Welcome to our presentation of Kungsleden's Q1 report. CEO Biljana Pehrsson will present our business performance. Deputy CEO and CFO Ylva Sarby Westman will walk us through our financial performance and key figures. I, Anna Trane, Head of Corporate Communications, will moderate our Q&A session. Please feel free from now and onwards to post your questions through the question box that you see on the screen, and I will ask your question, stating your name and company you present right after the presentations. Let's begin with our business performance with Biljana. Thank you, Anna. Welcome to our presentation of the Q1 results. The highlights in the quarter are as follows. Rental market continued to be very active, and we see that we have, for the 10th consecutive quarter, a positive net leasing of SEK 9 million. We continue to renegotiate our existing leases, and in the quarter, we managed to achieve a rent uplift in the renegotiations of 9%. We have also a very strong transactional market. We see yields compressing in all categories, including industrial, warehouse, and logistic. The value uplift in the quarter is 2.3%. We have been active in the capital markets. During the first quarter, we have issued SEK 1 billion of green bonds at very long maturities and at attractive prices. We have further reduced rental reliefs due to COVID, and the payment of the Q2 rent has been in line with previous quarters. All in all, we have had a good start to the year 2021, and the outlook for the future looks even brighter, with upgraded GDP forecast globally and in Sweden. The start of the year is good, especially given the fact that we are still fighting the pandemic. We have managed the situation very well, and I'm glad about our stable performance. Profits from property management, as you can see on this page, is SEK 318 million for the first quarter, and that is an improvement by 3% compared to the first quarter last year. The main drivers behind the improvement in the profits from property management are improved rental income of 2% like-for-like growth and also lower central administrative costs. We have a property value close to SEK 42 billion, an improvement by 7% compared to the first quarter in 2020. That is driven by investments that we have done in our property portfolio, but also the unrealized value changes we see of SEK 932 million. That is also leading us to the lower LTV that stands 44.5% at the end of the quarter. As I mentioned in the beginning, the rental markets continue to be active, and we see more and more activity day by day. We managed to sign close to 70 new lease agreements in the first quarter, corresponding to a rental value of SEK 50 million, which is actually a stronger performance than we did last year in the first quarter, and that quarter was free from the virus. The net leasing amounted SEK 9 million in the quarter. We are very happy about the fact that we have had positive net leasing since 2018. Renegotiations continue also to perform well. In the quarter, we have renegotiated SEK 75 million of existing leases. As you can see on this page, the maturity structure on the right hand is that we have, on annual basis, between SEK 300 million and SEK 400 million of existing leases that expire every year. Those are the ones that we try to renegotiate and increase the rent. As you can see, the last two years, we have managed to renegotiate on annual basis around SEK 250 million, and so far this year, SEK 75 million. On average, the rent uplift amounted 9%. As you can see, the surplus ratio stands 67.5%, slightly lower than one year ago, and that is mainly due to the colder winter. Successful new lettings on higher rents per square meter than the old lease, the renegotiations are, of course, the main drivers behind the average rent uplift of 5% the last 12 months. Today, the average rent in our investment portfolio stand SEK 1,537 / sq m. Interestingly enough, since 2018, the average rent has increased by 25% altogether, which we are very happy about. The unrealized value uplift in the first quarter is SEK 932 million, as you can see on this page. As shown in the chart, main drivers are yield contraction by 6 basis points. The valuation yield on average now stands at 5.0%, also the biggest driver behind the value uplift is actually positive changes in rents and our net operating income. On top of the unrealized value changes, we managed to sell and close the selling of the electricity production facility in Västerås. The price was SEK 34 million. We realized a gain of SEK 16 million in the quarter. If we look at our large ongoing development projects, we continue to have six of them that are under construction. As you may see, the investment volume has increased by SEK 55 million -SEK 1.4 billion for these six projects. The total revenue upon full leasing has also improved from SEK 208 million -SEK 232 million when fully let. As before, the four of the large ongoing developments will be completed towards end of the year. If we take a closer look, where do we see higher investment and higher rents? It's in our project Stettin 6 in our cluster Stockholm City East on Gärdet. This increase in investment and in rent has taken place in this development. The total investment has, as I mentioned, increased by SEK 55 million -SEK 285 million, mainly due to the fact that we have enlarged the development, including new area, converting technical premises into leasable area. The leasable area has increased by more than 3,000 sq m, and therefore, the annual rental value has also grown from before SEK 57 million when fully let to SEK 81 million. We have managed to sign three large leases in this development. The pre-letting has improved from 80% - 93% in this development. We are very happy about this progress that we see in Stettin 6. We continue to deliver on our sustainability goals, and in the quarter, we have managed to reduce our energy consumption by 2% o f the almost 70 new leases that we signed, 21 of them were green leases, and as you can see, to date, we have 41% of the property portfolio certified, and the goal is to certify all of our properties by end of year 2025. We have in total 1,600 customers and tenants. Everything from large ABB, as you can see here, our largest tenant, to small startups and everything in between. We are happy that our customers and tenant base are financially stable and diversified when it comes to business types and sectors, and not at least during this pandemic year, our tenant base has proven to be very stable. As shown on this page, largest tenants include reputable companies such as ABB, Hitachi, Northvolt, and others. Also if you look at all of our rental value of SEK 2.5 billion, 18% of the total rental value come from public tenants, as shown on this chart. The 10 top largest tenants, they have an average remaining lease duration of 5.3 years, and for the total, it's four years, which of course is good and brings stability to our rental revenues and NOI and cash flow onwards. Our property portfolio is growing. As I mentioned, the property value stands almost SEK 42 billion, an increase by 7% compared to corresponding period last year. Almost 90% of the value is located in our four core markets, which is Stockholm, Gothenburg, Malmö, and Västerås. Our strategic direction has paid off, not at least in us reporting positive net leasing and strong renegotiations outcomes since 2018. It's the main driver behind the growth in our rental revenue, NOI, and value. We have 73% of the property portfolio within office category and 17% within our second-largest category, which is industry warehouse logistic. We have just gotten the MSCI Property Index for 2020. Our total return for 2020, in accordance with MSCI, is 6.7%, which is 1 percentage point higher than the Swedish index of 5.7%, and that is also very good, and we are very happy about this. Our outperformance is mainly due to higher income return. If we take a closer look at our largest property category, which is office, as I mentioned, 73% of the property value and 70% of the rental value is the office category. The total leasable area is 1 million sq m, and the rental value is SEK 1.8 billion. Occupancy rate on average is 92%. As shown on the page, you see pictures of some of our office buildings. They are modern and mainly located in our 12 clusters. We have very good rental growth potential in our office portfolio. As you know, we have on this page our clusters in Stockholm, Gothenburg, Malmö, and Västerås. You can see the current base rent in the clusters, the tendered level and the rent levels that we are signing new leases on. As you can see, the tendered rent levels are on average 10%-40% higher than the current base rent. This is the rent upside potential that we will work on onwards. If we then take a look at our second-largest category, which is our industrial warehouse and logistics portfolio, as shown on this page. This category in our portfolio mainly consists of clean industrial properties. As shown on this page on the upper right-hand, you see one of our largest tenants is the ABB robotics factory that is in Finslätten in Västerås. Mainly clean industrial properties, but also warehouse buildings or mixed office and warehouse, as you can see on the left side upper, that is E.ON facilities that include both offices and a production facility in this building. Our industrial warehouse logistic category represents 17% of the property value and 20% of the rental value. The total GLA is 600,000 sq m, and the total rental value is SEK 0.5 billion. As you can see, we have a very high occupancy rate in this category of 95%. The top five largest tenants are more or less the same as for the offices. ABB is the largest tenant, but also E.ON, Bring, Frigoscandia, and others, very strong companies that are also growing. We look at the rental growth potential in this category, also here we have a substantial upside potential. Within this category, Finslätten is the largest cluster. Finslätten, we have SEK 2 billion of value within industrial warehouse logistic. Also Fosie cluster, Högsbo cluster, and Väsby cluster, these 4 clusters more or less represent the majority part of the category within this segment. As you can see on this page, the rent upside potential stands between 10%-80%, and this is also very promising for the future. We take a closer look at our development pipeline, that all together is an investment volume of SEK 13 billion. I have mentioned this before, and I say it again, a big part of our future pipeline is within the category of industrial warehouse logistic and also in Västerås. Therefore, we are very happy that the new planning program for Finslätten in Västerås was approved by Västerås Municipality in March. The new planning program includes 100,000 sq m of new industrial warehouse logistic area in Finslätten. As you know, Finslätten is, in square meters, our largest cluster. We own already today 230,000 sq m of GLA in Finslätten, and we have, as shown here, another 100,000 in the pipeline. These are the pictures from the vision Finslätten, which has truly become a European cluster for engineering businesses. With this, I will hand over to Ylva to give a financial update. Thank you very much, Biljana. Yes, as you have heard, we continue to deliver a stable result during the first quarter with positive net leasing and further reduced effects of COVID-19 in the figures. Profit from property management increased by 3% to SEK 318 million, mainly explained by higher revenue and lower administrative costs. Total revenue increased with SEK 6 million as a result of successful new leasing and renegotiations. Administrative costs amounted SEK 19 million compared to SEK 25 million corresponding period last year, and due to lower personnel costs. For the full year, we estimate that the administrative costs will be in line with the previous year. Net financial items were SEK 95 million compared to SEK 92 million last year, and the increase is due to a larger loan volume and one-offs related to repurchase of short-term bonds. It's counteracted by three months STIBOR being lower and that borrowing costs of SEK 2 million, attributable to projects, were capitalized during the quarter. With the current investment volume, capitalized borrowing costs will positively impact the net financial items by approximately SEK 12 million-SEK 14 million this year. Changes in values on financial instrument was SEK +130 million, compared to SEK -121 million last year, as a consequence of interest rates on longer maturities increasing in the period. The total tax expense for the period was SEK 288 million, of which zero is current tax. Net profit was SEK 1.1 billion compared to SEK 338 million corresponding period last year. The increase is mainly due to positive value changes in the property portfolio. Kungsleden, we have a strong financial position with a low LTV that has continued to decrease from 45.6% - 45.5%. Thanks to an intensive work to certify our properties, we have successfully increased the share of green funding from 28% - 41%. Our goal is, as we have said, to finance all our properties in the long term with green or sustainable loans. Our funding mix is well-diversified with 48% bond loans and 32% traditional bank loans. The share of unencumbered assets amounts to 33%. We are actively working to increase the ratio since we are targeting an upgrade of our investment grade rating one notch. We also have a strong liquidity position, which has been improved further during the first quarter. We have continued to be active in the Nordic capital markets. Since January, we have issued total of SEK 1 billion green bonds, with maturities of six and seven years, and with the pricing of 140 basis points and 145 basis points over STIBOR. We have also repurchased SEK 500 m illion of short-term bonds. We have cash and credit facilities, as you can see in the green box, of SEK 3.6 billion that can handle all remaining maturities during this year and the majority of the maturities during next year. By borrowing in the capital market on long maturities, the average debt maturity remains unchanged at 3.8 years. The share of short-term borrowing reduced further in the quarter through the repurchase of bonds maturing this and next year. The average fixed interest term was 3.4 years at the end of the quarter. The interest coverage ratio remains high at 4.5 x, and the average interest rate remains at 1.8%. The current net asset value, the EPRA NTA, increased by 11% to SEK 102.73 due to growing profit from property management and positive value changes in the property portfolio. We have a strong balance sheet, and we have strengthened it further during the period. With this, we end the Q1 reporting, and I hand over to you, Biljana, to present our outlook. Thank you, Ylva. Let us now look forward. As I mentioned in the beginning of the presentation, the year has started off well, and the outlook ahead is even brighter. Recently, Swedish government revised upwards their forecast for the GDP growth for this year as well as next year. The GDP forecast for this year is 3.2%. If we're looking at Swedbank's forecast, it's even higher, 3.6%. For 2022, the GDP forecast is a growth of 3.8%. A growing economy is of course the main driver behind the increase in demand for commercial spaces, not at least within office, industrial warehouse logistic. We are very positive about the outlook forward. Shown on this page is a Newsec forecast for the office rental market. As you can see, they see a stable rent forecast for this year in all of our core four markets, despite the fact that there is some vacancy increase, but still at very low levels. As shown on this page, both Stockholm and Västerås vacancy is expected to be below 5%, and only Gothenburg is increasing above 5%-6%, and Malmö slightly above 7% expected vacancy within offices. If we take a look at the logistic market in our four core markets, Stockholm, Gothenburg, Malmö, and Västerås, the expectation is that we will see slowly increasing logistic market rents and the vacancy rates continue to fall or staying flat, which is also very promising for our pipeline of new leasing onwards. If we take a look at the transactional market, the Swedish transactional market keeps reaching new records in volume and prices. In fact, the first quarter this year is the strongest quarter ever when it comes to volume in the Swedish transaction market history. We do see yields compressing. Our focus is, of course, to continue with our very profitable investment program. In the new five-year business plan that was presented on our capital markets update in February, the target is to invest SEK 1.4 billion annually onwards, equally as much in large development projects as in tenant improvements and other value-creating investments. So far this year, we have invested SEK 231 million, and as you can see on this page, the return targets are high, an IRR in excess of 9%, or measured as yield on cost in excess of 6%. A part of our future development pipeline comes from our work with creating building rights potential. As shown on this page, we have almost 600,000 sq m of future commercial building rights that we are working on to secure. Those building rights, we will of course develop ourselves in the future and create even more value. We have 280,000 of residential building rights, and those ones we will sell when the timing is right. Of course, I'm very happy. I think we press released this morning that we have yet again successfully sold building rights, this time in Järfälla, Stockholm, at a price of SEK 8,000 / sq m. The total price amounts SEK 259 million, and upon closing, which is expected to happen in the fourth quarter this year, we will realize a profit of SEK 114 million. I'm very happy about this, of course. The total pipeline of future developments stands SEK 13 billion. The pipeline is very strong, and shown on this page is some of them. A place in Kista, three office properties on Warfvinges väg in our cluster Stockholm City West. A new office building of 22,000 sq m GLA in Västberga that you can see on the right bottom side, and a hotel and residential development in Västerås city cluster. All in all, a strong development pipeline for the future. To summarize, our focus the coming five years will be on sustainable growth and further improved financial position. We continue our focus to improve quality with a clear ambition to improve our credit rating, as Ylva mentioned earlier. The goal is, not later than 2025, have a profit from property management not more than SEK 1.65 billion, which is 30% higher where we are today. We very much look forward to our next phase of our successful journey. With this, I am ending the presentation, and we are opening up for questions. Yes. I can tell you that we have quite a lot of questions today. I think we should start with Staffan Bülow from Nordea, who is actually noting in the report that we have a very good value uplift given the strong demand for warehousing, and that this has had a positive effect on our portfolio. Could you please quantify the yield compression in warehouses? Good question. We don't have that. What we can say is that of the SEK 930 million of value uplift comes from uplift in that category, industrial warehouse logistic, and the remaining SEK 300+ comes from offices. Yes. On that same note, what about yield requirements in the office segment? What happened here? We see yield compression also in that segment. We have been in some bidding activities this year. We can clearly see that the yields are compressing also within offices. Given the news that you sent out just earlier this morning that you divested building rights portfolios for K-Fastigheter and also recently JM, should we expect more divestments during 2021? Also, would you be interested in developing these residential building rights with a joint venture partner? Well, so far the strategy has been to divest the residential building rights to residential developers that know this business very well. We have been very successful actually divesting these building rights. They are definitely in right locations where there is a demand for resi space. That will be the main focus onwards as well. Here comes a related question from Jan Ihrfelt, Kepler Cheuvreux. How much of the property uplifts were due to the logistic portfolio? I think I just answered that question. Yeah. We got that one right. Yeah. Could you comment on the vacancies and potential rent uplifts in Kista? Yes. Well, I think I mentioned this when we presented the year-end results. This virus pandemic did affect the Stockholm market very much during last year. If we look at our net leasing in 2020, it was positive by SEK 22 million. If we look at the different four cities, it was actually negative in Stockholm. We could clearly see that Stockholm market was most affected by the virus. I'm very happy that already this first quarter, this year, it's just the opposite. Now we see the strongest performance in Stockholm, and we have positive net leasing in Stockholm. We strongly believe that the vacancy rate will decrease in Stockholm. In Stockholm, it is predominantly offices that we own here. That is our view on the market. A third question from Jan Ihrfelt is, how much do you expect to invest this year? SEK 1.4 billion. Yes. I think we have some related questions, but I will start with from Niklas Wåhlin, DNB, concerning costs and revenues. Can you tell us more about the SEK 500 million of value gains that was driven by higher NOI assumptions? Well, as we have presented, we see an increase in rent in our portfolio. The average rent per square meter has improved by 5% the last 12 months. Of course, that means that our rental revenues and NOI is increasing, and together with a good outlook for the future rents once the leases expire, that combined is still the main driver behind the value uplift we have in the first quarter. Yeah. That then answers his second question. Also, any particular region or segment that sticks out? When it comes to value uplifts? Well, definitely the industrial warehouse logistics category sticks out. Yeah. There are many here who have looked at administrative costs and what has happened to them, and I will start with one of the questions here. Stefan Andersson from SEB. "Central costs lower, explained by lower personal costs and less traveling. The line is significantly lower than Q2 through Q4 2020, in which I guess traveling also was low. My question is, how much of the drop is sustainable, and how much is one-offs? Yes, I said that in the presentation. We think that on a full year basis, administrative costs will be in line with full year last year. A lower cost in the first quarter, but on full year, the same level as last year. Yes. That also answers your question, Victor Krüeger from ABG Sundal Collier. I'll go over to Fredrik Stensved from Pareto Securities. "Rotterdam District is currently leased to 71%. How is the ongoing discussion proceeding for the rest of the space? Good question. Well, now when we have filled up Stettin 6, which is a bit ahead in the development, all the other discussions in this cluster are actually for Rotterdam. We are positive that we will manage to lease out the remaining vacancy that we have also in Rotterdam. As I mentioned, in Stettin 6, in this quarter, we leased out close to, I think it was 4,000 sq m, and the occupancy level improved from 80%- 93% in this quarter, and that's fantastic results. Yeah. Okay. More questions from Fredrik. You have a target for 2021 to invest around SEK 600 million in projects. Looking at ongoing projects, you have around SEK 600 million left to invest after Q1. Should we expect a new project that starts 2021? Can you elaborate a bit on what this might be? Yeah. Of course, we would like to start new large development projects towards the end of this year or in the beginning of next year. There are some ongoing discussions that we have, not at least in Finslätten and Västerås. We are really working hard to make that happen. As we've just discussed, Kungsleden, you have been very active in selling residential building rights. Now the question is, have these sales been in line or higher than your highlighted value of SEK 2.5 billion? It has been on higher prices than we have in our book values. Okay. Fredrik Skjöld from Carnegie. First question. Investments year to date running at a lower pace than last year. How confident are you on reaching the SEK 1.4 billion for the full year of 2021? We are quite confident. Usually the vast majority of investments come in the fourth quarter, so we are confident, yeah. Second question, how does the board look at the share buybacks considering that the discount to net asset value has almost completely evaporated? Well, actually the share buyback ended in the beginning of April, I think. That is done. We managed to buy back, was it 3.5 million shares? At an average price of SEK 88.75. Yeah, we are happy about the results. Do you think you can maintain the renegotiation uplift level you reported in Q1 for the remainder of 2021? Yes. That's our target. How would you rate the rental market by geography? That is, which markets are stronger, weaker? Well, we've been touching on that. Maybe anything more to add? Just that we clearly see Stockholm picking up, and it looks also very promising when we look at our pipeline that we have. Yeah. This also relates to another question from Fredrik Stensved. He just giving color on the net leasing split between Stockholm, Gothenburg, Malmö, and the other regional cities. Yes. We had a strong positive net leasing in Stockholm in the first quarter, and we were slightly negative actually in Malmö and in Västerås, if I'm not mistaken. Why the other regions were negative is not because we didn't sign new leases, but we actually got some large terminations. That's why we ended up in negative territory in the first quarter. Okay, another question from Stefan Andersson from SEB. How are you thinking when it comes to new office projects? Are you willing to start on speculation, or do you prefer to have an anchor tenant? We prefer to have one or several anchor tenants. We still have this goal of having 50% pre-let before we start, and that's the main target. Yeah. Then you answered automatically his second question, 50%. Good. Yes. We have a question from Lucie Plassard from Green Street. Looking at page 20 of your presentation, future project pipeline, 100,000 sq m, what are expected yield on cost? Very good question. We expect it to be 6% or higher. We will definitely come back on that when we see some progress in our negotiations that we have. Going to page 30 of the presentation, we've been touching this subject, but maybe we can give some more color here. All vacancy lines are expected to go up across markets. What are your expectations for the portfolio? As I mentioned, we have had positive net leasing since 2018. However, as you know, when the tenant moves in and the tenant moves out, it can happen a little bit up and down, so to say. In the first quarter, the whole increase in our vacancy is because of, you could say, bad timing. We had more tenants moving out, and we have actually more tenants moving in in the fourth quarter this year. We expect that towards the end of the year, our vacancy should drop from where we are today. That sounds good. Third question from Lucie Plassard, page 34, a lot of interest for the building rights here. The question is, "What is the average value for commercial building rights versus residential building rights? Ylva? Yes. You can divide it here. No, stop. No, you can't. No, we haven't exposed that. The value for the residential building rights are absolutely higher on average compared to the commercial building rights. Since the commercial building rights, some of them are in the logistic segment, and some of them are also parking garage and facilities that will add value to our clusters. It differs dependent on market city. Absolutely. A big difference from case to case and from market to market, I would say. Okay. A lot of interesting questions here concerning logistics, concerning value uplifts, concerning the regional differences, vacancies, and summing it up, it seems to be a very positive quarter. Yes, if you have any more questions to ask, please don't hesitate to email us, and we will try to answer them. Also, please check us out on our website because we also have our AGM, so to speak, with the pre-voting. There will be a speech from Biljana Pehrsson giving color on the year that passed, but also more color on this first quarter, and we'll put that speech out at noon. Thank you, everyone, for this morning session. Thank you. Thank you.