Overview Key strengths Key risks Robust market position in the Baltics retail market, with five large shopping centers generating high retailers? sales and footfall. Concentration risk due to a limited number of five assets and small portfolio (around €1.0 billion). High occupancy levels of 98%, which should continue generating steady rental income. Operations concentrated in the Baltic markets, which do not have strong legal barriers to entry regarding potential new competition in the retail real estate segment. Prudent financial policy with S&P Global Ratings-adjusted debt-to-debt-plus-equity and debt-to-EBITDA ratios well below 45% and 7.5x, respectively. Full dependence on the retail property segment, subject to a deceleration in consumer spending in a high inflationary environment and the competition from e-commerce, although limited
