Hello, good afternoon, and welcome to the Baltic Horizon twenty twenty one Half Year Webinar, where I am happy to present the latest news about Baltic Horizon and its assets and general market conditions. So as usual, the webinar presentation would last around 40, 45 minutes and followed by 10, 15 minutes of questions, if any. So if there are any questions, please write it in the question box and I will be able then at the end to address them if I haven't addressed them in the presentation already. So let us get started. A quick snapshot about Baltic Horizon for those who are maybe less acquainted with us that we are a pan Baltic commercial real estate funds having invested in the Baltic capital since 2011.
And we have quite an equal allocation of assets in the capital cities of the Baltic style in Riga and Vilnius that's where our focus has been. And we are considering ourselves and market is looking at us as a regular dividend payer. We are paying the goal is to pay at least 80% of the net cash flow from operations, from rental activities to our investors on a long term basis and do so every quarter. And we have also continued to do that during the COVID period when there has been some restrictions on certain of our assets, but I will discuss that a bit later. Then straight into the results, we generally had quite a lot of restrictions during the beginning of the year and which already started at the end of last year on certain of our centrally located shopping centers.
It's because of the COVID second wave, which lasted until May. So effectively, many of our shopping centers were forced to be closed almost 6 months and a lot of work was done just to get some kind of rental income from those properties during that time. But I think overall, we are quite satisfied with the results. We did have a small write down of the portfolio of about 3.4% in value and that was largely related with the or to the COVID restrictions and the resulting aftermath. I will get to that later.
But overall, we did achieve more than €8,500,000,000 worth of rental income during the 1st 6 months, which is slightly less than compared to last year. But last year, of course, January February and also March during the first half of the year were months that where we had full operations and full rental income. So generally, as I said, considering the circumstances, we are quite satisfied. I would like to give more details about the portfolio and especially some of the retail assets that we have during this presentation. Now we have more statistics and we can also draw some conclusions.
We can understand better some trends. And trade receivables is something that our team has monitored very closely and which are the invoices that we are sending out and how well they are being paid. So for example, if you look at the January February of 2020, when it's sort of an ideal world before COVID, then the majority of the invoices were paid in time and we had some delay, but more than 90%, not more than 30 days. So this was this is a very standard sort of situation in our portfolio and in case of commercial real estate fund, so about €1,500,000 worth of trade receivables being recorded on a monthly basis. And here you can see as well a little bit of the development of that trade receivables for our portfolio.
So in the first lockdown, which was the most shocking, I guess, to everybody, the trade receivables and everybody stopped, not everybody, but most tenants, especially in retail segment that were forced to close, stopped paying invoices, but they remained due. And then it took quite a lot of months to negotiate with them the terms and the payments and also we had to give certain discounts in order to manage these trade receivables. And what's quite interesting is that throughout this COVID period, you can see that what has increased is the trade receivables which are due 61 days to 90 days. And that shows actually those that part which usually remains under negotiation and eventually then is discussed and agreed upon. Also, you can see that the beginning end of last year and beginning of this year end of last year and the autumn was quite was actually very good already.
Trade receivables even below €1,500,000 so normality started to kick in. But then with the new restrictions beginning of the year, the trade receivables start to increase again, especially the long term view part and this is, of course, because of the restrictions which needed to be negotiated. What is very important is to also show the graph on the right that we have grown throughout the years. And basically, the end of 2019, beginning of 2020 was when the portfolio was in full swing, full motion and then you could also see the impact of the restrictions to the portfolio. But overall, for 2020, from the portfolio basis, around 13% of the rental income was lost due to the discounts primarily.
So the fund remained of course quite profitable and the income coming from the tenants remained still quite high. The lowest point was notably the beginning of this year and you could also see the recovery that has started in Q2, but it is, I think, right now sort of right thing to say that the strongest restrictions and the deepest point for our fund was probably beginning of this year and actually the first half of the year of twenty twenty one, which now we are presenting. Some of the notable events just to go over. We have continued gradually to construct the first tower of the office building in Vilnius. And we have also issued a small bond to finance the construction at quite favorable terms.
And in this sense, we really want to attack the rental market once normalization is achieved beginning of next year to be ready to offer premises that are suitable for tenants that are looking now for more co working team building space is rather than old layouts in the office segment. And as well, this will be a very green building certified by Breen, the newest building in our portfolio. So we have issued the bond there to finance the construction in addition to the equity that we have invested into the process. We have received stable rating from Sandel and Poors at the MM3 level. Our second time after COVID, it was affirmed to be at the same level overall the portfolio.
And I think one of the biggest changes now for the Fund has been the onboarding of a property management and accounting services partner to take the property management to the next level. And CBRE International has been selected as our partners will be fully taken take effect from the 1st September now this year. I think this is also a very interesting chart to look at and this is a sort of an index of the total footfall of our shopping centers. And it does show the trend and I think it's I've explained this also before that when the turnover and the footfall of our shopping centers was gradually increasing before COVID, then there was a very strong drop, especially in April 'twenty one when the confusion was really present. But after the restrictions were lifted in May, June, the footfall has recovered quite quickly.
It is also interesting to see that during the 2nd wave, the footfall dropped for a longer period of time until March April, but again has started to recover quite quickly. We are estimating July, August to get closer to the same levels as we had in 20 20 in the past. So it's something interesting to track. So in regards to the situation in the Baltics right now, then the vaccinations have been happening. And we are one of the, let's say, we have been, say, the pace of vaccinations have been quite good.
And especially in Lithuania, where more than half of the population is already vaccinated, higher percentage in the adults and elderly age groups. And we have also tried to assist as much as possible as one of the largest players in the market that we have had vaccinations centers that we have allowed to be in our shopping centers. So hopefully, this will now bring really, really change the approach how the COVID virus is being looked at and the healthiness of the population will be much, much better than before. Then quickly into the financial results, just an overview, there's a lot of detail on this in our quarterly and semiannual report that is generally we did record a little bit lower rental income, as mentioned before, due to the longer restrictions, which ended in May. And but at the same time, we were able to still keep our admin expenses at the low level and manage our financial expenses at the same level based on the fixed agreements that we have with the banks.
So overall, without the valuation losses, we remained quite profitable and cash flow positive definitely during the first half of this year. So if you look at the cash inflow from our core operating activities during the first half of year, then it was actually quite similar to 2020, SEK6.4 million and of that amount, we have paid out as well a dividend. In regards to the plans that we have with the cash buffer in the fund, then as you know, there are some expansion projects going on. In Europa Center, we have refurbishment project going on and I will show a bit more detail on that later. So some of that some of those funds will have been invested there.
Now, the fair value valuations, we changed the evaluator as part of our corporate covenants rules. Every second or third year, we are having a new tender and our new valuator is Colliers and Nussek was the previous valuator. And what we understood from their objective market valuations is that due to the second wave being stronger for some of our assets, they had a more conservative view on the shopping center recovery periods and as well more conservative view on our some of our single tenant properties where lease agreement term is less than 3 years remaining. This year, we have no major lease agreements ending. So in the coming 3 years, there are certain lease agreements that potentially are ending where we have to re tenant.
And in the valuations, which were very positively looked at were multi tenant office buildings that we have in our portfolio and as well as the neighborhood shopping centers. So that brought some balance into the valuations and even had their respective increases. So it's nobody can predict the crisis, but it's good to have a diversified portfolio where the impact can be managed. And another, I think, very important slide again to visualize is the net generated cash flow per unit and what we have earned from operations, the cash flows and how much we have paid out as a dividend. So yes, we have been more cautious during the past quarters and retained some of those funds for opportunities or just for additional buffer to react in this uncertain environment.
But overall, considering the payouts we have on a 12 month rolling basis paid out 5% and that's as well a bit lower than what we had of course pre COVID, but we're working hard now to maximize that dividend yield over the coming periods after the restrictions have ended. This year, what we have also been preparing for is for the refinancing of our loans. We have already refinanced G4S and Skyloan with prolongations at very comparable terms with the same banks. So the banking market banking sector remains very favorable. Competition among the banks has actually positively increased over the past years.
So we're very confident that we can continue refinancing our loans in the coming periods as well, especially when restrictions have ended. And of course, we've had close dialogues with the banks. Since we don't have any amortization, we haven't needed to ask for any moratoriums of the principal payments. And so we have continued to pay the interest and at the same time as well the dividends to our investor base. So few more words about financing strategy that, of course, we have been working on is that the valuation that's had been recorded have slightly increased our LTV level on the fund, which is around 63%, 64% at the moment.
So we have been working to manage that and to balance that with investing equity into our development project, expansion projects to create additional value. And as well, the new acquisitions that we are planning will most likely happen at lower LTV levels than the fund currently has. So the plan is to manage the leverage part until we are able to regain our values that have been lost during the COVID, especially in our centrally located shopping centers. So yes, when we have made several acquisitions in 20 16, 2017, 2018 than bank loans typically have been for 5 years. We have one loan, I think, for 7 years, but most of them are for 5 years.
So that's the reason why the debt is maturing in 22, 2023, majority of those loans. So the idea is to refinance it with the local banks who know us the best, but at the same time, we have also looked for alternative sources of financing. So we have several options, several tools in the toolbox to choose from. But at the moment, we are very confident that we can refinance the portfolio with the local banks, which is probably our preferred strategy going forward. Our bond, which is also listed on the stock exchange, was issued in 2018 and the term will be in 2023.
If the question is that what will happen to the bond, then we don't know yet. We may roll it over with the investor base that we have, but it depends on, of course, the conditions. But at the same time, we may consider refinancing it also with the current banks if the margins remain as competitive as they are today. So moving on to the portfolio and some of the key moments here to really show is that allocation has been quite equal and our office segment due to the exposure to retail has enlarged to almost 65% as less income has been received due to discounts from retail. But generally, our main tenant base hasn't really changed this year.
So when it comes to the occupancies then as you can see as well, quite a few of these figures have remained very similar and to the previous quarters. And so we are happy to have our average portfolio occupancy rate of still higher than 93%. And yes, we've had some more vacancies in Caleria and the robot due to the COVID restrictions. We have had to say goodbye to some of our tenants. But then again, we have been able to retain a lot of our anchor tenants, brought even some new ones to strengthen the future tenant mix to the ones that are looking for to make business after the restrictions have been lifted.
And overall, the office segment has remained strong, very strong considering the long term leases that we have there. So on a portfolio basis, yes, more than 93% of the spaces have been occupied during the first half of the year. And we are seeing that this will remain stable probably also in the second half of the year with hopefully some increases in some of our shopping centers happening. So we've worked really hard on our centrally located shopping centers to first of all, the team has done a great job to discuss the environment with the tenants, to discuss the new trends, to understand the new trends, to see what tenants have been more resilient for the to live through the crisis. We have actually helped each other to discuss the future business models and it is clear that for many tenants, for most tenants, it will be an omnichannel business model that they have to have flagship stores, but then accompanied by their strong online stores, which many of them didn't have before COVID.
So it's the way how stronger tenants will the the new retail management team that we have now been have had in place for our Europa and Calaria and Postimayama some marketing campaigns and business centers again to visit the new and improved Europa and had sort of a promotion, which was very successful that if €20 is being spent, then one can get a nice fresh match a lot. So it was a successful campaign which we are planning to repeat also in the coming period, especially as we have the ongoing construction happening in Europa, which we aim to finalize by the end of the year with a refreshed hood court and I can already say now at least a few fresh tenants with new concepts, especially suitable for the people working in the area. And it is all expected that after that And we can already see now even from the footfall figures during the past week that people are moving or going back to the offices and hopefully this trend will continue. So a few more words on what we have actually been doing at the level of our shopping centers if you haven't been able to visit all of them.
So if somebody is saying that the traditional retail is dead, then I can assure you it's definitely not. In the Baltics, still more than 90% of turnover and shopping is done in physical mode in the shopping centers. And tenants, they know that they cannot live without physical stores for various reasons, one of them being just customer experience after sales, but also the fact that they don't have to deal with returning goods and plus the money that is paid by credit cards or debit card in the shop is recorded right away. And so there's various reasons how we have helped them to also become more attractive through our discussions. And we see it also through negotiations with the tenants that pipeline for that we have of new tenants, new leases is in total more than for 30,000 square meters.
So and that's only the case of Calaria Centres, which is one of our key assets in our portfolio. So we're quite confident about the future of retail. Of course, we know that for our shopping centers, Galleria and Europa and Postima to fully shine again, we need the tourists back. And it's really then what do you believe? Do you believe that the tourists will come back or not?
And we definitely believe at some point they will come back. It would probably take a year or maybe somewhat even longer, but they'll definitely come back and that's where we really want to be positioned as the shopping center with the newest concept. And I think every shopping center owner right now a hotel owner as well, are thinking about those things, how to prepare for the future. Some of the names that we've been able to retain prolonged agreements with, PIMCO is definitely an absolutely a new tenant and we have hopefully a few other new tenants coming and that we can announce in the coming quarters. It is true that in the retail segment, most of the tenants are they are very much interested, but they are negotiating hard and they really, really are thinking through before giving the final signature.
But I think as it becomes more clearer and clearer what's happening with vaccinations, what's happening with the restrictions, that's where the tenants will start to sign the leases on a more massive scale. So we definitely are going to be ready for that. So Europa activities I discussed about this will likely and most probably even be, if you see, look at the picture there, Europa, this will be the new social area in the middle of Europa. We will have an uplift of the facades of the shopping streets to become more of street like social areas to promote it for the people that are working next door in office skyscrapers that are living there. So I think we have an excellent interior architect on board from Finland.
So we're continuing to execute this project. For Coca Cola Plaza, I mean, Coestima expansion, we have taken more time to look into this project because construction situation today is very unpredictable and we're looking how to optimize this project, talk to the construction companies when they are ready to give us more fixed prices. Prices are ranging today more than 40 percent difference and they are also changing month by month even and many construction companies are not able to even guarantee us the price. So the work continues unfortunately, a bit more time is needed. But again, this investment will be done for the next 30 to 50 years.
So we want to do it right. And then the 3rd expansion project happening is Meraki, the new office building in Vilnius that I spoke about with BREEAM Excellence certification in mind. And first, our completion planned days is in about 6 to 7 months. Then I definitely want to emphasize our ESG work and we have a team in place that have really been looking into how to optimize our portfolio from the ESG perspective. And we have chosen Breen as we are most familiar with that.
We have several Breen buildings already in the portfolio and we're continuing to certify the other properties that we have. We will have at the end of this year of all leases in the office segment to include green leases and that has continued very well discussions with the tenants and they've understood it. So that work has been mostly completed, but still continues. And this is something definitely we will be looking at when making new acquisitions, both green certification, but also green leases lease clauses in the lease agreements. We have analyzed the solar panels where we can have them for all of our properties.
For some, it's not physically feasible, but we already have for 3 properties, the solar panels installed and then electric vehicle charging stations, we want to install in all of our office properties by end of next year. Longer term goals is to have the BIM certification for more than half of our portfolio by the next few years and the NSE certificate to have at least B or better. So that's something that we continue to work on. Of course, we have certain older centrally located properties that we can only do so much. We cannot rebuild Galleria or Centrus as it is 100 years old heritage property, but we can still do quite a lot and we have been doing quite a lot to improve the ESG standards also for those type of properties.
Now when it comes to the actual results then we are expected to have more than 50%, almost 60% of our portfolio already certified during this year and next. And that would include BRIM certification for all of our office buildings. So that is in process and expected to be completed this year. So a lot of processes have been reviewed, certain investment budgets have been compiled and it's definitely something that we're quite happy with. And maybe then to end up to talk about strategic priorities.
And then as I mentioned, there's a lot of information on all of this in detail in our half year report. I propose to read it really, cover to cover. And our goal is to grow and grow by diversification, keep the allocation quite balanced, but with a more focus on Lithuania and over the coming years, but also on the other segments. So this is a bit of a strategic shift for Baltic Horizon in addition to offices and shopping centers to invest in health care in the future, logistics and potentially as well like manufacturing where long term leases with strong tenants can be obtained. And to finish up before questions, some of the summary of the key points that, yes, we have onboarded a new property management company to help us run the assets that we have, both in retail and office segment with their international processes, very capable teams, also much, much more boost on the leasing side.
As well, we are considering seriously a sale of 1 or 2 of our properties and the idea to reshape the portfolio in that sense over the coming periods to invest into the properties that we see more long term value for our strategy in the Baltic capitals in the future and as well to continue to gradually reduce our LTV, manage the valuations and to get higher occupancies in order to regain the lost valuations that we have had now due to the COVID lockdowns. And yes, definitely sign new agreements, prolong the agreements that we have and that could only result in also in better financing terms for us in the future. At the moment, I don't expect too much of an increase in the cost of debt for us over the coming years. And this is largely to do with, I think, our overall portfolio standing and the partnership that we have with the local banks, but also the fact that there's a lot of liquidity out there, a lot of ways how to finance, not only with banks, but also from the debt capital markets through bonds. And so let's say there's many, as I've mentioned, many tools in the toolbox in this sense.
And we continue to be active in the acquisition side as well to search for the opportunities that we believe would complement our portfolio. And also mentioned here, we have mentioned the digitalization. What this means is new systems in place to analyze the data that we have. It's all about data mining nowadays. Definitely, we have a lot of data that we can even further analyze for our purposes so that those systems have also been upgraded.
And definitely looking forward to the future success of Europa, Meraki and Galleria centers being upgraded soon and as well, Westinmeier down the road. Yes, it's taking a bit more time, but there's also a lot of it already in motion. So let me see if I have some questions here. There's a question on marketing our funds and being more visible in the market for the retail investors. It is true that historically, our investor base and it still continues to be more than 70 percent from the Nordics, especially from Sweden and largely institutional investors.
So we are definitely planning to have more campaigns and discussions on a more broader level to introduce Baltic Horizon on a more wider scale to the retail investors in the Baltics. And it is true that perhaps our visibility hasn't been that high. But it's also important to say that there are certain rules and regulations on when and where and what you can publicize as a listed vehicle. So it's definitely a joint effort with the lawyers and our marketing team. We have a new marketing and communication manager on board since May.
So we're definitely preparing as well a more of a campaign because the Estonian pension fund reform will see €1,300,000,000 withdrawn from the pension fund system. So for those that would like to continue investing rather than just using the money for something else then we want to be visible as a viable alternative for us to consider to invest in the Baltic commercial real estate. And it is true that the pricing as well on the stock market could be considered quite attractive. And there's been a lot of trading of our funds, there's been sellers, but also a lot of buyers that have increased their positions. So we'll continue to work on our visibility.
So if that continues, then we'll be also hopefully more successful in getting attraction to the retail investor base in Estonia and Lithuania. But there's a lot of information in the quarter reports. So I think my information is there, but we have to just push it more to the market. So there's a question on Birita Center and could there be some new tenants coming in? So I have to say that Birita Center, one of our neighborhood supermarkets, has been definitely one of the star performers over the past year or so and the footfall has increased more than 30%.
We have attracted some new tenants. We're continuing to work on what tenants that we want. Their electronic shop is definitely an interesting idea. I'm not sure if we have it. I don't think we have 1 in the pipeline before, but let's put it this way, there's a lot of activity with potential tenants, especially in smaller supermarkets right now.
And maybe just I'm not going to mention names, but we have one tenant potentially coming in into our one of our other shopping centers, which is an electronics shop, but it's a new version of it. So it's not a standard place where you can buy a TV anymore, but the concept where you can actually have coffee, meet some people and play with all kinds of gadgets and buy gadgets that could be attractive. So these are the new electronic concepts. I'll keep this in mind for Biric. So if we are able to attract something, then somebody then we'll definitely do it.
Question on the aged care assets. So the aged care segment is definitely a segment that is a strategic segment for Baltic Horizon. We are working on actually 1 or actually 2 projects. The main question for us is to find a reputable and reliable operator and the right concept. And because a lot of real estate developers and owners today are taking perhaps too much risk, It may actually be worth it, but we after analyzing the market, we still see quite a lot of vacancy in the elderly care rooms.
And let's say, the work is in progress. I cannot say any concrete dates yet, but definitely, it's a strategic priority for Multifarizon in the coming year. So there's a question on the office segment and how do we basically see it. And there is true that some of the new office buildings are being built not only in Tallinn but also in Riga and Villas and many of them are being built on a speculative basis, meaning that they almost have no tenants. I would say that the future of office segment will be influenced by several factors.
There definitely will be tenants that are looking for efficiencies and if they have tens of or let's say thousands of square meters of office space then for sure they would be looking to reduce it by maybe 10%, 20%. But then again, you have tenants who are, let's say, medium sized and their business segment is growing. So it's actually a risk for them to reduce if the ones that are in a growing segment, the ones that are in a stable segment, let's say, maybe banks, they will probably look to optimize the large banks. But if you're in a growing segment, then what we've understood from the business owners is that they'd rather keep it stable and actually have even flexibility to take more. So and there have been tenants in our portfolio who have taken more space during the COVID as well.
So it's difficult to find sort of one answer to this question, what will happen to the office space, but I think it's also true that the same trend continues that the older and less attractive locations and buildings will continue to have higher vacancies. The ones that the buildings that have or new have new layouts are going to be more competitive in this market. People will not go to work from home as they will not go to shop from home all the time. They I think it's definitely a conclusion that in the future flexible working will happen, but at least 60%, seventy percent will be people will be working from offices and then flexibility will be also allowed for them to work remotely. So, yes, competition, competition, competition.
So you have to have a in order to have be the market leader in office segment, you have to have strong locations, good layouts and yes, energy efficiency in order to relieve XL. The question on dividends, So what I can say right now is that the dividend level that we have now paid out over the past few quarters, there's no plans to cut them further. So we want to keep the stability and we have definitely if you look at the cash flows from operations, then it's much, much, much higher even that the dividends that we have paid out. I know that some investors would like us to be more aggressive and pay out more of that operating cash flow, but there are also investors that are saying you should really keep it and at least some of it and consider the opportunities that are in the market. And I think we want to find we have found a sort of a balance.
So we don't plan to cut dividends at this point further, but would rather consider hopefully in the coming periods certain recovery, but it's also too early to say when. So hopefully, I explained about our active work in regards to the leverage. And yes, it is to do with the valuations and the valuation losses that we've had due to the COVID restrictions and the ambiguity in the especially in the retail segment and in the development area. But we do believe that the worst is over and we can really start to regain the and recover the values if the flexibility and the openness of the environment continues and I have I don't believe the same level of restrictions will happen. So I don't think anybody believes it and anybody even accepts it.
So question about which properties are we selling? I guess one property that's in the process of being in the sales process, which I can mention right now is Sky Supermarket, where we have prolonged the lease agreements and we think we want to reduce our exposure to Latvia, but also to retail. And I think we can get a good price for that. So the other ideas maybe I wouldn't want to reveal at this point, but I think sooner or later that we can also talk about that if we believe that actually we want to do that. So overall, the rest of the portfolio, we're quite happy with and But we'll be back with that information in a later period.
The question on why we've had valuation losses in the central areas whereas the central area residential segment has increasing prices. And I think that's a good question because commercial real estate is different to residential real estate And also this crisis is very much favoring the residential real estate because people are, 1st of all, being pushed to stay at home or have been pushed to stay at home. They have viewed their living conditions and they maybe wanted to have some changes there. So they have definitely got revitalized and even brought some kind of a big boom in the residential sector, which is also something to really keep an eye on. Is it booming too much?
But in the commercial segment, the valuation is really a function of well, it's a function of several things, but mostly it's a function of rental income projections and as well vacancies, but as well the discount rates. And I think discount rates haven't really changed that much, but what has really changed is when the shopping centers have been forced to close, then the rental incomes for those months have been uncomparable to anything. And then there's big dilemma for the valuators how to make forecasts how this rental income will return and how quickly it will return and how quickly will the vacancies be filled. So that has definitely influenced mostly the vacancy in the retail centers and especially in the larger shopping centers. So when it comes to office segment then or let's say developments then yes, the turmoil around construction prices total on forecastability of that has also been an influencer of the valuations there.
But again, we expect stabilization by year end and we do have these sort of interim valuations in the mid year. And yes, after this after a very tough year, let's say, half year for our shopping centers, We have to have some losses, but of course, 3.4% drop in gross value for our portfolio is could be quite expected. The question again on the dividends and I know this is of course of great interest to our investors and in the past, we've really paid out as much as almost as much as we have earned and in a stable market conditions and that has yielded investors 8% even slightly higher of dividends, which have been comparing to certain alternatives even in this market been quite exceptional. We consider that even during this period of paying around 5% out to investors is still quite attractive. Now when we would decrease that and when what are the what needs to happen, then I think definitely visibility around restrictions, are we going to have restrictions, what sort of restrictions.
Right now, we are faced with some, let's say, management intensiveness in our shopping centers and our tenants are forced now to control the hotspots. And of course, that will also influence a little bit the footfall recovery. People are not going that quickly back to the shopping center. What's very interesting actually to note is that average checks, average purchases overall for our shopping centers have increased almost 30%. So people are visiting less, but they are buying more and that's definitely a big trend that has happened now during the COVID periods.
So it is I think those things definitely need to stabilize and we need to have strong visibility about our also new leases, so prolongations and all of that. So it may take a while on, I think. But as I said, we have no plans to reduce the dividend levels. And we are every time thinking whether we should gradually start increasing them or not yet. So but the money is there.
So it hasn't disappeared. It is there. It has been earned and the buffer that we have in reserve, it's there. So and we've always said that Baltic Horizon should be a long term investment. Let me see if there's more questions here.
So, yeah, I mean, as I mentioned before, aged care segment for Baltic Horizon, we're working on the right business model for us and have been relatively cautious there just to jump and develop something with a developer where we don't see a strong operator being present. And many of the operators in the market today are very small, usually 1 or 2 properties and sort of niche players. So but we're discussing this with them all also with international players. As you know, we have 2 aged care funds in the Nordics. There are more than 120 aged care homes across the Nordic countries, operators like Atendo, some of the big names, we're discussing also that with them, how do they see the Baltics for an expansion, but it's a process that will take some time.
And I think the last question is on the logistics that we are very much looking for right opportunity. And I mean, as I've always said, there's difference between logistics centers and there's large scale logistics parks strategically located outside of the cities, even in smaller cities, but also logistics which are a bit more closer to the cities, sometimes even within the cities, we believe that there is a strong boom or a growth, especially in the last mile logistics, meaning that last mile delivery, meaning that when you buy online, you expect something to arrive at your doorstep very quickly. And otherwise, you just go out and buy something from the shopping center. And so every shopping center in the Baltics is 15 minute drive away. So if the last minute deliveries are and a lot of companies are working on that are becoming stronger, then that would also boost the online shopping.
And that's where we also like these shopping centers sorry, the logistics centers that are closer to the city centers, closer to the hubs because the demand for those logistics centers will continue and even grow. So we're looking for the right property there and there are several in the pipeline. And much appreciated also a comment that on the work that we have been doing during this period. And thank you very much. I'll give this definitely also these comments to the team.
It's not been easy. It's been a lot of work with a lot of people understanding the uncertainties, how governments react, how tenants react and a lot of emotions. And I'm also happy that communication has been appreciated. I do believe that and again, kudos to our team that has worked hard on the reports. There's a lot of information in the reports, a lot of detailed information as we are listed fund.
We need to have certain things. We need to have always completeness of information, we need to have a preciseness of information and materiality of information always included in our reports. So it's all there and I think it's only the benefit can be better from here. So as I mentioned sometimes over the several years ago to investors that whatever happens, we are the ones that will go through all kinds of cycles. And also we will continue to pay the dividend even during the crisis, maybe not as high.
And it has happened now that we have been forced to pay a little bit of a lower dividend. But again, I think our fund structure is very optimal for continued regular dividend payments and we'll continue to be paying those dividends. So thank you very much. And I guess it's been around 1 hour or so. So once again, thank you for joining.
If there's any questions, I'll try to answer them as well over e mail. Otherwise, this will be posted on NASDAQ and can be reviewed also in the future. And again, thank you very much and have a great autumn.