Corem Property Group AB (publ)

Hello and welcome to Coram's review of the third quarter, or the first nine months. We are delivering a report with an income of 2.6 billion SEK, which is about 5% lower than the previous period. We can say that all key figures are about 5% lower in the administration. The operating budget for 2017-2023 is 4.7% lower. Finansnettet krymper lite med 3% och förvaltningsresultatet ligger på 5,6% under fjolåret. Där ser man ju att vi får genomslag med de försäljningar vi har gjort och sen så blir det ju en fördröjning i finansnettet. Vi ser framför oss att vi kommer kompensera intäktsbortfallet med ett bättre finansnettet, men det där har vi en fördröjning på. In terms of value, we got a bit of a downturn again, and that's sad. It was mainly because we didn't make it to 28.7 when we sold it. We didn't make it to the value we hoped for. There were a lot of interest rates, but the turbulence on the market that caused it, Presidenten och hans tullar hit och dit och alla möjliga utkast skapade en oro. Man kom inte riktigt i skott på det sätt som vi hade hoppats på. Värderingsmännen blev lite förvånade. Vi valde att fullfölja ändå. Vi hade gått igenom med väldigt många intressenter och kände att det kommer inte bli mycket bättre om några månader så vi sålde där. Så där fick vi en etapp. Sedan har vi fått sämre värderingar på några fastigheter i Kista. Det är delvis till följd av att Tele2 goes down a bit on the surface, Ericsson goes down a lot on the surface. And it gets a little negative impact on that portfolio and sentiment in that market. I would like to say then, I can come back to that statement, that we do not share. The image that is in the media is that it is so negative. However, it does not mean that it is very strong in any way. It is not strong anywhere. But we will see that the sign will come back to you. In terms of net sales, or I can take with me the balance sheet before I go into it. The balance sheet is the revenues below 1%. And that's just the existing large contracts that we have adjusted a little bit with move-in and move-out. And these are the big ones that you know. On the cost side, we have been very good. So in comparison to the stock, we have trimmed and it is down 3%, a little over 3%. So the operating net in comparison to the stock is actually, despite these losses, on the rent side, unscathed. It is down 0.01%. Vi är lite nöjda med att vi har kunnat kompensera processen och varit duktiga med energibesparingar. Där fortsätter vi att vara duktiga och visa fina nyckeltal. Det tackar vi förvaltningen för, som är väldigt bra på den pucken. Går vi sedan in på nettotyrningen, så återigen ett positivt kvartal. Vi hade en inledning på året som var tuff. Det var VSB som sa upp sitt avtal i Globenområdet. Det tappade vi mycket på. Q1 var minus 37 miljoner. Then we came back to Q2 with a plus of 10 and now we have a plus of 6. In terms of volume, given how big we are as a company, we think it's pretty good. It's completely okay. However, we may not want to agree that the market is very strong. Det är en tuff kontorsmarknad, framför allt i Stockholm. Lite stabilare i regionstäderna, skulle vi säga. Men det är låg aktivitet och det är långa processer, så det är precis som det har varit de sista två åren egentligen, processerna är långa. Möjligtvis en liten, liten gryende optimism sedan några veckor tillbaks, inte månader tillbaks, utan bara mitten september kanske, en liten gryende, lite ljusetunnel kanske. But it's tough. That's why we are satisfied with the figure. We have a total value of 50 billion SEK in the portfolio today. We continue to sell off, as you can see, we banter. The idea is to pay our debt. We have during this period, nine months, reduced our debt by 2 billion SEK. And beyond that, we have also paid back our hybrid at 1.1 billion. It does not appear in the figures anywhere, really, but the cost is a coupon. But now it disappears from the cash flow, there it appears. And it was, as I said, at about 1.1 billion. The solution was, of course, the new mission. We did it for 928 million. Netto was after the cost of 928. And then we have these transactions. And then you know that if we sell something for one billion, then half of the purchase division goes to the bank in a big way. So it will not be one billion left to us, but half a billion left to us. Vi ska fortsätta trimma vår portfölj men att sälja för att lösa obligationer det tror vi inte att vi behöver göra fler gånger om att den håller sig som den är nu. Obligationsmarknaden, kapitalmarknaden är väldigt stark och det visar sig också för vår del under kvartalet att vi kunde inventera nya obligationer så vi satte nya three-year obligations on a margin of 275 points. It was money we didn't need to have in for anything else really, but we solved the hybrid of 1.1 billion, we solved an obligation of 200 million as well, which will follow here in September. And then we took in 650 million in new money. And those 650 we took almost by the ear and dissolved in May 2026. So when you now see the decay and structures, there is more in the report, you see that there is a smooth decay and structure. There is no such big volume that decay at any time. We have received comments and criticism that we had a big decline in January earlier this year. It was a bit sweaty to solve it. We had a big decline in May of 2026. Now it is not so long, but we have a even curve at about 1 billion at each decline. We can roll with that. Nu är den totala obligationsskulden 5 miljarder och i relation till den balansomslutningen på 50 miljarder så tycker vi att det känns positivt och bra. Effekten av en sån här snurr på 650 nu på 275 punkter, lösen av maj 26 på 375 punkter, det syns ju inte heller i en rapport så här utan det kommer längre fram. LTVN, the company, 55%. It is 53, 54, 55. It has been quite stable there. When we lose value, as we did here in the big deals, of course it hits negatively. But on the big scale, the valuations are actually the same. It's a few individual events. It was the largest of the tenants who have turned around a bit. I hope we have an end to that product moving forward. When I say that, I mean that Ericsson left in Q4 and F4, Tele2 negotiations that we did a long time ago, almost 10 years ago, and then VSP that came in Q1. These are our three largest contracts, so we have really had a conversation here and now. Tinted Open Utgivning, bytosida till lite roligare saker då. Ganska roligt att lösa bort hybriden och fulla obligationsmarknaden så starkt som den har varit och är. Men utgivningen då. In Gothenburg, we have about 50% of our revenue from public housing. So it was fun, Trafikverket, byggmästargruppen, we are building on from now on. In Globan, I was actually in with the entire board in those locations yesterday afternoon. It was great fun. With a view of the old Söderstadion, just into WSP. For those who have not seen it, you will soon be able to roll out Kanskast on the Söderstadion again, which is very fun. So instead of a gravel hill, there will be a number of football training grounds, which is exciting. A huge area now, when Läktä and others are gone, you put Kanskast on that entire area. Det är mycket glädje för idrotten i Stockholm. Det är brist på planen. I väntan på annat. Sen har vi hyrt ut till ett antal företag i Kista, som många har varit så negativa till. Det är inte fullt så negativt, och det visar också ut till den ena vi gör. Nu har vi satt nästan 5 000 kvadratmeter till OHB. Vi har satt nästan 10 000 kvadratmeter till MyChronic. And we have put about 4,000 square meters in Smart Optics. We also extended contracts with Samsung during this period. So it feels positive. All this length out with the motorway is a pretty grateful combination of a little lab area, fine mechanics in an easy workshop area in combination with offices. It's attractive. It's a type of area that you can't get close to the city. Then it's the perfect place for that type of business. We have made some agreements with Mästbyggnad about 1,000 square meters in total. So I'm nodding my head and saying that it's not so bad. However, we have this big decrease in Ericsson. As you all know, and that's what we're working with. There it is so that they left in Q4, went out and said that they would leave 33,000 square meters. That's where it is, it's not going to be empty today. There we are trying to change and make a clear commitment to releasing our residents. Det blir väldigt fint. Det är väldigt lämpligt för bostäder. Det är lagom spänn på byggnaden. Vi får inga mörka ytor i mitten. Det är väldigt lämpligt att göra lägenheten. And the roof heights are good and so on. So it will be fine. And then it will mean an increase in the outer environment. Then it will also mean an increase in development as a bit more of a mixed city. So we are counting on the development that is happening in the area where a lot of housing is being built. For the time being, it is that area, or if you look at the last twelve months, where the most housing has been built in Sweden. And that's positive. As far as we've heard, the situation is good. It's a co-operative association that has some vacancies left. 35% is still available. But you need to put in 200,000-300,000 SEK in order to be able to hire two or three in some form of shareholding in this co-operative organisation. So then it takes a little longer, but on the other hand, it is health insurance that can pay for themselves and have a slightly better position than maybe average health insurance. Then we have looked at the payments and also in the USA. In the USA, we have made a number of nice agreements during this period and the payment rate for what is left each day, 12.45, goes steadily upwards. So it's very fun. Den ska vi väl ha fullt utgift om inte allt för lång långtidshandel. I switch sides. Here we see net easing. We had two tough quarters, Q4 and Q1, but now we are on the green side. The rent value per square meter slides up a bit. At the same time, you can say that we get home only rents. It's not all that. Around the region, there is no pressure to negotiate and so on. It's more stable rent markets in a completely different way. A little less with tenant rep and those who try to do the work and pressure us. And that's grateful. So we are happy that we have this regional spread. We are also happy that we have 50% konsumers and 50% others, so that we are not just in the office sector. Because right now, the office sector is of course the toughest sector at the moment. In addition, in logistics and everything else. We are happy that we have stable tenants that it goes well for. It goes incredibly well for big tenants like Ericsson, Tele2, Saab, Micronic, Satellite and so on. So it's not bad for the tenants and we have some of them that we need to invest in. And that's somewhere very pleasing and positive. We have today 2,900 tenants, so we have a lot to take care of. They are happy with us. We have a very high NKI index and it is super important to maintain the existing tenants. That is one of the big reasons why we can have positive net income, even though it is a weak economic situation on the market, generally speaking. Geographically, we are about 41% in Stockholm today. And then there is a spread in these regional cities. As I said, Stockholm is a bit tougher and a bit more stable in the AB market. But the market that is strongest for us is actually New York, where there is a lot of pressure. I witness two newly built houses. The houses we have built are about two and a half hectares of land. We will show them that we fill from empty to fully furnished with many different houses. And that would probably have been difficult to do in any other market, I should say. And then, as you all know, the market is incredibly divided. So to sit and say that New York is a super strong rental market, then you will be questioned. But parts of the New York market are super strong. So it is very diverse. If you look at our investments in the future, you will see that we have been at 3 billion SEK per year historically. We are not there today. We are not starting new houses, we are taking care of the houses we have. A good example of this is the satellite company Nya Lab, because they are in Kista. We also have MyChronic, new labs, for those of you who have been playing padel. You can almost say that it was there during the pandemic. All of that area is now a lab area. It's incredibly high tech for very sensitive tests and products. So we make those investments in our own houses, tie up the tenants and create value that way. It is important to have the same volumes when you manage a portfolio of 50 billion and take care of the tenants. och lockar in nya med hyresgästanpassningar i lokalerna, moderniserar. Men det blir det ändå. Någonstans kommer vi landa ut på 600-700 miljoner per år. And then comes the project that is larger, then the figure goes up. But there, in the course of time, you can calculate somewhere between 600-700. Hopefully. It depends on whether we manage to get new high-rise buildings that we have in order. Det kan vi säga när man går runt i en sån här lokal som vi gjorde igår, så inser man att man börjar riva i det. Det blir ju väldigt stor skillnad före och efter. Så man får ju verkligen valuta för pengarna man lägger ner. Det blir någonting som kommer stå sig de närmsta 20 åren. Och någonting som är ganska utslitet efter många år. Så när det blir en tung lokal så är det ju läge att göra det här skiftet. Så har du en del av byggnaden som blir If you have a new technology, it can be controlled in a different way. So it includes both heat and air and over-technology in a fairly comprehensive way. But then you get modern buildings. But as I said, investors will plan out at a lower level, somewhere under the billion, as I said, down to 6-700. But it takes a little time. We also have in Q1, up to Q1 next year, investors left to do. But they are connected to the issuance we do in the US, so there is a bit of a sense of increase. Those investors are on hold. Vi försöker skapa värde i våra hus, lite exempel på det. Vi ställer i ordning single tenant byggnad, commuter tenant byggnad, vi lyfter miljöerna, vi får upp hyresnivåerna. Här är några exempel. Vi har satt rekordhyror i Västerås till exempel. Vi satt i kustbevakningen i Mayen och Göteborg. And so on. In the picture on the far right, you can see that we are sketching a new guest area in Västerås. It's a project, it takes a long time, but it's here at Mälarporten. It will be very nice. There is also work to link up and secure future tenants. There are rooms for apartments, offices and hotels. Det kommer inte vara något problem, det är ju bra tryck på den marknaden i Västerås och stort behov. Kontoren, i Västerås investeras det enormt mycket, moderna kontor, det är klart det är en annan utmaning, men vi sätter inte igång någonting där om vi inte har hyresgäster på ytorna. Sedan är det bostäder som ni ser framkant på bilden, de kommer vi ju avvittra till någon som utvecklar bostäder, det ska inte vi göra. Let's look at the next page. We have sold under the year 21-7. It's the nice black diamond on the left. We still have 21-45 Broadway. We continue to rent it. And then we work with to see if we can sell off the land on Park Avenue. And we do this together with our neighbor, which is called DWS, Deutsche Bank. And they own one and we own one. Together it will be a great project and we are out there marketing it now. We'll see where it lands. Exciting times. We'll find out before it's over, where it's going in terms of sales. The website just shows a little bit of what we are working on. Söderstaden of course, a lot is happening there all the time. Vi har satt lokaler inte bara för byggmästargruppen utan även i gallerian för ett antal retail. Jag såg precis också igår en ny Kicks butik, väldigt snygg och fin. Vi har satt för regionen med ganska bra tryck i Söderstaden. Det är den bästa etableringen söder om staden. Man vill ha bästa kontor söder om Stockholm. Uppsala Business Park har varit lite trögt på life science fronten. Life science is big, we are working on developing it again. Västerås is big for us. Stockholm-Norra, the big thing there is that we are looking at converting to housing in the areas that Ericsson releases. It is a big project for us to find a way forward with the 33,000 square meters. But the progress is good. Som jag nämnt tidigare, det är väldigt smidigt att ta sig in till staden med tåget. Det är 4-5 minutters kommunal till tåget och sedan har du 10 minutters in till Odenplan. And Odenplan is, for those of you who don't know, kind of Sweden's third or fourth station. It's almost as big as Malmö in terms of traffic, as you can hear. It has continued to increase. So it's a very, very frequent station. If you look at the mortgage portfolio on the next page, it has shrunk a bit. Of course, we have sold a lot in recent years. Now we don't have to do this anymore. No, that doesn't mean that we won't do business. We will continue to try to do business that feels right to us. And of course, we can free up media so we can get higher ratings in some other way. So it's interesting. We have many opportunities to use free capital in the company. Vi kan investera i befintliga hus, vi kan förvärva nya också, men där ligger inte prio idag. Vi kan också, men det är en fråga för styrelsen, eventuellt titta på kapitalsektoren, får man återköpa annat? Det får vi också analysera under hösten här. So there are opportunities, and the market is better. The investment market is actually better, and that's not strange. We have lower interest rates today, a stable interest rate of 1.75, a stable rate of 89 or 90 something, and we have an incredibly strong capital market. And we have banks that are doing very well, where you earn a lot of money and want to loan out money to the sector. And that benefits the entire industry. So we see with caution on the transition market. I don't think I say too much, but I think it will be better in the next two years than it has been in the last two years when we have worked with our sales. bättre förutsättningar framåt än vad vi haft bort. Vi har också en ekonomi som rimligtvis börjat ta lite fart till följd av de paket man har gjort från starten och till följd rent säkert. Portföljen, gildmässigt, värderingsgilden planat ut på 6%. Jag föresprar inte något direkt gildskifte här, men därmed så tror jag att vi kommer att kunna få plocka hem indexförändringar från KPI. I ganska stor omfattning. Så det blir en spännande period här, över årsskiftet, och se vad den landar på. Och så vidare, när vi kan få det. Financiella positionen, vi ligger på en LTV på 55%. Det är målet, det är väl att komma ner lite grann ytterligare. Vi har fortfarande en hög snittränta, 4,6%. Den kommer ner sakta men säkert, men det tar tid. Vårt dyraste lån framöver ska ju rimligtvis vara den senaste obligationen som kostade 275 dag plus stiva. And then you can count backwards and then he says that we have 27 million in debt and five of these are obligations. And then you know what the banks want to pay for insured loans. Then you may come to the conclusion that it should be able to come down a percentage or so, at least. But it takes a little time, but it works well. The hybrid over there, as I said, not to forget, but it does not affect your average income. Even if it cost 11 percent, it does not affect your average income. Yes, that's about it. The rent-and-technical damage is 1.7. We would also like to see that it improves, so we do that in mathematics, if we can keep the results. with the most expensive loans and to reduce the interest rate on financing, then they will be a little better. Our child volume, as I mentioned, 10% of the population in relation to the access side, 5 billion today. I think we should stay there. There is no reason to shrink that share. Here you can see the decline in the structure. It is much more flat, which is very nice. It is the closest decline to January 2027. And when we get to September 27, it will probably be down to 1 billion. And a couple of 300 of them are sent further ahead. We are working proactively with the decline. So it will be flat and nice, 1 billion decline wherever time goes. And then you can also mention, which we do not mention anywhere in the report, I think, that the certificate market is also more active, not just bond, but also certificate. It is significantly more active today than it was only half a year ago. Jobba med vår balansräkning, trimma portföljen, jobba med investeringarna. Det som är högst på listan att lösa, det är att nästa år, vid den här tidpunkten har ju då VSB flyttat ut ur sina lokaler i Global. Och där var vi också och sprang igår att hitta en ny hyresgäst för de lokalerna i Prio 1. If I'm going to be really positive about something, then I'm very positive about solving that thing. And then it is to find tenants for these 33,000 square meters that Erikson left. And there I am, if possible, just as positive that we will do it, because it will become housing and it will go up. Så det stora handlar bara om hur lång tid det tar det och vad kommer det att kosta att ställa om det och när får vi myndigheter till start på plats. Vi har handlägga på Stockholm stad så processen är igång vilket i sig är skönt för det är inte alltid man får det på studs men nu är den på rull och det är vi tacksamma över. Överigt, och sen så tittar vi på, som sagt, om vi kan göra någonting på kapitalstrukturen i övrigt också. Vi fortsätter jobba med hållbarheten, det finns en fin slag på det, och den... There we are lucky, and it also shows in the numbers that we got the cost down by 3.4% comparable to the start. So there, I actually want to go through the whole presentation and open it up for if there are any questions.

During the question time, the participants can ask questions by pressing square 5 on their phone. If you want to return your question, please press square 6. Next question comes from Erik Granström from DNB Carnegie. Welcome.

Thank you very much and good afternoon. Do you hear me Rutger? Yes, I hear you. Good, good. I was going to start by asking about the latest transaction, if I understand it as the latest one in Täby. Can you say something about how the rental fee has been there? You write that it's a bit of a vacation, but just so you get a little better understanding.

Ja, den har ju bidragit med väldigt lite kan man säga. Det har ju varit tufft att hyra ut i Täby. Vi är inte den bästa förvaltaren i Täby tror jag. Det finns de som kan göra det bättre. Bättre lokalförvaltning, förvaltning och bättre lokalförenkling. Det har haft tufft då att hålla de uthyrda under de sista åren. Så att det är ju en dålig uthyrningsskad i i den portföljen.

Det är den högre vakansen vi har i genomsnitt. Givet att du pratar lite om en bättre transaktionsmarknad generellt, ser ni några möjligheter att sälja ytterligare vakanser ur portföljen när marknaden piggar på? I think so.

If the market strengthens a little, the interest will probably improve quite quickly. There is a lot of capital ready for investment. This is about the fact that there is money on the sidelines. There is absolutely. But I think you want to see a little better speed in the economy. As soon as that happens, we'll have to wait and see. That's what I want to see, the investment on the office side. Logistics and housing, that's where we're at today. That's where we see the business. So the office is clear. But in the office, it's a bit better. And it is clear that we are looking at the possibility of a series A. We already have a few with us. And of course, they should work with a plan and concentrate on the portfolio. But it's nothing like a master series, but we do it again. We continue to work with sales, even though we don't need to do sales today to solve debt. There is a big difference there. We don't feel that pressure. So a business doesn't have to happen here and now, it can happen in a year or two instead. And then, in time, we will create value in the house and make them as attractive as possible for sale.

Okay, that's clear. What you mentioned about investments in the existing portfolio, that it is expected that there will continue to be a rolling number of maybe 600-700 million, But then I wonder if that is something in the background, given that you will still have a slightly larger project that is also rolling out, for example in Eriksson?

No, it is exclusive to the larger projects. It is exclusive. If we start Eriksson, the housing project, then it is most likely that we will do it in some form of given structure. So it will probably be a financing where we do it together with someone who wants to do a booster. Okay. On the other hand, there is a difference in if we find the highest rate and set it up at a VSP location, then we do it most likely completely on our own. And then maybe that figure comes up a little bit. Men den siffran innehåller också inslag av just typ VSP-konverteringsspår. Idag är ju en stor del av den siffran som ligger, eller historiskt, de sista kvartalen. Då har det ju varit OHB, det har ju varit Micronic, det har varit Smart Optics, och så vidare, där man tar en äldre lokal och gör den nyt.

Okay, that's clear.

It's positive if it comes up a little, because that means that we have sold well. Then we get a good calculation by putting money on the premises if we get a little longer contract and someone who wants to pay for an upgraded premises.

Yes, I agree. Finally, I was just going to check the value changes in Q3. If you look at the direct emission requirement, it was in principle unchanged, but there were some negative value changes. You were a little aware of that. I was just going to check if 287 Park, has that affected anything in Q3 or Det har redan tagits trots att ni lämnar över den i Q4.

Den är en väldigt stor del av välfärdningarna i Q3.

Okej. So the Q3 was affected rather than the Q2 and it will not happen in the Q4?

No, no. So it is also in the Q3 and then we have some in Kista. Then there is also positive in Kista, which is related to the renewal and investment. Men det är ju kvalitetens även och kistarkontor. Sen i övrigt så är det ett nollsummespel. Det är upp och det är ner. Det är en lista på 200 hus som man får upp och ner varje kvartal i varje genomgång. Men man summer som an, ort för ort, så kan man säga att det är flätt liksom. Så det som gör det negativa det är kvalitetens även. Framförallt kvalitetens även och sen kistarkontor.

Yes, it's crystal clear. Thank you very much, those were my questions.

Great, have a good day.

You too. The next question comes from Victor Hökenhammar from PA.

Please go ahead. Hello, can you hear me? Hello, we can hear you Victor. Great, sorry I came in a little late, I don't know if you have answered, but the network information is positive Q3, can you say anything about how it is in Stockholm North?

Isolera Stockholm-Norra har vi den uppgiften sittande här. Det har inte vi redovisat, men jag skulle nog vilja säga att den är utan att... Jag vågar gissa på att den faktiskt är positiv. Men låt mig komma tillbaks.

And that's for QC, and I'm thinking year-to-date then, do you have a feeling, or do you have a feeling there? And then? Year-to-date, for, I mean, 2025, January to September out. Kista, or Stockholm-Norway? Yes, Stockholm-Norway or Kista.

Yes, I would say that it is plus or minus norway. We have lost a bit with Tele 2 in that context, but then we have hired out Ökat ytorna till OHB, Smart Optics och även Micronic. Micronic har ju nu... Jag börjar titta här. OHB sitter ju nu nästan på 5 000 kvadratmeter. Micronic snart på 10 000 kvadratmeter. Smart Optics på drygt 4 000 kvadratmeter. Sen har Samsung ökat marginellt i sin existerande och förlängt den. And it's also in the same quarter, as they say, with the motorway. So it's good. It's not that it's super strong, but it's not that it's bad that it's emptied. With the motorway there, it's more empty today than it was on January 1st. Then it's in that length there, where Smart Optics takes the surface, where it had 32 surfaces. And that surface they have clamped in instead in their existerande kontorsbyggnaden in till Eriksson. Och sen om du är i den existent TD2-byggnaden så är den liksom, man ska säga att 75% av ytan är mot Troshamnsgatan och 25% av ytan i fastigheten är åt andra hållet bort mot Kisa Science Tower och så går det in ett jack i den byggnaden. TD2 hade även två varningsplan i det här jacket, så de krympte in i, så de är 100% i den här 75-procentiga fronten. Och det är det de har signat upp på nästan tio års avtal nu. Och då, fastigheten är byggd för att kunna vara en multi-tenant-fastighet, så de här varningsplanen som är mot Science Star, det är de mindre varningsplanen, en lokal på varje varning. Två av de varningsplanen är restaurang, de två nedersta. Sen är det kontorsvarningar där det är. five floors down from Torsen. So that, and there is, but there and then Teletvål left two floors and clumped together, plus the big Smart Optics 2. So I would say that Netto is now, Netto is now plus minus zero.

Yes, but thanks, it's clear.

I would say that we are now plus minus zero.

And then just a bit of a general feeling, rental development office, and then I think a little about negotiations if you take before CAPEX. Even here, generally speaking, if you take both Q3 and Yet to Date.

Generally speaking, it is that you manage to keep the rentals at the level we have, despite the previously quite powerful indexing. Where that discussion has been a bit tougher is when you have had a negotiation like with Tele2. When they say that we want to shrink the surface in advance and we want to do this even though they have a few years left on the deadline. Then our natural answer is that we can look at it, but then you have to sign 15 years. And then it became a Q-handel back and forth, and then it became almost 10 instead. We got GAs and they got GCs. And then we come to an agreement. Then you are ready to trim a little, but otherwise we don't have that discussion.

Very good. And then I thought with indexing in general, in the values. Erik was talking about the graduation requirement being changed. Vad räknar man med för 26 års och 27 års intäkter i värderingarna?

Man ligger på 2% i indexeringar.

Även för 26 års intäkter då?

Ja, lite lägre under 26 år. Nej, det är sant. Du ligger nog på knapp 1. Du ligger på 0,9 kanske. 1. 0,9. Lite olika. Och sen går man tillbaka till 2. Yes, I understand.

And as a final question, you were talking a bit about that. Victor, one thing.

We and many others also have a considerable amount, maybe not a considerable amount, but a considerable amount of contracts where we have at least 2%. And then we have also dropped 3% in some of our deals in Stockholm, especially when it is more logistics-related buildings that we have managed to get into. So it will be with mathematics something better than... Now that COPY has become so low, it will probably be better with mathematics.

Yes, that's a good point. And finally, just a little bit about capital allocations in the future. It sounds like you're working on balancing the balance, potentially continuing to sell, lowering the fees to get a little extra space. So you're hinting a little about resale, both in debt and in shares. But just briefly, what is the price area in the next half year with the capital?

We are a bit cautious. We will not say that we are very aggressive with the purchase of cars or something like that. We want to feel that the capital market is stable. It is very important for us. We want to feel safe with the capital market. It may feel strange that we do not feel safe with the capital market. But it has been a bit tough for us. We noticed that in January. We never want to get into that situation again. So we don't want to do that if we sell something and free up capital, that we just throw ourselves out and start buying again with all that slant. But on the other hand, we look at the possibility of doing it in some extent, because it's a pretty nasty valuation of the stock, if you look at the value, the substance that we always confirm with business and so on, the external valuation. We are not going to buy a new house, we are going to buy our own shares in that case. But on the other hand, we should not, either, with free capital from the sale, burn off the whole slant and not have a backup in the coming decline. We want to have some cash when we start negotiating the next obligation decline. And it's not from May next year. But in May next year, we will make sure that we have a small buffer so that we are not in a situation where the obligation market is strong then or there. So we're done with our sales to solve loans, given the capital market we have today. But since I don't trust the capital market 100 percent, you have to be a little humble about it, so we want to have a little buffer. So you shouldn't start from that we throw ourselves over a buyback with 100 percent if we have reached the cash. Even if it is extremely rational to do so. Som gammal analytiker så ser jag att det är oerhört svårslaget att göra något annat med kapitalet. Så det är väl den ena möjligheten vi har. Vår extremt dåliga värdering ger en möjlighet för existerande aktieägare att få en liten kick av ett sådant agerande. Och den ska vi försöka utnyttja såklart.

Låter bra. Jättetack. Jag tror att det var alla mina frågor. Yes, but thank you very much.

Have a good day. As a reminder, if you want to ask a question, press the edge 5 on your phone. There are no more questions right now, so I'll leave the floor to the speakers for any final comments.

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