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Q1 Interim Report 2021 0 Fabege Jan - Mar 2021¹ Summary , SEKM 2021 2020 2020 Jan - Mar Jan - Mar Jan - Dec Rental income 707 711 2,806 Net operating income 506 520 2,112 Profit from property management 346 369 1,474 Profit before tax 1,094 1,979 4,007 Profit after tax 863 1,574 3,167 Net lettings 36 15 -45 Surplus ratio , % Loan - to - value ratio , 72 73 75 35 32 35 properties , % EPRA NRV , SEK per share 154 152 155 • The surplus ratio was Rental income amounted to • 72 per cent ( 73 ) . SEK 707m ( 711 ) . In an identical property portfolio , income decreased by approximately 1 per cent ( +6 ) . The decrease compared to the previous year was mainly due to properties being transferred to projects and to pandemic - related provisions . • Net operating income amounted to SEK 506m ( 520 ) . In an identical property portfolio , net operating income decreased by approximately 4 per cent ( +9 ) . 1 The comparison figures for income and expense items relate to values for the January - March 2020 period and for balance sheet items on 31 December 2020 . 2 For key performance indicator definitions , see page 23 . • • Profit from property management totalled SEK 346m ( 369 ) . Realised and unrealised changes in value amounted to SEK 514m ( 1,854 ) in properties and SEK 234m ( -243 ) in fixed- income derivatives . • Profit before tax for the period amounted to SEK 1,094m ( 1,979 ) . • Profit after tax for the period was SEK 863m ( 1,574 ) , corresponding to earnings per share of SEK 2.64 ( 4.78 ) . • Net lettings in the fourth quarter totalled SEK 36m ( 15 ) . • Rent levels in renegotiated leases increased by an average of 12 per cent ( 19 ) . • The equity / assets ratio was 51 per cent ( 52 ) and the loan - to - value ratio was 35 per cent ( 35 ) .