Auto-Implemented Properties in VB.NET

Auto-implemented properties enable you to quickly specify a property of a class without having to write code to Get and Set the property. When you write code for an auto-implemented property, the Visual Basic compiler automatically creates a private field to store the property variable in addition to creating the associated Get and Set procedures.

With auto-implemented properties, a property, including a default value, can be declared in a single line. The following example shows three property declarations.

Public Property Name As String
Public Property Owner As String = "DefaultName"
Public Property Items As New List(Of String) From {"M", "T", "W"}
Public Property ID As New Guid()

Read more here