Phoenix Spree Deutschland’s (PSD’s) core rental business continues to perform well as the demand-supply balance for Berlin rented residential accommodation remains tight. However, the challenging economic backdrop has negatively affected property values, NAV and condominium sales. While DPS has been paused to maintain cash flow for value-creating portfolio investment, PSD remains conservatively financed, with 83% of debt costs fixed/hedged and no debt maturities until 2026.