Earnings call transcript: Public Property Invest Q2 2025 sees strong rental growth

Public Property Invest ASA reported a substantial increase in rental income and property management net income for Q2 2025, reflecting robust performance in the Nordic social infrastructure market. The company’s stock fell 3.41% in pre-market trading following the earnings release, despite maintaining a "GREAT" financial health score according to InvestingPro analysis. The company’s strategic expansion and operational improvements were highlighted, though future earnings guidance remains cautious. With 12+ additional exclusive insights available on InvestingPro, investors can access comprehensive analysis of the company’s performance metrics and growth potential.

Key Takeaways

• Rental income surged 42% year-over-year to SEK233 million.
• Net income from property management increased by 51% to NOK160 million.
• Portfolio occupancy rose to 98%, with a weighted average lease term of 6.8 years.
• Stock price declined 3.41% in pre-market trading.
• Future earnings guidance remains conservative.

Company Performance

Public Property Invest demonstrated strong financial performance in Q2 2025, driven by significant growth in rental income and strategic acquisitions. The company expanded its portfolio by nearly 200,000 square meters, adding 19 new properties. This expansion aligns with its focus on social infrastructure properties, a sector supported by government budgets and an aging population in the Nordic region.

Financial Highlights

• Rental income: SEK233 million, up 42% YoY.
• Net income from property management: NOK160 million, up 51% YoY.
• Positive value changes: NOK203 million for the quarter.
• Normalized annual run rate rental income: SEK1.033 billion.
• Normalized run rate EBITDA: SEK844 million.

Market Reaction

Despite the positive financial results, Public Property Invest’s stock fell 3.41% in pre-market trading, closing at 24.10, down from the previous close of 24.95. InvestingPro data shows the stock trading near its 52-week high with a strong 54.47% return over the past year, while technical indicators suggest overbought conditions. The decline reflects investor caution amid conservative future earnings guidance and broader market trends. Discover more detailed technical analysis and 10+ additional proprietary indicators with an InvestingPro subscription.

Outlook & Guidance

Public Property Invest remains focused on expanding its presence in the Nordic social infrastructure market. The company aims to maintain a net debt to EBITDA ratio below nine times and has an investment capacity of €4.8 billion. According to InvestingPro analysis, both net income and sales are expected to grow this year, with revenue growth forecast at 49%. Future earnings guidance remains cautious, with projected EPS of 0.03 USD for the upcoming quarters and 0.13 USD for FY2025. Access the comprehensive Pro Research Report for deep-dive analysis of growth prospects and valuation metrics.

Executive Commentary

"We have delivered on our strategy to be an operator, manager, and developer of social infrastructure properties," stated CEO Andre Garten. CIO Ilya Vatlian emphasized, "Nordics is the best market for social infrastructure," highlighting the company’s strategic focus on this region.

Risks and Challenges

• Market volatility: Fluctuations in the broader market could impact investor sentiment and stock performance.
• Economic conditions: Economic downturns could affect government budgets, impacting rental income.
• Regulatory changes: Changes in regulations could affect the company’s operations and profitability.
• Forex exposure: With 72% of euro bonds hedged, currency fluctuations remain a risk.
• Competition: Increasing competition in the Nordic real estate market could pressure margins.

Q&A

During the earnings call, analysts questioned the company’s forex exposure and plans for cash utilization. The management confirmed that 72% of euro bonds are hedged and that cash will be used for debt repayment and new investments. The company is exploring further opportunities in Norway, Finland, and Sweden, aligning with its strategic focus on the Nordic markets.

Full transcript - Public Property Invest ASA (PUBLI) Q2 2025:

Andre Garten, CEO, Public Property Invest: Good morning, everyone, and welcome to Public Property Invest presentation of our second quarter and half year report for 2025. My name is Andre Garten, CEO of the company. And to present the results together with me is our CFO, Ilva Johrenson and our CIO, Ilja Vatlian. Let’s first have a look at today’s agenda. We will start with some highlights from the quarter before we move on to operations.

Ilva will go through our financials before we give our summary and concluding remarks. We will end the presentation with a Q and A session. Going into the second quarter of twenty twenty five, we marked our first anniversary as a listed company. And it has been another eventful quarter for PPI. We have continued to deliver on our growth ambitions with 19 new properties added to our portfolio, eight of them through our milestone transaction with Aker.

We have maintained solid operations while growing and our occupancy remains high. And we have yet again proven our strong standing in the capital markets by successfully issuing our second Eurobond transaction. In the second quarter, rental income came in at million, an increase of 42% compared to same quarter last year. Looking at our first half year, rental income grew by 39% compared to 2024. Net income from property management increased by 51% to NOK160 million from same quarter last year.

Compared to first half of twenty twenty four, the increase was 61% and came in at NOK208 million. We had positive value changes also this quarter with an increase of NOK203 million. And we are happy to see that our property management team delivered a strong quarter and signed leases with an annual rent of approximately NOK40 million. As mentioned, transaction activity has been high and we have added almost 200,000 new square meters to our portfolio through the acquisition of 19 properties. Through these transactions, we have issued approximately billion in new equity, mainly with the transaction with Aker.

In June, we successfully placed a EUR350 million bond with a wide group of international investors. The senior unsecured fixed rate bond matures in October 2032 and pays a fixed coupon of 4.375%. The average maturity of our long term debt now stands at five years and the average interest rate by end of the quarter has improved to 4.97%. As a result of new bond issues and capital increase, our balance sheet by June includes NOK4.8 billion of cash. So let’s move on to portfolio highlights.

By June, our portfolio includes 96 properties with a total BTA of six and thirteen thousand square meters. In terms of rental income, 90% of the assets are mainly social infrastructure properties that house function of its essential importance to the society and where approximately 90% of the income is backed by the government. The remaining 10% of our portfolio consists of eight critical industrial infrastructure properties that was acquired in this quarter from Aker. These properties are characterized by solid counterparts, long lease contracts and stable cash flow, similar to our social infrastructure assets. For the total portfolio, our share of rent backed by government budgets summarized to 80%.

The portfolio also includes a substantial development potential. After our screening of the portfolio, looking into existing zoning plans, risk and potential for the properties, we have estimated a total gross development potential of 270,000 square meters. I will come back to that a little later in the presentation. Normalized gross rental income is now slightly above NOK1 billion, up from NOK823 million in the first quarter. Average rent per square meter dropped from just above NOK2000 to NOK1757 per square meter, mainly as a result of the acquisition of the industrial portfolio.

Portfolio occupancy has increased to 98% and the vault continued to improve. As a result of new properties and re letting, the portfolio Voalte has increased from five point six to six point eight years. The total portfolio value has increased to NOK14.9 billion, up from SEK11.7 billion in the end of last quarter and the portfolio yield is currently at 6.5%. Epranarver per share is calculated at NOK24.5. Then let’s go to operations.

The second quarter was strong when it comes to our letting activity. Our property management team signed leases with an annual rent of NOK 39,000,000 covering almost 23,000 square meters. Our occupancy rate improved from 97% to 98% and we improved our vault from five point six to six point eight years, mainly due to the new properties and Alethe. Our largest signings in this quarter were renewals of the Norwegian Welfare and Labor Administration in Boulder, a renewal of the police in Serbark Kartala in Samofjord and the renewal with the Norwegian Tax Administration in We also prolonged one contract with the municipality in Bergen in a property that we acquired in the first quarter. The remaining expiring contracts for 2025 now mainly consists of the earlier announced expiries in Uteveijn, where Statistics Norway will move out in July, The police in Ulafemtesgatte in Halden and the courthouse in Anto Nensensgatte Nie.

Net letting came in positive, but with million in the quarter, mainly due to new letting in Karl Gruberanz and Skate in Namsos, which have been vacant for a long time. We also did a new short term contract in Ottowa. For the last twelve months, our net letting is positive by NOK15.3 million. PPI is a full property house with all the necessary functions in house and has a strong and experienced organization in place that also covers project and development. On this slide, you can see our largest ongoing projects.

To the left is our at the moment two largest projects in the Norwegian portfolio. Julingarn is under refurbishment as a result of the new contract with Norwegian Labor and Welfare Administration. And in Antoniensenskate, Otte, we are building new offices for the Norwegian tax agency. Both projects will be completed early twenty twenty six and the tenants have signed new ten year leases on both properties. To the right, you can see our finished projects, Metallum and Maurin Katu, both located in attractive parts of Helsinki.

These properties are going through extensive redevelopment, which also includes new square meters. Both projects are without any project risk for PPI and will pay yield on invested capital under the construction period until they are completed in the end of twenty twenty six. We are also working actively with creating value add potential to our existing portfolio. As you can see to the left, we have close to 30,000 square meters of zoned area that is ready to be utilized. In addition, we have three major ongoing zoning processes, which is Ottolen in Kongswingen, Stadenspark in Thunspar and Fuchtskater in Moss.

The combined potential for these projects summarize the 57,200 square meters, whereas 25,000 is residential. In this quarter, we have also done substantial work when it comes to screening additional potential within our portfolio. Together with external architects, we have identified a gross potential of approximately 187,000 square meters in connecting with our existing properties. As mentioned, one of the development projects that is ongoing is our earlier mentioned transformation of Ute Wein in Kongslingen. Our tenant, the statistics on Norway will move out of these premises in July and we are working actively with our plans for the existing building, but also to add potential to the surrounding area.

Our main target is to transform the existing office building into a nursing home or apartments and add a new generation friendly neighborhood to the surrounding area. Nursing homes and residentials adapted to elderly is already a demand and a big concern for Norwegian municipalities and a concern that will continue to grow going forward. By transforming an existing office building into a nursing home, we can both address the concern of the municipality, but also contribute to lower CO2 emissions by reusing the building instead of demolition and new construction. The zoning process is ongoing and we recently submitted our plan program where we cooperate with the municipality of Kungslingen as they are our closest neighbor. We are now in a consultation phase where the local community is invited to provide their comments.

Then I will leave the word to Ilya, who will take you through our transactions.

Ilya Vatlian, CIO, Public Property Invest: Thanks, Andrea. As you can see at this slide, PPI is continued to deliver strong growth in Q2. We started the quarter with acquiring Assisting Living Service portfolio, sixteen years average lease term, 100% CPI also included in portfolio one assets in central part of Oslo. In this quarter, we also strengthened our position in Helsinki Metropolitan Area among others by acquiring Life Science property in Aalto University area in Espoo. Espoo is fastest growing part of Helsinki Metropolitan area and fastest growing part of Finland, but also strengthened our position in Bergen by acquiring Nurnes Boden at 325 and Osane Police Station.

However, the main, how to say transaction in the quarter has been transaction with Aker where we raised the €2,300,000,000 in new equity from Aker and at the same time acquiring mission critical industrial infrastructure assets for 1,500,000,000.0 Those assets are 100% led to solid tenants on triple net lease contracts. Those are fifteen years leases are fifteen years on average. It is full CPI indexation 7% yield with total rental income of €106,500,000 On top of that on completion of two small plant development projects, we will have additional $12,200,000 in yearly rent totaling yearly rent from Aker transaction to $117,700,000 quarter was not ended with Aker transaction. Before the end of the quarter, we actually acquired a large asset in Helsinki Metropolitan Area, 63,000,000 including among others hospital with 12 years old. After as you can see on this slide, after quarter ended, we were able to strengthen our position in social infrastructure.

And Andre pointed out that based on effect from Aker transaction, our exposure to government income has decreased to 80%. However, with transactions done after Q2 ended, we have increased our government exposure from 80% to 84%, 85%. The main transaction was announced or was closed July 1, including seven nursing homes for elderly care located in Central Russela and the Greater Russela region, 100% led to Skar Omsoy with annual rent of $30,000,000 and with WALT of thirty five years. This is a clear step from PPI in a market that will be affected heavily by mega trend of aging population and where we are expecting to be able to continue to grow in this core social infrastructure market. And just as illustration, Andre mentioned in the beginning that we in Q2 increased the world from 5.6 to six point five years.

However, if you add on top of that the leases that we are acquired after the second after the end of the second quarter, we are probably now touching average length lease of longer than eight years. And I think I will stay there on transactions and give the floor to our CFO, Ilva Johrensen.

Ilva Johrenson, CFO, Public Property Invest: Thank you, Ilya. Let’s start with the financial highlights for second quarter. Rental income for the second quarter reached SEK233 million, representing an increase of 42% compared to the same period last year. The increase is mainly driven by CPI and acquisitions. During the second quarter, 19 properties were acquired, contributing with SEK26 million in additional rental income in the quarter.

Net income from property management reached million, up 51% year on year, reflecting our strong underlying operational performance. Our Era NRV per share has declined to NOK24.5, but the reduction is due to the increase in the number of outstanding shares used in settlement in transactions, particularly the Arca transaction. The reduction is also connected to allocated dividend of NOK0.5 per share. On the next page shows our P and L for the quarter and year to date. As mentioned earlier, rental income increased significantly to SEK233 million in second quarter, up from SEK164 million in the same period last year.

For the first six months, rental income was up by 40% to SEK438 million. Net operating income amounted to SEK213 million in the quarter, a solid improvement with 41% up from SEK151 million in the same quarter last year. Our NOI margin was 91.4% in this quarter, still slightly above our guided run rate, but this is mainly due to the timing of maintenance activities so far this year. For the first six months, net operating income was up 44% to million compared to the same period last year. Administration expenses amounted to SEK24 million in the second quarter, reflecting a larger portfolio, higher activity and the establishment of outsourced management for the Finnish portfolio.

However, these costs were partially offset by a reimbursement property management fee of SEK4 million, resulting in a net administration expenses of SEK20 million. Net realized financials amounted to SEK77 million in the quarter and this includes interest income from capital invested in our two Finnish projects in Finland, generating 6.2% yield during construction period. Net income from property management was up by 51% to million compared to the same quarter last year and by 61% to SEK208 million for the first six months of twenty twenty five. Net unrealized financials amounted to minus SEK 88,000,000 in second quarter, mainly driven by negative exchange rate for the bond loans in euro. Year to year year to date, net unrealized financial amounted to minus SEK41 million.

Value changes in investment properties had a positive impact on net profit of SEK203 million in the quarter and SEK273 million year to date. The positive changes are mainly driven by the progress of the two Finnish projects. Profit before tax came in at SEK221 million in the quarter compared to SEK13 million in the same quarter last year. Year to date profit before tax was SEK430 million, up from SEK203 million in the same period last year. And then we can go to the next slide and have a quick look at our balance sheet.

By the end of this quarter, the value of our portfolio was SEK14.9 billion, up from SEK11.7 billion in last quarter. Change in the like for like portfolio from Q2 last year to this quarter is 3.1% and is mainly driven by CPI and extension of leases. The net yield of our management portfolio was 6.5% by the end of the quarter. Investments in our Norwegian properties amounted to SEK33 million in the quarter and NOK144 million in the Finnish projects. Total investments year to date for the group was SEK225 million, whereof the Finnish projects constitutes SEK183 million.

On the finance side, we issued another NOK200 million and SEK550 million in the two bonds originally issued in first quarter this year. In late June, we also issued a new €350,000,000 unsecured bond under our EMTN program, maturing in October 2032. Gross interest bearing debt at the end of the quarter was SEK11 billion and with SEK4.8 billion in cash end of quarter, net interest bearing debt was SEK6.2 billion, giving us a EPRA loan to value ratio of 44.1%. The cash holdings by the June provides us with the flexibility to both continue our growth journey and to reduce debt. Twelve month rolling ICR stands at 2.2 and in the second quarter isolated ICR was 2.5.

Our most important debt metrics, net debt to EBITDA is solid at 7.8 times as of June. On next page, the chart to the left illustrates maturities of our interest bearing debt, showing a well distributed profile. Debt maturing within the twelve coming months is SEK288 million and will be repaid with cash at maturity. After quarter end, PPI has established a revolving credit facility of NOK700 million with Nordic banks. This strengthens our liquidity buffer and improves financial flexibility going forward.

The weighted average debt maturity has increased to five years, up from four years by the end of last quarter. Average interest rate has further decreased from 5.05% to 4.97%, reflecting improved terms in our latest financing arrangements. Our share of fixed interest rate remains solid at 70%, providing continued predictability. The decrease from 88% in Q1 is driven by the addition of three cross currency swaps based on NIBOR and Seaboard. Unencumbered asset ratio is improved to 2.6 times from 2.2 times.

And as mentioned earlier, loan to value is reduced to 44.1% and ECR is improved to 2.2 times. And net debt to EBITDA is reduced to 7.8 times. All in all, we have strengthened our balance sheet and extended debt maturities with while at the same time lowering our financing costs. And our key metrics continued to trend positively. PPI remains committed maintaining our financial policy and most important, keeping net debt to run rate EBITDA below nine times.

Next page presents our normalized annual run rate. We expect annualized rental income of SEK1033 billion based on current property portfolio as June. But to relate what Andrea spoke about earlier, the property of Ottewagen in Kongswingen will reduce rental income by $20,000,000 from next quarter. But on the positive side, recently announced acquisitions will contribute with an increase of million, resulting in a net rental uplift. Property expenses are expected to be around 10% of rental income, giving us anticipated NOI of million and normalized administration expenses are increasing as the group grows, particularly due to the growth in the Finnish portfolio and the external management agreement for this portfolio.

However, administration is still offset by reimbursed property management fee, resulting in a net administration expenses of SEK86 million. The run rate EBITDA is, as a result, estimated to SEK844 million. The net financial expenses are estimated at SEK279 million. This figure includes interest income from our Finnish properties currently under construction. This will generate a net yield of 6.2% of invested capital and will be reported as interest income until completion.

The new €350,000,000 bond is not put into work and is therefore not included in the run rate calculation. Based on these assumptions, we expect net income from property management of million, which equates to NOK1.64 per share. With our strong balance sheet and solid operational performance, net debt to run rate EBITDA ratio is estimated to 7.8 times. That was all for the financial part. So now back to Andre for concluding remarks.

Andre Garten, CEO, Public Property Invest: Thank you, Ilva. Let’s move on to summary and concluding remarks. This timeline highlights significant milestones in PPI’s journey since the IPO on the 04/29/2024. In connection with the IPO, PPI acquired 13 properties from SBB, resulting in a property portfolio of close to NOK10 billion. Through the IPO, PPI raised NOK2.8 billion in equity and then the refinancing of the existing debt in the company.

In addition, the full Norwegian SBB organization was transferred to PPI, moving the company away from a syndicate structure to a property company with all the necessary functions in house. In Q4, we did our first transactions after the IPO, adding approximately million to our annual rent. We also reached an important milestone by achieving BBB IG rating from Fitch and established our EUR2 billion EMTN program. Shortly after, we issued our first EUR300 million bond. We also added EUR0.1 billion in new equity through transactions.

Our transactions activity continued also into the first quarter of twenty twenty five, adding five new properties and $68,000,000 to our annual rent. In this quarter, we took our first step outside Norway and acquired properties also in Finland and Sweden. We also issued two new unsecured three year bonds in NOK and SEK with additional TAP issues later on. And as mentioned, in this quarter, we have added another 19 properties to our portfolio through seven different transactions. We have added close to 200,000 square meters and million in annual rent.

We have raised NOK2.4 billion in new equity that was mainly as a result of the Aker transaction. On the financing side, we successfully issued a SEK350 million, seven point three years unsecured Eurobond in order to further improve our financial structure. As a result, the run rate rental income has increased by 75% from NOK $590,000,000 pre IPO to the current level of NOK 1,000,000,000. This slide sums up the growth journey that we have been through since the IPO. The run rate rental income has increased by 49% from NOK $692,000,000 to NOK $1,033,000,000 in one year and the run rate EBITDA has increased by 46% from $575,000,000 to $844,000,000 Completion of ongoing development projects will add another $80,000,000 in rental income and with the current balance sheet with $4,800,000,000 in cash and relatively low LTV, we have an investment capacity to add further growth.

So to summarize, we have delivered a strong quarter and first half year and present strong rental income and margin development. Rental income was up by 42% in the second quarter of twenty twenty five and by 39% in the first half compared to the same period last year. Net income from property management was up by 51% this quarter and sixty one percent first half of twenty twenty five. And we have also increased our cash flow from operations from $162,000,000 in first half of twenty twenty four to $384,000,000 in the first half of twenty twenty five. Our operations continue to be solid and we have a stable underlying cash flow.

And in the quarter, we have delivered high letting activity by signing leases of $39,800,000 in annual rent. Our portfolio occupancy has increased to 98% and we have increased the vault to six point eight years, up from five point six years in last quarter. In the first year as a listed company, we have delivered on our strategy to be an operator, manager and developer of social infrastructure properties, supporting government in The Nordics to fulfill their social mandate. We have taken the role as a leading consolidator in the market by delivering value accretive transactions. And in our first year, we have acquired 48 properties, over 300,000 square meters and established a Nordic presence.

We have raised $300,000,000 in new equity over the last fifteen months, fully refinanced our balance sheet and obtained a BBB rating. And we have also started to pay dividends for the first time now in July 2025. That was all from our side. Elva and Ilya, please join me on stage for the Q and A session.

Unidentified Moderator/Analyst: Then we will move over to the Q and A session. And I will start with a question for you, Elba. How much of the ForEx position on the euro denominated bond debt is now hedged?

Ilva Johrenson, CFO, Public Property Invest: That’s a good question. By the June, EUR150 million of the new €350,000,000 bond is hedged and €100,000,000 is hedged from the bond issued in December. If you include natural hedge from our Finnish portfolio yielding in euro, the hedge ratio of total euro exposure at maturity is approximately 72%. This is with completed projects in Finland. When it comes to interest payments, more than 70% of our interest payments are hedged.

And this includes then natural hedge from our Finnish portfolio.

Unidentified Moderator/Analyst: Andrea, the small lease you mentioned in Otto Vaien Sutria, is this for the whole building after SSB is moving out? And what is the duration on the lease?

Andre Garten, CEO, Public Property Invest: No, this is a quite small lease of approximately 500 square meters, and it’s short term and have a flexibility that we need in order when we are in the process of developing the building that we are right now.

Unidentified Moderator/Analyst: What is your plan for the large amount of cash on balance sheet following the last Eurobond issue?

Ilva Johrenson, CFO, Public Property Invest: Yes. The large amount of cash will be used to a mix of repaying debt and new investments. And while we are working with this, we will keep net debt to EBITDA below nine times. It’s our most important key figure. And current net debt to EBITDA is 7.8.

So it is further investment capacity within our current capital structure.

Unidentified Moderator/Analyst: You have grown significantly over the last year. What’s next? Will we see further growth in the infrastructure segment?

Andre Garten, CEO, Public Property Invest: Well, our strategy is to be a sustainable owner, developer and operator of social infrastructure properties with tenants that are backed by the government. And that will also be our main focus growing the company forward. We will also look at opportunities in all the Nordic countries.

Unidentified Moderator/Analyst: On that note, Ilya, how do you see the transaction market and deal pipeline going forward?

Ilya Vatlian, CIO, Public Property Invest: We see that there are good opportunity both in Norway, in the syndicate market, but also in Finland where many mutual funds are struggling with their balance sheet. So we have decent pipeline and are expecting to announce a few more transactions already after the summer.

Unidentified Moderator/Analyst: Are you focusing on Norway, Sweden and Finland or are you evaluating other countries as well?

Ilya Vatlian, CIO, Public Property Invest: Norway is our main market. However, we have been very active in Finland. We do see more opportunities in Finland. We are looking at some deals in Sweden. And as we have said before, Nordics is the best market for social infrastructure.

However, we have both knowledge and capacity to go outside Nordics.

Unidentified Moderator/Analyst: The new industrial segment, is this also to be considered a pan Nordic segment or strategy?

Ilya Vatlian, CIO, Public Property Invest: It is always difficult. I mean, if you look that we bought Eggersund, it is amazing real estate controlling 500,000 square meters of very important mission critical infrastructure. So if we find that kind of assets outside of Norway, we will be happy to look at that.

Unidentified Moderator/Analyst: Will there be full run rate in rental income for Q1 twenty twenty seven from the development projects in Finland?

Ilva Johrenson, CFO, Public Property Invest: Yes, the Finnish project will be completed by the end of twenty twenty six and will provide full rental income from first quarter of twenty twenty seven. And during the project period, these projects will provide yield of 6.2% of capital invested and this will be reported as interest income.

Unidentified Moderator/Analyst: What is the plan for further dividends and what is the dividend estimate for the second half of twenty twenty six?

Andre Garten, CEO, Public Property Invest: Well, our general meeting, they determined a dividend of $0.5 per share for 2024. It’s too early to predict anything for 2025. But PPI, we have a long term stated ambition to pay out 60% of cash earnings.

Unidentified Moderator/Analyst: And then the last question, what is the status of the secondary listing process in Sweden?

Andre Garten, CEO, Public Property Invest: Well, as you know, we have been quite busy with transactions in this quarter. So that process is postponed.

Unidentified Moderator/Analyst: Thank you very much. That concludes the Q and A.

Ilya Vatlian, CIO, Public Property Invest: Thank you.

Andre Garten, CEO, Public Property Invest: Thank you.

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