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Q1 | 2021 INTERIM REPORT 1 JANUARY – 31 MARCH AL ATRIUM LJUNGBERG Rental income in like - for - like portfolios , excluding rebates related to Covid - 19 CEO's statement Atrium Ljungberg in brief Financial reporting Market and property portfolio Our projects Financing Cash flow statement Sustainability Segment reporting ► Key performance indicators Quarterly summary ► Parent company Other information ▶ Definitions Financial calendar THE FUTURE IS CURRENTLY UNDER CONSTRUCTION −1.1 % Profit before changes in value Stable profit and demand for our residentials remains strong > Net sales amounted to SEK 699 million ( SEK 733 m ) , of which rental income amounted to SEK 572 million ( SEK 648 m ) . > The operating surplus from property management amounted to SEK 377 million ( SEK 435 m ) , a reduction of 13.5 per cent . This reduction is mostly due to the sale of Farsta Centrum . For like - for - like portfolios , the operating surplus from property management , excluding rebates related to Covid - 19 , decreased by 2.7 per cent . > Temporary rebates related to Covid - 19 amounted to SEK 4 million net ( SEK - m ) . > Profit before changes in value amounted to SEK 311 million ( SEK 311 m ) . Profit decreased due to the sale of Farsta Centrum but this has been offset by the ruling in a dispute that found in TL Bygg's favour . > Unrealised changes in value for investment proper- ties amounted to SEK 167 million ( SEK -1,486 m ) for Key performance indicators " Property value at the end of the period , SEK m the first quarter . This increase in value is mostly due to lower yield requirements for specific office and project properties . Unrealised changes in the value of derivatives amounted to SEK 210 million ( SEK -236 m ) as a result of a slight rise in market interest rates . > Profit for the period amounted to SEK 552 million ( SEK -1,134 m ) . The change compared to the same quarter in the previous year is mostly due to the change in the value of properties . > Earnings per share amounted to SEK 4.34 ( SEK -8.74 ) . > Net letting for the quarter amounted to SEK - 10 million ( SEK 9 m ) , of which SEK 7 million ( SEK 20 m ) referred to project properties . > Property acquisitions amounted to SEK 25 million ( SEK - m ) . Operating surplus margin , % Average interest on interest - bearing liabilities at the end of the period , % Share price at the end of the period , SEK per share NRV at the end of the period , SEK per share Return on equity , rolling 12 - month period , > 10 % over time Financial goals " Investments in held properties , > SEK 2,000 million per year Gearing ratio at the end of the period , < 45 % Interest coverage ratio , > 2.0 11 See page 23 for the complete table of key performance indicators and pages 28-29 for definitions . Quarter 2021 Quarter 2020 Full year 2020 Jan - Mar Jan - Mar Jan - Dec 47,334 48,011 47,597 66 67 67 1.6 1.6 156.40 154.80 215.80 202.00 1.6 172.80 217.95 485 570 2,513 11.8 7.1 3.8 42.6 44.1 39.9 5.6 4.4 4.6 SEK 311 million Investments in held properties SEK 485 million Significant events during the first quarter In March an agreement was signed for two acquisitions in Lindholmen in Gothenburg . During the quarter a coopera- tion agreement was signed with Stockholm University of the Arts about moving their operations to Slakthusområdet . As of 31 March we have exceeded our goal for green lease contracts to account for 50 per cent of our contracted annual rent . > For the eighth year in a row Atrium Ljungberg was ranked as one of Sweden's best work- places in the Great Place to Work employee survey . ATRIUM LJUNGBERG INTERIM REPORT Q1 2021