Welcome to Fabege's presentation for the first quarter 2023. As usual, we will finish up the meeting with our list, questions and also have an answer session of course. It's possible for you to submit questions by email to ir@fabege.se during the question or during a Q&A session. First, I like to make a short summary of our work we are today. Many of you know this. We are on page two, we are fully focused on Stockholm. We have a very modern portfolio and in rail-bound locations. We really believe in knowing our market and being close to our customers, and this is why we have this focus on the Stockholm area and why we also handle all property management internally with our own staff at all stages. Next slide, please. The first quarter can be summarized with increased rental income and increased operating surplus, but also increasing interest rate costs. That which led to some decreasing management profits. We also have, according to increasing interest rates, increasing yields, negative value change in the portfolio in the beginning of this year. We had a slightly negative net letting. Normally the first quarter is quite slow quarter. Unfortunately, we had more negative lettings than we had positive in the beginning. We had now minus 12, slightly negative. We will tell you more about this. We'll start with the focus. I will hand over to Åsa to tell you more about the result in financing and doing that in more details. Please go ahead, Åsa. Thanks, Stefan. Please turn page. As Stefan just mentioned, in the first quarter, we reported increased rental income and improved net operating income, which, however, is not covered by increased interest cost. Increased yield requirements in the property portfolio have continued to put pressure on property values. Rental income amounted to SEK 829 million, corresponding to an increase of approximately 8% in an identical portfolio. The increase was largely explained by the index adjustment that took effect at year-end. Convendum's move to Kungsgatan last summer and the Swedish Tax Agency's departure from Solna Strand at the end of March last year are other major factors that affected the change. Increased operating expenses were mainly due to higher costs for energy and snow clearance. The surplus ratio came in at 72% in line with our budget for the first quarter, which is always an expensive quarter. Birger Bostad's current earnings amounted to SEK 22 million as two projects were completed and were final recognition took place during the first quarter. Central administration costs came in at minus SEK 26 million, in line with the previous year. Interest expenses increased compared to the previous year, which was due to a slightly increased loan volume and a higher average interest rate. The average interest rate increased from 2.39% at year-end to 2.75% as of March 31. An increased loan volume and higher market interest rates are having a gradual impact on our average interest. The result in associated companies amounted to SEK -10 million and related to the period's capital contribution to Arenabolaget, and we therefore reported profits from property management of SEK 351 million, a decrease compared to the previous year, which was due to higher interest expenses. Unrealized changes in value amounted to SEK -2.1 billion. I will come back to this very soon. The surplus ratio in the derivatives portfolio decreased by SEK 217 million. The surplus value in the derivatives portfolio now amounts to almost SEK 1.5 billion. The tax expense, which only related to deferred tax, was positive and amounted to SEK 393 million. Now please turn to page five. During the first quarter, the increased market interest rates continued to have an impact on yield requirements and valuations. There continued to be few transactions in our market. The valuations have also been influenced by transactions that were not completed. We have independently valued almost half of the portfolio during the quarter. Other properties have been valued internally. The average yield requirement in our portfolio increased by 12 basis points during the quarter to 4.11%. The increased yield requirements were partly offset by higher inflation assumptions. Both Newsec and Cushman & Wakefield now expect an inflation rate of 5% in 2023. The average yield requirement is now back at 11, equivalent to what was reported at mid-year 2019. Total unrealized changes in value during the quarter then amounted to SEK -2.1 billion. The changes in value during the first quarter have been driven by the following factors: yield SEK -2.4 billion, cash flow including inflation SEK 0.8 billion, and project and development properties, including development rights, also mainly due to yield SEK -0.5 billion. Please turn to page six. This simulation shows that we can withstand write-downs of a further 20% based on today's market valuations without impacting our internal targets, and the margin is even higher in relation to the covenants in our bank agreements. Now please turn to page seven. Reported equity decreased during the quarter and amounted to SEK 137 per share, a decrease of SEK 8, of which 2.6 relates to a booked liability for approved but unpaid dividend. The long-term net asset value, the EPRA NRV, amounted to SEK 166 per share. The loan-to-value ratio increased to 40%, and the equity asset ratio decreased to 48%. However, both key ratios continue to indicate a very strong balance sheet. The interest coverage ratio has decreased as expected in line with increasing interest expenses and amounted to 2.6 in the quarter. Calculated on a moving 12-month basis, the interest coverage ratio was 3.4. Please turn to page eight, financing. Financing continues to be a very topical question in the current market situation. The commercial paper market is functioning well, and the banks continue to show that they have more capital to lend to the sector. The bond market is still volatile with high prices. In connection with a bond maturity of SEK 1 billion in February, we carried out a small issue of SEK 250 million in a two-year bond at a margin of 200 basis points. The margins have then come down considerably to a level that, as a first step, felt sufficiently okay to show the market that we would like to be active. In relation to bank financing, however, the spreads in the capital market are still too high. The turbulence in the banking sector then once again created turbulence in the capital market with volatile margins as a result. Now the spreads seem to be on the way down again. During the quarter, we have raised new bank loans in accordance with previously agreed credit commitments. We have also signed another new bank facility. All in all, this means that at the end of the quarter, we had SEK 5.7 billion in unutilized facilities, including the backup for outstanding commercial paper. Please turn to page nine. Slide here shows the maturity profile. The strategy of long-term fixed rate period is unchanged, and we aim for a distribution of our loan stock among several sources of financing. When it comes to short-term commercial paper, the green bar in the chart, we have a full backup. During 2023, we have remaining bond maturities of SEK 1.4 billion in total during the second half of the year. Our hope is that the bond market will offer more competitive terms and conditions. We are prepared, however, to also replace upcoming maturities with other debt. The work on refinancing our bank debt that matures within 12 months is continuing. We are now in the process of extending bank facilities that will expire during the first half of 2024. Please turn to page 10. Just over 60% of the loan portfolio is fixed, mainly based on long-term maturities and mostly through straightforward interest rate swaps, supplemented by some fixed rate bonds. The plan in the longer term is to replace maturities with new long-term fixed rate periods. The relatively high proportion of fixed rate terms today provides us with protection against rising market interest rates. In the short term, the higher market interest rates will thus have a more limited effect on our interest expenses. For a moving 12-month period ahead, an increase in the market interest rate generates an increased interest expense of approximately SEK 120 million, all else unchanged. Please turn to page 11. Thanks for review, Åsa. The stock rental market in Stockholm has for many years been very strong. You can see from almost for the last 10, 15 years, it has been increasing rents and the vacancies have been, at least in most areas, coming down. It has been a very healthy market for many, many years. Maybe this was a little bit unexpected during the COVID that it's continued. We have seen a little bit activity slowing down as companies and organizations try to adjust the new ways of working and that also many decisions has been postponed. I think this has been more obvious the last months, and those problems also have with the eco-economy and all the uncertainty to do. Now several surveys and a lot of indicates that we have stable rents in most of the areas, especially in the CBD, continue to be at very good levels. We have, in the Stockholm area, increase in vacancies and also then expected to continue to increase. We have to go to a then discuss sub-areas by sub-area. CBD is still very strong. The inner city, relatively strong. The lower part, Solna, Arenastaden, for example, is all continue to be strong. Some part in the south of Stockholm is a little bit weaker. In total, I think we have with all the uncertainty in the economy, the discussions are about the way how we will work. We are expecting the vacancies in the Stockholm region. This also means a lot of opportunities since tenants are looking for better and better products in the best locations. Even if they're sometimes reducing in these areas, they are willing to pay for the products. Next slide, please. We have said it before that if you expect the interest rates or you see the interest rates coming up, we have to also expect the yields to, or the yield requirements to come up. That's what we have been we see. The transactions that have been made in done in the markets has been still done at good levels, but at a little bit slightly higher yields of course. It's still a lot compared to last year, it's a more quiet, not that huge volumes that has been that we have seen from some of last years. It's lower volumes in the transaction market. Next slide, please. As we said, we had a slightly negative net letting. It's the normally Q1 is quite lower activity. It is normally lower activities and that's also we saw this year. The terminations are increasing a little bit at, but unfortunately, the net letting is not really, even if we have some good ones, new signed contracts, it's not really enough for having a positive. We have a lot of discussions going on. For the year, we are still looking for at least SEK 80 million in net letting. If that's a target for 2023. Next slide, please. This slide you have seen before, but we think it's important to show it. As you know, there is very few new news, I mean, in this slide, and that's quite natural since it's long contracts. SEB is our largest tenant, ICA, Telia, all the well-known Swedish companies, we have among the top tenants. The 25 largest represents a little more than 40% of our rental value. If we go to the next slide, please. We'll talk about renegotiations of the first quarter. You can see there have been very few active renegotiations. We have, after what we had in help of index last year or in the beginning from the 1st of January, we have extended most of the that has been up for discussions on unchanged terms. That's quite natural, I think, as it looks like right now. We have SEK 34 million, relatively small amount with that we had decreased the rents with approximately 4%. That's mainly, I think all of them are in retail. As you know, we have very little retail in total. I think it will be quite natural that we see that instead of renegotiations, we extend the contracts and try to do that on unchanged terms, especially seeing the index for this year also looks to be quite good for us. On the occupancy rate, we're increasing it to 90%. This is one of our focus areas, as you know, for increasing the occupancy up to the goal of 95%. It will take some years before we will reach that, but that's a full focus now with the extend, is strengthen the letting team and also the way we try to work now. Part of this, we have caused ourselves since we have, during some years, been moving tenant companies from old buildings to new build properties in, for example, Arenastaden. There are quite a long group of examples of that. We're now, as we said, went our focus on this. Next slide, please. Here you see what we have said. We try to forecast the rental development for the existing lease portfolio and what we know from today. This is for the next four quarters, we are expecting the rents to rental incomes to increase to about SEK 40 million and up to SEK 850 million for the next quarters this year and for the first quarter next year. Compared to the end of 2022, for example, that's quite a good growth in the existing portfolio, including the projects we're going on. Talking about products, we, on the next slide, we will see the CapEx. The first quarter this year it was almost SEK 700 million. We have said before that we are expecting it to be SEK 2.8 billion approximately this year. Depends a little bit on what speed we will have in some of the products. We have a long-term target of SEK 2.5 billion. Last year it was a little bit lower. This year we're expected to be a little bit more. If we look at the product portfolio on the next slide. The new build products, for example, Regulat orn 4 in Flemingsberg is workshops and for the Royal Opera and the Royal Dramatic Theatre. They are in full speed right now. They are going to move in almost exactly one year from now in the Q2 2024. It's of course 100% we have occupancy rate of 100% already on that one. Separatorn 1 is Alfa Laval, also in Flemingsberg. They will move in two years from now to Q2 2025. It's a project also almost fully let or with the contract of Alfa Laval. During the first months or the last months of last year and the beginning of this year, Ackordet 1 in Haga Norra, in Arenastaden, we have been able to sign a couple of new contracts. Right now it's almost 50% in occupancy rate, and they will be starting to moving beginning of the second half next year. We signed the contract with JM. Now we had also a contract with Randstad, and we have very good discussions going on, I think in Ackordet 1. I expect this occupancy rate to be higher in the next quarters. We have some products that were more redevelopment products. Which Regula Ton 4, for example, it's also which were the tax authorities left some quarters ago. We have good discussions there, but we will take the investment when we have the ground investments right now, but we will take the more tenant-specified investments when we know more, we'll have to sign contracts. That's also the same with, for example, Porten 1 in Hammarby, which we are starting, but we will take more step by step in when, when we know more about which tenants will be sitting there. Hägersten is close to the government in Stockholm, in close to in that part of the Stockholm in the city. That's, that is will be fulfilled right after this summer. Talking of the building rights on the next slide. As you know, we have a huge portfolio. We have been continuing to develop or have the planning process going on to be able to start the products when we can see both. That we are able to find tenants for it, but also we need to. We will say the constructions cost to come down a little bit. They're still too high. We continue to prepare for the future products. When talking about the residential building rights, it's the same. As you know, it's a very uncertain market right now. For the products we have going on, both in Haga Norra in cooperation with Brabo, we have now sold 388 of 418 apartments. 18 of them has been sold during the beginning of this year. It's still, but it's still possible to sell apartments when they are ready for moving in. That's what we also have seen in Birger Bostad in some of the projects there. The selling rate for the projects under construction is in Birger Bostad more than 90%. When we talk about the building costs on the next slide, unfortunately, I will say we saw the price increases in the last year with approximately 10%-15%. We expected it to come down a little bit. They have. Some of the prices have been coming down. For example, the steel and wood and some other. The ground, the cost for groundworks have also been coming down. Unfortunately, some of the other ones have been coming up instead. It's still up since beginning of last year. We say 10%-15%. We, the order volumes for the constructions company is coming down. We hope that we could be able to see the order without the prices fall, it will be more, it will be weaker prices in the construction for the current constructions cost over the next part of this year. About the sustainability please, I will leave that to Åsa again. Please, Åsa. Sustainability continues to be a prioritized issue at Fabege. We are gradually working to contribute to a more sustainable Stockholm. On the energy side, we have set a target to reach an average energy use of a maximum of 70 kilowatt-hours per square meter by 2025. We are currently at an average of 73, and the goal is to reduce this by 1 kilowatt-hour per year over the next three years. During the first quarter, we were able to note a saving of approximately 4% compared to the previous year. Our sustainability house in Haga Norra, which is constructed using 70% reused material, has attracted a lot of attention, and also awarded for sustainability prices. Technologies for retention of materials and reuse are being developed. We have a lot to learn from each other in the industry. We are very much looking forward to taking this further in other new production projects. Thank you. Of course, that was a short list of all the activities that they were doing. We have a lot, as you have seen it before, a long, long list of both fundamental products, but also energy products, but also social initiatives that are there. We will be happy to tell you more about that if you're interested in other meetings. Thank you for listening and, please, questions. We will now begin the Q&A session. To ask a question, you may press star then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we'll pause momentarily to assemble our roster. Again, if you have a question, that's star then one. Our first question. Okay, perfect. Thanks. First question comes from Alexander Totomanov from Green Street. Please go ahead. Good afternoon. Thank you for taking my question. Looking at Fabege's disposals over the past five quarters, I don't believe there have been any. Also, I think in a previous event you mentioned the potential disposal of a non-core property in Östermalm, if I'm not wrong. Would you more generally consider disposals as a means to delever? If so, do you plan to be a net seller for the year, and do you have any potential volumes in mind? I think it was very difficult actually to hear your question, but I think, it referred to disposals and net investment over 2023, right? Yeah. We are on the market with one property in discussions today. We sold some building rights to JM that were vacated in April, so just after the end of last quarter. We have also said that we have an estimation of investment of around SEK 2.8 billion in our property portfolio over the year. Whether there will be any further transactions, we will give notice when we have something to inform. It's nothing that we are sort of discussing at the moment now. You want to add something, Stefan? Thank you. Thank you. Thank you. No, I think that's a good picture. Again, if you have a question, please press star then one. There are no more questions in the queue. This concludes our Q&A session. Okay. I would like to turn the conference back over to Stefan Dahlbo for any closing remarks. Thank you, and thank you for listening and joining us at the meeting. You always, as know, you're always welcome to give us a call, Åsa, Peter, or myself, and we'll be happy to have the discussions, and we hope to see you soon in real life too. Have a nice day and thanks for joining us.