electricity costs. And our policy for managing that price risk is that, as of October in any given year, approximately 85% of the expected volumes for the coming year should be hedged, and approximately 35%-40% of the expected volumes for the subsequent year after that. And what we want to achieve is, of course, to even out the electricity costs and re-- I mean, reduce the volatility. The hedged price in 2023 has been on a significantly higher level than during 2022. But at the same time, if you make the comparison between Q3 2023 and Q3 2022, you should remember that in Q3 2022, we had extremely high electricity costs due to high consumption and extremely high spot prices. So there are different angles to trying to answer the question regarding energy costs, but I hope I- Mm ... I gave you some valuable inputs. Yeah, perfect. And then the final one for now, at least. Börshuset, very interesting, of course, and you're very hopeful on rents there. Is it so that you already now have parties that are interested in that as tenants in that building, or is it more relating to the location and what you hope for it? No, we have one signed lease and definitely high interest on the rest of the product there. Mm-hmm. Okay, thank you. The next question comes from Lars Norrby from SEB. Please go ahead. Well, thank you, and hello, Ulrika and Arvid. A couple of questions on valuation. Note that you made 100% external valuations now in the third quarter. Is this a permanent change of your policy, which as I understand, is 100% external only at year-end, or is it a one-off exception just to take into account the uncertainty we have now regarding valuations? I would say the last one. We haven't decided to do this every quarter. We will do it in the year-end, as usual, as soon as we have decided how we will act during 2024, I will let you know. Very good, and then just a detail, maybe you already mentioned this, but nevertheless, what kind of inflation assumptions do you have in your valuations? I'm thinking about the CPI for... In October this year and, and then going into the following year. The inflation is approximately 6% in this valuation, but also worth mentioning that they haven't calculated that market rent will follow through the way that we expect them to do, actually. So I think they have calculated market rent up 4%. Going into the following year, what kind of inflation expectations do you have in your valuations? Hmm, let me see. Hang on a sec. 2024, 3%, and thereafter, 2%. Okay, perfect. Thank you. I'll stop there and leave the floor to somebody else. Thank you. The next question comes from John Vuong from Kempen. Please go ahead. Hi, good morning. Thank you for taking my questions. Maybe zooming in on to Denmark, with inflation and therefore indexation in Denmark coming down substantially, what are you seeing in... when renegotiating leases, and are you still experiencing market rental growth? And maybe as a follow-up on that, how is reversion developing for your portfolio there? The rents continue slightly up in Denmark, but as you mentioned, according to lower inflation, we don't expect them to rise quickly in any way. The situation is stable, and same thing and trends as we see in Sweden, that tenants are interested in good quality and ready to pay for that. Sorry, the next question was? Oh, could you repeat the second question you had, please? Did you, did you- Yeah, yeah. I'm not sure if it, if it was renegotiation levels of, of rents, possibly. ... in the renegotiations works out fine. Depending on what the needs are, but I don't think that we see any kind of falling rents or such any turns in that. Stable levels and more slow growth in Denmark, I expect ahead of us. I hope that was all, or otherwise, please come back so I will fill in. The next question comes from Erik Granström from Carnegie. Please go ahead. Thank you. Good morning to you both. I had a few questions. First one regarding valuation. You have already mentioned part of it, but could you give us some information or details of as how much valuation yields have come up in the trough? I believe you mentioned it was back in Q2 of 2022. So how much have we moved since then? I think we mentioned in Q2 that valuation yield had gone up between 0.4% and 1%. I think the gap is still the same, but maybe some properties have moved a bit more than before. But approximately in this interval, I would say. Okay. So the average have come up, so you're moving upwards in that interval because the move was quite large in Q3, I, I assume? But I mean, you need to bear in mind that the valuation takes into account many different assumptions, not only a change in valuation yields. It's also assumptions regarding market rent, regarding vacancies, regarding operational costs, et cetera. Yep, yep. Very good, fair enough. But given the fact that you are giving the running yield on your assets in the report, are we still to assume then that the valuation yields are below your running yield? Well, that can, of course, depend a bit between different properties. I would still say, Eric, that... I mean, looking at an average valuation yield and also looking at the change in the average valuation yield during a quarter or a year for that matter, is... I mean, it, you risk drawing the wrong conclusions because you don't take into account what you assume regarding indexation, what you assume regarding market rents, vacancies, operating costs, et cetera. So, as Ulrika said, the valuation yields have—I mean, we started bringing valuation yields up, 15 months ago or something, and have done so gradually. But, the exact magnitude is actually less important. But you're right in looking at the running yield, which in a sense, actually is a more important number. Oh, I agree, for sure. But then also with regards to that, if you look at your project portfolio, I believe, Ulrika, you mentioned yield requirements coming up as construction costs have been coming up. Could you give us some sort of color on how have your yield requirements changed over the past two years, let's say, before the start of construction inflation, so to say? How has that changed in the way that you calculate your yield requirements today and what you need to start a project? And of course, that depends on the project. But let's say that in our calculations, we expect something more also in this interval between 0.5% and 1% higher yield on cost today than we did before. So but, it depends. Okay. When you look at doing procurement now within the construction sector, you mentioned that it seems to have stabilized a little bit. Is this related to the fact that you don't see any price increases anymore in terms of material? Or is this simply because competition in the construction sector have increased because of a general downturn, and that makes it easier when you reach out to contractor? Or what's the sort of moving parts in terms of your overall project costs? I would say it's a combination, and I still do think there's more to do on the installation side. I expect that we could be even a bit more efficient on, on that side. But, it is a combination... And for us, it's- Okay. Most of all, it's important that we work together with the right suppliers so that we can work in collaboration with open books and really see what benefits the project as a whole. But of course, we get better offers and more competition, and a good thing. But that doesn't mean that we always choose the lowest offer because we want the best project at the best price in the end. Okay, thank you. Those were my questions. The next question comes from Markus Henriksson, from ABG Sundal Collier. Please go ahead. Thank you, and good morning, both. First, the question on, you mentioned that you see high activity among tenants, and then plenty of rental requests. Could you specify a bit more on, on property segments? You highlighted Lund, any other cities, and among what type of companies? I think we have especially good—we have good activity in Malmö and good activity in Lund, good activity in Helsingborg, in the industrial segment. And both new tenants coming to the area and also especially, especially smaller and mid-sized companies growing. The larger ones are more... Especially the ones that make the decision in another country, they are more into trying to optimize the office area and calc—taking into calculation that people work from somewhere else. And of course, we have the kind of industries that needs to reduce. So it's a combination, but well, interesting dialogues in all cities, actually. Very good. Thank you for that. Then a bit on investments. If we look in the past 10 years, you've acquired around 4% of your four percent relative to your property value per year, and, and it has been coming down a bit. If we look in the recent five year, then it's 3% per year, and you have done project investments of around 3% per year as well, if we go back in time. How do you think about project investments and acquisitions going forward, given we discussed a bit with construction costs and, and also in relation to your balance sheet? We think it's the best result for us when we invest in our own portfolio, in our own projects. We get the most flexible product and the right technical solution, and the kind of environment also for our tenants, that we think is a good product ahead of us. On the acquisition side, of course, I know it's possible to buy things and add on that, but if I have to choose, I prefer to put the money on our own projects. What we'll see on the acquisition market ahead of us, we follow that carefully and look at things, but we're not turning into any aggressive new theory there. Thank you, and then focusing on projects a bit, come back to Erik. Before, you've delivered 25% project returns historically. If we look at investments going forward and not on individual projects, we look at investments as a whole, what levels would you be satisfied with, given the current environment? That is, of course, our goal, to be at that level. But sometimes you have to accept something, something less, and sometimes you get more than that. So it totally depends on how project fits in the total portfolio for the area or for the city. But of course, we want to keep a good level of to benefit from the project development. Thank you. Those were my questions. Thank you. The next question comes from John Vuong from Kempen. Please go ahead. Hi, so it's me again. I got cut off during my previous turn. I still have one question remaining. You mentioned that the share of your bonds in your capital structure continues to decline, it's now at 7%. How do you see this going forward? Depends on the development on the bond market. As I mentioned in the presentation, we have some bonds maturing in 2024, and we have the last of our bonds maturing in 2025, but no huge amounts. We would, of course, prefer if the bond market starts working in a reasonable way again, so that bond financing also going forward can be a part of our external financing. It's a flexible way to finance the operations. And it's also, over the past years, definitely been a good to be able to compare bank financing to something else. But, we have, we have not, as you know, issued any new bonds for, for, I don't know, is it 18 months now or even more? And, pricing, of course, has, has to be competitive. There have been signs recently that, Swedish real estate companies have, have actually issued bonds on more reasonable terms. And if that trend continues, we do not rule out issuing bonds again. But we're not forced to, to do so, so if we do it, we, we, we will do it at prices which we feel are, are acceptable. Okay, that's very clear. Many thanks. As a reminder, if you wish to ask a question, please dial star five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Okay. So thank you for this session, and please welcome back with the questions in other forums if, if you have any, and- Thank you very much. Wish you all a good day!