Operator
Welcome to the conference call. [Operator Instructions]
Now I will hand the conference over to the speakers. Please go ahead.
Jörgen Eriksson
Chief Executive Officer
Hi, and very welcome to Catena’s presentation for the Q1 Report 2026. My name is Jörgen Eriksson, CEO of the company. And here is the agenda for today: a summary, a business overview and an update followed by sustainability, finance and a short takeaway before ending up with Q&A.
So starting with the summary of Q1. We report a 9% increase in rental income ended up at SEK 701 million driven mostly by acquisitions, but also by our CPI-linked contracts. Profit from property management increased by 7% in total, and per share it was down 1%. The temporary decrease in income from property management per share relates to the equity raise we did in January to be prepared for the closing of the Nordic portfolio at the 1st of April. We expect to report an increase in this measure from Q2 and forward wise.
Our NRV came in to SEK 454 and the balance sheet is very solid with the LTV at 33.6%. The occupancy rate has dropped to 95.1%, which is due to 2 factors. We have taken over the project Køge in Denmark. This new construction project located in a prime location was acquired vacant, and we are currently working on leasing it out and are hopeful that we will be able to secure a lease agreement there in due course.
The second reason is
