Stendörren Fastigheter AB (publ)

Thank you very much.

And before we go into the bookkeeping communication, I just wanted to remind you a little bit about what kind of company we are. We are a real estate company operating within the logistics industry, located in major regions, especially Mälardalen, almost a third of Stockholm, but also Oslo, Köpenhamn and Helsingfors. In a growth macro, but preferably an urban micro situation, or at least situations that benefit from urbanization. It is important that this approach to these situations has a good rental growth, and it is one of our growth generators in the company, namely rental growth. We see it in the right corner, where we show growth during the last three years. We have had a nice development in administrative results per share at 16% in recent years. So it is important that this approach in these geographical locations gives growth. We have another growth factor in the company. Our building rights portfolio, which is large at about 630,000 square meters compared to the available area at about 900,000 square meters. We take our building rights portfolio into account in our projects, so it's another growth generator in the company. Then we have acquisitions, of course, which also generate growth. Vi har nu uppnått en fastighetsportfölj på 16 miljarder ungefär, till en hög direktavkastning på 6,4% med långa avtal. Det ger en väldigt fin stabilitet, den höga avkastningen, de långa avtalen, med en balanserad, i vår värld, eller i vår uppfattning, belåningsgrad på 53%. Before we talk about what we have done this year and this quarter, I would like to talk a little bit about the market. We have had a weak economy and a weak market for almost the whole of 2025. It is possible that during Q4 there have been much more positive macro signals and then I'm not just talking about forward-looking leading conjecture indicators, but actually hard data, goods deliveries and others that point to a fairly clear conjecture improvement, which we hope for. There have been signs of conjecture improvements earlier this year, but as has been punctuated by both geopolitics but also by frequent nonsense from Donald Trump. But now we see a little clearer at the end of the year than an improvement of the economy. We have also seen a very clear improvement in the financing markets since the middle of the year. We have had Incredible declines both in the banking market and in the bond market and probably the most extensive and fastest improvements from a loaner perspective, which at least I have been involved in, which we have capitalized on in connection with negotiations of loans that I will come to then. What we have done during the year and especially the fourth quarter, we have carried out a lot of acquisitions. Partly for Copenhagen, where we have now achieved a critical mass. We have also negotiated about 90% of our banking financing in the middle of the year, but also a part of our obligations, especially that obligation. which has given a relevant and even comprehensive saving of our capital costs. Then after the year we made a large acquisition in Finland of 1.3 billion and thus we also achieved critical mass in Helsinki. So strategically we have now achieved critical mass in two of what we usually call new markets. The Finnish acquisition at 1.3 billion, a very nice acquisition, leads to an increase in the administrative results per share if you look at the acquisition at 13%, so a very valuable acquisition. Sammantaget vad vi har gjort under året och framförallt fjärde kvartalet, både andra förvärv, färdigställande av projekt, omfattande omförhandlingar, det gör att förvaltningsresultat pro forma inklusive det finska förvärvet per första januari per aktie ökar med 19% mot första oktober, alltså på ett kvartal. And with a total of 35% from January 1st to January 1st, so to speak. So it's an incredible increase in management results per share on a yearly basis. If we look a little bit forward, we have a, as Stende said, an extensive pipeline under evaluation, both when it comes to acquisitions and projects. Det stora finska förvärvet, det var en större portfölj, det är ju inte det modus operandi som vi har haft i bolaget utan vi har normalt sett gjort styckeförvärv. I don't have to pay a portfolio premium off-market to be able to negotiate a deal on a higher yield. And that's the path we will continue to follow. The big acquisition in Finland is... Despite the fact that it was a portfolio at a very good price. And it was also a portfolio where we did not get anything that we did not want to have. Because it is usually the disadvantage with larger portfolios that there is almost always a tail with solidities that does not fit in. But here everything fits in very well. But anyway, we will continue to do a piece of acquisition off-market. And this growth in the future, under 2026, we are looking forward to that we will be able to finance with the funds we have, or with interest-bearing funds, so to speak. That is, with existing capital base. Before we go into the figures about the reporting period, I would like to add that we have shown the growth curve that we showed initially. We have not only had a good and strong financial development for three years, but if we look even further back five years, we have had a continuous good growth in the company. I have mentioned both the rental growth, the acquisition and the project portfolio. We have a fourth factor that has driven growth in the company, which is our continuous operational improvements, where during these five years we have increased the turnover rate from 66% to 80% and the turnover rate from 87% to 94%. So that's an example of operational improvements. Additional operational improvements are We have, for example, reduced energy consumption per square meter by 40% in recent years. We have grown the company with essentially unchanged crew. We have even insourced a part of the administration that was outsourced earlier with unchanged crew. Continuous operational improvements have also been important to contribute to the company's growth. A little bit more about the reporting period. The net profit increased by 17%. There are some acquisitions, of course. But on a comparable basis with 6%, which we are proud of. The management result increased by 26%. Then we have... excluded the extraordinary entry-level positions that are related to previous refinances that we have carried out since the middle of last year. But if we load the development with those positions, it is not less than an increase in management results per share, sorry, not per share, but management results of 11%. Utilningsgraden har varit stabil. Vi ökade den förvisso med 1,4 % under rapportperioden. Men vi har på hel året en obetydlig negativ nettutgivning på minus 7,6 miljoner. Lägger vi till ett kvartal i bakkant, tittar på de senaste fem kvartalerna, så har vi knappt 20 miljoner positivt. Det var ju för att vi under fjärde kvartalet 2024 hade den högsta nettutgivningen någonsin i bolaget. Så det finns en... A completely okay rental market there and we have increased the rate with 1.4 percent units throughout the year, so to speak. But we are at a 94 percent rate. A completely okay figure given the current situation, we think, and of course there is always a certain remittance. En fin uthyrningsgrad, förlåt mig, överskottsgrad på 80%. Vi har ju taktat upp från 66% för ett antal år sedan. Så det här är en nivå som vi tror kommer att kunna hålla och kanske till och med förbättra lite grann. Vi påbörjade ju, vi såg ju Purchasing opportunities have become significantly better since mid-2024. During 2025, we have purchased 1.2 billion for a direct return of 6.9%. Vi har färdigställt projekt under de senaste 12 månaderna på ungefär 200 miljoner till en avkastning på 8,1. Då bortser jag från byggresvärdet som vi har tagit i anspråk, det vill säga driftnetto dividerat med capex pengar ut på 8,1 procent. Totalt blir det en investerad volym. på ungefär 1,5 miljarder lite knappt på en avkastning på 7% i snitt. En väldigt fin avkastning i synnerhet ställt i relation till finansieringskostnaderna som vi då i väsentlig läger. Vi har ju en snittränta utgående på 3,9% så det blir en väldigt fin spread där. Vi har en omfattande projektpipeline. Vi har i någon mening en pågående produktion på ungefär 47 000 kvadratmeter. Som i takt med färdigställande uthyrning kommer att addera ungefär 65 miljoner i driftnetto. Så en bra framdrift även på projektsidan. I talked a little about growth and gave a five-year look back. I would like to point out that we have kept our financial goals, the defensive financial goals during this period, completely in line with the levels that we have promised the market. With a solidity of 35% and a rate of 2 times. And we have a continued stability in... On the financing side, we have about 63% insurance with a running time of over 4 years. Where we have secured the underlying reference interest or IBOR at a maximum of 2.2%. When I say maximum, it is because we have interest rates, which means that the interest on them can on average, including the shops, go up to 2.2%. Then we hit the roof on average. En bra räntesäkring vilket säkrar stabiliteten finansiellt i bolaget över en överskådlig tid. Vi har bra likviditet när vi går ut ur året, nästan en miljard. Sen ska vi stänga det här finska förvärvet i februari i tänkt. Det kommer ju ta en del av likviditeten, men inte desto mindre har vi drygt 400 miljoner kvar i likviditet efter det förvärvet. Så vi har lite kraft kvar då, ytterligare förvärv. Jag nämnde ju att vi gjort omfattande refinansieringar under året, egentligen sedan mitten på 2025. Framförallt så gjorde vi en refinansiering av en obligation i förtid, sänkte marginalen från 525 till 260 punkter. Sen har vi då omförhandlat cirka 90% av vår bankskuld och sänkt marginalen på bankskulden då som vi har refinansierat med cirka 40 punkter. Så totalt sett har de här refinansieringarna allt annat lika. led to a revenue savings of about 36 million SEK on a yearly basis. If we look at our acquisitions that we have made during the year, about 1.2 billion SEK. This is mainly in Sweden, but also in Finland and Denmark. In Denmark, we made a slightly larger acquisition for 250 million SEK, which brought us to a critical mass in i Danmark, i Köpenhamn. Gilden på de här 6,9, en väldigt fin gild. I övrigt så är det typiska stendörren fastigheter i stendörrenlägen. Det är i Uppsala, det är i Stockholm, det är i Västerås. Det är småskaliga förvärv, ofta styckeförvärv i storleksordningen. Det minsta är på 50 miljoner ungefär och sen är det lite uppåt till ett par hundra miljoner. Then we add the Finnish acquisition that we did just after the change of year, so it's 14 properties for 1.3 billion. To a drop of 7.4%. Very nice drop. It's really a fantastic portfolio where almost half of the properties were built after 2020. And it's in perfect condition for Stendörren. At the moment, the acquisition leads, as I said, to an administration result per share increase of 13%. And if we take into account the other things we have done during the year and under the quarter, then January 1st, including the acquisition, compared to October 1st, 2025, that is, for a quarter, we increase the operating income per share by 19% and if we take January 1st, 2016, including the acquisition, compared to January 1st, 2025, we increase the operating income per share by 35%. Very nice numbers that we are proud of. Lägger vi ihop de här så ser vi en totalförvärvad volym på 2,5 miljard till en genomsnittlig direktavkastning på 7%. We have then, with both the Finnish and Copenhagen acquisition in Q4, as I said, achieved a critical mass in both Copenhagen and Helsingfors. And that has been important for us, because we are an executive organization. We want to build our own crew, because we know that it gives better results and administration of the properties. So a critical mass has been important for us. The project volume during the report period increased to almost 250 million. It's a little lower than what we want, completed 9,500 square meters. There will be some calendar effects in this. We have completed a project Q4 2024 will be with inflow January 1, 2025 on another about 10,000 square meters. So we extend a little bit so we're up to about 20,000 if we extend it by a quarter, so to speak, in the back. But during the reporting period, I have invested almost SEK 250 million with a drop of 6.9%. Then I have loaded the drop with the value of the building rights that have been taken into account in the project. If we just look at driftnet and divided with money out, that is capex, then we are up on a drop of just over 8%, which is a very nice drop. Vi brukar också åskådliggöra värdet av våra byggrätter när vi färdigställer projekt. Applicerar vi värdeskapandet i projektet på de i projektet i anspråktagna byggrätterna, då behöver vi skruva upp byggrätterna med värde. So it's a double up, so a multiple of two, which is a way of acknowledging both the economic value of our building rights, that they really are very valuable, but also have a strategic value, because it's Byggrätterna möjliggör att vi kan erbjuda hyresgästerna ytterligare fastigheter eller yta i våra kluster där vi har befintliga fastigheter, där vi känner våra hyresgäster väl och då också känner konkurrenternas hyresgäster. We have reached an exposure rate of 84% on these projects. They mainly started with speculation, which is often done in light industrial projects. Men vi gör ju det i våra hemmamarknader, i våra kluster där vi känner marknaden som jag sa. Vi har en trygghet i att även för att vi startar på spekulation så hyr vi ut. Så här långt på det som har färdigställt under året så har vi en uthyrningsgrad på 84%. Pågående diskussioner stålar det som en stigande uthyrningsgrad. Examples of projects that are ongoing are small scale, light industry in our existing markets where we have households, where we have many tenants, so that we know that the market exists where we know the local market, we know that demand exists there. Light industry tends to build on speculation. But we really feel that the market exists there and obviously feel our own tenants, but also our competitors' tenants and those who want to expand. In our world, we talk a little more about logistics. In the upper left corner, we see a logistics project of 17,000 square meters. There we have building permits. We also have an agreement with a builder in agreed form. But there we wait for us to find a tenant before we build. I can also mention Windkraften 2. It was the property that we sent a press release about a few weeks ago. Where we rented out on a long contract to a tenant. An example of where we do, we own the houses next to it. We do a so-called infill. We expand completely on available land. on speculation and have then rented out before, during ongoing production with arrival in a month. Almnäs I have talked about a few times, it is actually one of our two main development areas. I think this is so illustrative of how we create value within our existing properties so I would like to repeat We acquired this property from PEAB 2015. It was a property with a very low operating rate of 27,500 square meters. But you get according to plan and can make it commercially build about 80,000 square meters. When we joined it was a very high vacancy. The property was in poor condition with very low rents. Here we can now build 80,000 square meters. We do this in line with the demand for 100% of the rate of sale. To double the rent and the fact that the rent we get here is more than double. For example, double the rent and then we will be able to increase the rent income in the drift network on this plot of land seven times. Here we have almost 20,000 square meters and we have ongoing further production here, so it is a good introduction to this area and creates a lot of value for us. If we look a little forward, what will we do? Yes, we will continue to acquire. We have a good acquisition pipeline under evaluation. We then return to acquiring off-market small-scale property. We get a very nice discount on that. Of course, if we were to find a portfolio like the one we acquired in Helsingfors, we would gladly do that. But so far in my six years at Stendörn, there has not been a large portfolio that has ticked off all boxes strategically when it comes to access, quality and location. So we can't expect that to happen, but rather that we return to the way we have acquired previously. Vi vill gärna köpa i Stockholm så urbant som möjligt. Det är den marknad som när det blir lite mer bullmarknad ofta blir för dyr. Så det vill vi prioritera men det är svårt att hitta bra fastigheter till bättre priser i centralt i Stockholm. Nu har vi ju uppnått kritisk massa både i Köpenhamn och Helsingfors men vi har ytterligare så kallade nya marknader i Oslo och Göteborg och det vill vi prioritera. In terms of development, it is to take into account our construction portfolio of 627,000 square meters. We have 47,000 square meters in ongoing production. In some sense, or ongoing project, everything is not in production. A lot of it is waiting for publication, as I said, large logistics. With a net potential of 64 million kronor. Then within administration, we now see clear signs of improved conjuncture. We think that we should be able to increase the degree of exclusion a little bit. We think that we should be able to... förbättra överskottsgraden lite till vi har ju när jag nämnde överskottsgraden tidigare vet jag inte om jag nämnde det faktum att vi har sänkt energiförbrukning per kvadratmeter i bolaget med 40% under de senaste åren det finns fortfarande den typen av operationella förbättringar att göra också så vi ser bra möjligheter till operationella förbättringar i synnerhet i ljuset av en förbättrad konjunktur inom finansiering då vi har ju refinansierat egentligen hela våran skuldstock och gjort besparingar allt annat lika på 36 miljoner kronor Det har gett oss en del ytterligare utrymme i balansräkningen för mer räntebärande. Tittar vi på vår intjäningsförmåga per första januari nu på Forma, inklusive vårt stora förvärv i Finland, så har vi en ränteteknisk grad på 2,3 gånger. Vi har en soliditet på 34 procent. Det är ju en procentenhet under vår... our target, but in our banking stock we have an amortization underlying at about 2%. We have, of course, an inflation and we believe in being able to complete the project in a valuable way. We also see that there may be the possibility of a yield contraction and lower release requirements in our segment here. Framöver, så allt det där stärker balansräkningen så med det sagt så tror jag att vi tillsammans med löpande kassaflöde och tillgänglig likviditet så kommer vi kunna finansiera tillväxten helt enkelt på befintlig kapitalbas. A little summary of Stendörren as an investment. We are a growth company in the real estate sector. We want to be a growth macro and in such a situation that benefits from urbanization. That is where there is a good rental growth and that is one of our growth engines in the company. We have a nice construction portfolio that is very valuable to have and we have a good progress there. That also creates growth. Vi har en förvärvsmodell där vi kontinuerligt under i alla fall 18 månader nu har lyckats förvärva fina fastigheter i bra lägen till en direktavkastning på cirka 7% vilket är väldigt värdeskapande. Så det är om tillväxt, inte rest och mindre så har vi en väldigt fin stabilitet i bolaget. Vi är i ett högavkastande segment med en avkastning på 6,4% med långa avtal. Vi har 4,2 års återstående contract time. We also have a very diversified lease list. We actually only have one large lease and that is the Fortification Authority, which is the Swedish state at 7%. The largest lease is for 2%, the third largest lease is for 2% and the fourth largest lease is for 1% which is very granular. Hyresgästslista med från olika typer av bolag, olika typer av industrier vilket skapar en väldigt diversifierad och sådär väldigt diversifierad källa till debt service. Vi finansierar oss med de stora nordiska bankerna och har kapitalmarknadsbaserad finansiering endast som ett komplement. Så det är en väldigt solid källa till finansiering helt enkelt. Med det sagt så har jag nog fått det mesta sagt. Så tack så jättemycket för att ni lyssnade.

Tack så mycket för presentationen där och då går vi vidare till frågestund. Och som jag nämnde i början där så vill man ställa en fråga trycker man stjärna 9 för att räcka upp handen och sedan stjärna 6 för att unmuta sig när man får ordet. Och första frågeställaren här vi släpper in är telefonnummer som slutar på 28 43. Varsågod.

Good morning. I have just a few questions. The first has to do with these early refinances that you have made. You say that you have made about 90% of what is related to the bank debt. Can you interpret that as that you plan to make additional early refinances during 2026?

No, we don't have the ambition to do that. There is so little left and what we have left has a little longer run time and it costs a little more than what it tastes like. A loan agreement can have a prepayment fee and it's not always that you manage to negotiate. It can happen if you have a reason to do it with refinancing for other reasons, for example that you include it in a portfolio in a larger acquisition. Men isolerat så har vi inga planer på att göra det just nu.

Okej, och sen andra frågan här. Ni presenterar ju den här nya intjäningsförmågan då på proformad basis och där är det ju en belåningsgrad på 56 med samtidigt i då räntetekniskraden 2,3. Ni kan ju ha minimum 2 i ICR. Kan man tänka sig hur långt är ni benägna att gå när det kommer till LTV-en givet policyn mot ICR-en?

I would say significantly higher, but you have to remember that we have, as I said, we have a built-in deleverage effect in our company. Partly, we have secured bank financing and contractual investment of a couple of percent. Partly, we have inflation, of course. Then we think that there is evidence in the market for a little lower yield, that is, adjustment of property values. And with that said, we have a built-in leverage in the company, so the idea is that we can go significantly higher, but not more than that. Mm-hmm.

Okay, one last question related to the acquisition. The contract expiring time is three years. What are the possibilities or risks related to a fairly short contract length in the portfolio?

It is actually a bit untypical for what we have bought in size, as I said earlier, but also in character. When we have bought in Oslo and Copenhagen, we have often bought small households with long agreements, also called triple net agreements. This is where the tenant simply governs the property itself. This is a bit the opposite. There are over 90 tenants, so there are a lot of tenants. This is a bit more of an administrative portfolio. And when there are small tenants of this character, the contract usually becomes a bit shorter. But then there is another contract construction in Finland. When you sign a contract originally, then you can have a The rush hour is about the same as we have in Sweden. While when the rush hour has gone out, it turns into a notice contract. Therefore, the contract period becomes much shorter in Finland. It does not mean that the tenants often move for that. But it is a little more administrative-intensive portfolio. Okay, thanks.

Tack så mycket för frågorna där. Då går vi vidare till nästa frågeställare som är Emil Ekholm från Pareto. Varsågod, du har ordet.

Ja, hoppas det hörs bra. Hej Erik och Henrik. Jag tänkte fråga, först bara, nättutrymningar negativ under året och kvartalet? It does not look like you have affected many contests. What is the main reason that tenants generally choose to sign the contract? Is it that you do not agree with the rent? Or is it that they want to grow or decrease the area that you cannot offer them?

It is the last mentioned. It is a change in the local needs at the bottom. It's a weak negative both on the quarter and on the whole year. Then we had Q4 last year, which was our best record ever, plus 29 million. So there will be some quarter effects or calendar effects. But I would have liked to have seen that it would have been positive, of course. So we think there is a... an optimism in the market, but it doesn't seem to be all the way to the end. But as a direct answer to the question, it is the changed local needs that make it negative net sales and that the rental market moves. It is not that it has been a hard negotiation and we have been too tough in the negotiations and that the rental market preserves that, it is not.

Yes, clear. Then, as you mentioned, there are some projects that have been completed that have been started for speculation and are not issued. There is quite a lot already in Q2. What do you think, or how do you see the possibility that these will be issued in connection with the completion?

A very good example in the press release that we sent two weeks ago is the wind power in the south part of Stockholm in the vicinity of Tyresö. There is an area called Skrubba, where we did a so-called infill, where we actually built a house body. And there we rent out to a public or state tenant. They do not want to say who they are. But there we rent out exactly, and we will probably finish the house body here in a few months. So it's very typical of how it goes on these small light industry projects. That it's the first time the house body is there, the tenant can go in and look. and say that this works for our needs and I want to spend 40 hours a week. I am optimistic. In production, we have about 27,000 square meters of production in some scope, but it is in production. There is a lot of waste anyway, it is geographical waste, so we have no risk of concentration where something sticks out in binary, not even in one area, but it is waste all around. And I want to emphasize that it is one of the few real synergies that we have in the real estate sector. To be local, to be in a cluster and feel the market is a great advantage in a project. We looked at it a few years ago and found that 70% of our new projects are rented out to existing tenants who want to expand. De har svårt att gå till en konkurrent eftersom de ofta sitter fast i ett avtal med oss. Det är i områden där vi redan finns och där vi har hyresgäster som är intresserade. Så optimistiskt helt enkelt.

Stå till lovande. Sen på finansieringen, som ni pratat lite om, 90% av bankskulden finansierat är ända 25. Tänker med 40 punkter i snitt. Kan man säga något om vilka marginaler man landar på ungefär?

Strax under 150 punkter.

Jättebra. Sen tänkte jag bara uppföljning på den antillförde notice-frågan i Finland. I Walten då som jag misstänker kommer Men minskar lite mellan kvartalen i takt med att det tillträder. Men räknar man då för de avtal som har rullat över till until further notice, räknar man då i Walton att man har kontraktet i tolv månader?

Hur ser det ut? Jag förstod inte frågan tyvärr. Jag hörde dessutom inte riktigt. Kan du gärna upprepa?

Yes, when you count the contracts in Finland that have been until further notice, do you count a contract time of 12 months when they are rolling in Volten so that it goes down?

Yes, you actually count the delay time depending on how it looks in specific agreements.

Thank you very much for the questions. Then we move on and let in Niklas Wetterling from SB1, please.

Tack så mycket. Jag tänkte bara gå tillbaka lite kring den frågan om investeringsutrymme och LTV. Tolkar jag svaret där som att ni ser att ni är tämligen fullinvesterade då tills vi börjar se mer värdeuppskrivningar? Är det korrekt?

Nej, det är det i och för sig inte. Efter att vi stänger det här större finska förvärvet så har vi över 400 miljoner i tillgänglig likviditet. If we would just go out and buy something for that money, it would be our own capital part in an acquisition of 1 billion, given that the acquisition is borrowed. Then we have a running cash flow. Vi är inte idag fullinvesterade, utan vi har flera affärer som vi tittar aktivt på. Sen har vi uppenbarligen våra projekt i produktion 27 000 kvadratmeter, men vi är inte idag fullinvesterade. Vi expanderar varje dag i veckan, även den här veckan.

Det är en stor skillnad kring var ni har legat de senaste fem åren, som har varit mellan 45 och 50 år. Men ni har inga problem med att närma er 60 i den nuvarande marknaden?

Så högt upp tror jag att det kommer gå. Vi har obetydligt högre än idag. Vi har på årsbasis 2% inflation i våra 2% amortering ungefär i vår bankskuld. We have 2% inflation. We see evidence on the description of the real estate values in the market. So we have a built-in deleverage, we should remember, in the entire balance sheet. Which makes for an incredibly high degree of reward compared to today. But not up to 60.

Okay. And then one last thing about OneOps. It has been a lot of one-off costs, 25. According to what you know now, do you think we will be able to do one-offs or will it be more than 26?

That's one of the reasons we got the question about remaining 10% of the bank's debt. We note that even if we think it's completely right to do these, it has been important to lower the capital costs. Så det är klart att det stökar till rapporteringen och det är svårt med pedagogiken. Så jag tror att det är så pass lite kvar. Så nej, det kommer inte komma mer i One Office.

Okej, tack så mycket.

Tack så mycket för frågan. Då går vi vidare till den sista frågeställaren som har ringt in här. Det är ett telefonnummer som slutar på 8628. Varsågod, du har ordet.

Hi, Oskar Ringqvist, ABG. You talked a bit about value changes, that you see evidence for lower value in the inflation market. When you talk to your valuers, do you get any indication of the potential here?

No, we don't really get that, but there are also businesses that we ourselves know are on the market or have recently closed, so it may not necessarily have... There is a constant discussion with the valuation, of course, and they have their method of looking back, even if many of the valuers themselves have seen what is in the market. gives evidence for a yield contraction, but they have their own methodology of looking backwards at Dan Deals, so that's why it becomes a lag. I can't say that, but I think the direction is quite clear on a yield contraction. What also happened in Q4 is that it is possible that we We had a little yield contraction even in Q4, or in the rejection requirement a contraction, but what also happened was that the valuers, as a collective, screwed down the inflation estimates that had the opposite effect. Therefore, there were no relevant value increases in the sector, but I think that effect is taken and then we will see an effect of a certain yield contraction, that is my expectation at least. Men jag vågar inte riktigt klä dig i ord ännu. Eller i siffror snarare ännu.

Jag förstår. Sen tänkte jag på ert förvärv här i Helsingfors. Som vi har varit inne på så är det lite kortare våld än vad ni har i genomsnittet i portföljen. Sett till marknadshyror, vad ser ni för potential i rent-for-version?

Well, since it's on a shorter term now, it's not a comprehensive rent reversion. It's reasonably right in terms of rent. Okay, thank you for everything.

Thank you so much for the questions. And that was all the questions we had today. So, a big thank you to Stendöre for presenting today. And thank you to everyone who has asked questions. And look, you can have a nice day.

Tack så mycket.