FY22 EPRA NTA per share of €5.1 was in line with PSD’s guidance. A pre-tax loss of €17.5m (FY21: 45.3m profit) reflected a c €80m y-o-y negative swing in property values, partly offset by gains on interest rate derivatives. Like-for-like rental income per sqm increased by 3.9%, with new leases in Berlin signed at more than 30% above passing rent. Lower condominium sales volumes reflected market conditions but the premium to book value remained above 20%. We expect PSD to continue to benefit from rent reversion built into the portfolio but while it is well-placed for a medium-term recovery in condominium sales (76% of units are designated as such), it is difficult to call a turn in the buyer/investment market. Gearing is comfortable (LTV of 39%) and interest costs are fixed at 2.1% until 2026. Nonetheless, asset sales are a key source of cash flow and in common with locally listed peers, the board has decided to suspend dividends and preserve cash for investment in the core business.