Fastighets AB Balder (publ)

Welcome to the Boulder Q3 report presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to IR Jonas Ericsson. Please go ahead.

Hi, everyone. Welcome to Baldr's call for the third quarter results. With me, I have Erik Selin, CEO, and Emil Asper, CFO. We'll take you through some slides briefly and then open up for questions.

Thank you, Jonas. Looking at Bellra at a glance, we had, as of Q3, a property value of 215 billion, occupancy rate 96%. We had debt to asset of 49.6. NAV stands at 85.6 per share. And the portfolio is Nordic exposure with 55% residential and 45% commercial. Looking specifically at Q3 numbers, the rental income is up 7% compared to last year. And NOI also up 7%. Profit from property management decreased marginally to 1.36 per share. And the reason is higher financing costs compared to the same period last year. Profit from property management in earnings capacity is up 4% and now at 5.16. And we had rental growth like for like 3.6%. Next slide here shows the earnings capacity. This is a figure we show every quarter and it's just the numbers exactly per that date. So it's not a forecast. It's how it looks on those specific quarter end. And here you can see then the earnings and also earnings per share. And as you can see, we are in a at least flat or hopefully a bit upward trend now. The property portfolio, as I mentioned, is very well diversified between the Nordic countries and also diversified if we look at the property category. Residential is by far the largest, roughly half of the portfolio. And then we have office, retail, hotel, some logistics as well. So important to remember the diversification. And looking back, We have a long-term track record of over time increasing NAV per share and also earnings per share. This slide shows back to 2015. And if you're interested, you can also look up all the way back to 2005. So we had a long-term positive trend if you look at the long time horizon. And also looking at other metrics. Net debt to assets was obviously much higher in the beginning. And then it trended down and been a bit up last year due to lower values. But the very short-term trend is lower LTV. And occupancy rate been very stable for many years at 96%.