Hello and very warm welcome to our first half result presentation. My name is Kestutis Sasnauskas, I'm CEO of Eastnine , and with me is Britt-Marie Nyman. Today we will go through the first half and the second quarter and discuss a little bit about the market and the opportunities we see. Before I start, I just want to note that please post your questions during our presentation so we can start responding to them directly after. We are building a very exciting company in the fastest growing part of Europe, and it's a company focused on prime offices in prime locations. Our offices actually yield not as offices in most of the European countries, they're actually yielding very highly at 6.2%. Our surplus ratio is 93.5%, and we enjoy very high occupancy. Our property portfolio over the last 12 months has increased by 47%.
It's an amazing development over these years, especially even during the last quarter. Our rental income is up 62%. In comparable portfolio, we grow 5.1% over this quarter. Profit from property management is increasing by 54%, and profit from property management per share is growing by 40%. We have slightly negative unrealized value changes, but only EUR 63,000 in our almost EUR 1 billion portfolio or balance sheet, so it's very minimal. We have slightly negative net letting, but we are coming from a very high occupancy rate in general, and our occupancy rate actually during the quarter increased by 1.1% to 97.1%. Basically, we don't have any real vacancy, it's more like moving tenants in and out. Surplus ratio up to 93.6%, and we hired Head of Poland, Julia Racewicz-Lewandowska, who will start in August. During the period of six months, our revenue is up, growing even faster, 67%.
In comparable portfolio, again very strong, 4.8%, well above inflation rates, and this is due to higher lease, very strong leasing over this half year. Profit from property management up 50% and per share basically 36%, so again very, very strong growth. Unrealized value changes are positive over the first half by almost EUR 19 million. Net letting basically zero over this, but it's very difficult for us to increase it positively because of already very, very high letting figures. We have a surplus ratio that is almost 94% over that period, so very strong operational performance. If we look before we go into all the details, I'd also like to draw your attention a little bit more to the markets and what's happening in our region. We start with Poland, which is our very high focus area. It's actually 51% of our portfolio.
We see that Poland attracted a lot of headlines, a lot of happening, very positive economic development overall, and Poland continues actually to grow very, very fast. If we look at the areas where we are actually situated in Warsaw, this is how it looked back in 2009, and this is from the same place how it looks 2024. It's been an enormous transformation that a lot of people have missed, and we believe it's actually very, very exciting, this dynamic and very fast growing markets. If we look on GDP figures, on the growth, actually Poland has surpassed Sweden in GDP in current prices back in 2018, and it's actually continuous. It's almost now 50% above the Swedish level. If we look on the growth figures, of course, growth has been almost five times faster during the last 10 years in Poland versus Swedish markets.
We have actually a very strong underlying dynamics, both economic growth, growth in office jobs, and growing demand for office per se. With this dynamics, of course, it's wonderful to have a very strong property portfolio. You can see pictures of our last three acquisitions in Poland. Two of them were done during last year, and this is actually a result of our very significant growth. I would also like to draw your attention to two factors. Not only that we have a very positive economic environment, which creates growth per se, we also are in the segment of top-located modern offices, which are today in very high demand. The office market is split today with some offices that are not in very high demand, and which are probably not as good located, but in good locations, modern offices are in very, very high demand.
We actually see this today because all of our Polish portfolio is 100% leased. Here you see all of our portfolios. It's very modern, very centrally located premises in both Vilnius, which is our still largest market, in Riga, and in both Poznan and Warsaw. If you look on overall portfolio, property value of EUR 955 million, approaching EUR 1 billion, 271,000 sq m of leasable space, an annual rent of EUR 62.5 million, again surplus ratio on the high side, and yield requirements and valuations of 6.6%. Average value of our portfolio per square meter is a mere EUR 3,500, so it's relatively low valued compared to most of the Western peers. An average age portfolio is 7.8 years, so again very young, very modern portfolio, and enjoying very high occupancy.
Out of the whole stock, 96% is pure offices, 4% is other auxiliary, mainly auxiliary services to our offices like restaurants, gyms, etc., etc. If you look on the value split, we have Vilnius with the biggest market, followed by Warsaw today, Poznan, and Riga. It's a nicely diversified portfolio overall. Our tenants are coming from the most exciting parts of the economy. It's ICT, it's finance, it's e-com, it's medtech, and medical health sectors, and a number of other very modern sectors. If you look on the right-hand side of the presentation, you see the key tenant relationships, PZU being the sort of second largest Polish insurance company, Allegro is a leading e-com player in Eastern Europe, followed by very prominent names. It's a very, very strong tenant list, and all of them enjoying quite significant growth over the years and actually continue growing.
If you look on our sustainability work, we have today 100% certified portfolio, and it's not only certified, it's in the highest brackets like LEED Platinum or BREEAM Outstanding. Green financing stands for 89% of our financing. We have five stars ingress with 92 points. Green leases at 45%. We have them mainly in the Baltics. We are starting this work in Poland. Tax acquisitions have been quite recent, and our portfolio today is 82% taxonomy aligned. If you look on energy performance, we are reducing energy. There's still a lot to be done here. We see huge potential to still continue, even though our properties are among the top in the sector per se. If you look on the yield curve, our portfolio is yielding similar to logistic type of properties.
At the same time, we see a great value potential in the long term as rental growth is about to, is continuing growing slightly, but there's a positive trend and there is a very strong economic sentiment in our region. On this, let's move to the figures.
Thank you, Kestutis. Just a reminder, please keep posting questions. We are happy to share another very solid report from Eastnine. We start by comparing the second quarter this year with the same quarter last year, and rental income and net operating income increase quite a lot, and this is mainly due to last year's acquisitions in Poland, of course. The income in a comparable portfolio increased by more than 5%, and this was mainly related to a higher occupancy, but also indexation in the beginning of the year. The acquisitions also increased the central administration and the interest expenses, of course, and had a negative effect on the interest income because we used some cash in the acquisitions. The central administration costs were also affected by costs for recruitments during the quarter and digitalization.
Profit from property management increased by as much as 54%, and the property values were stable with hardly any unrealized value changes for properties. If we look at the period January-June, we can see the same effects. The most important thing that is different is actually the unrealized value changes for properties during the period. During the first quarter, they were positive, EUR 90 million, and thereby they are also positive during the period related to value changes in Poland. The earning capacity is a theoretical assessment based on Eastnine's earnings during 12 months, based on current loan agreements and current lease agreements, and to some certain extent when it comes, for example, to property expenses and central administration, it's rolling 12-month figures, and when it's interest income and interest expenses, it's based on the current amounts and the current interest level.
We can see we compare the situation by the end of June with the situation previous quarter, but on this slide, this time we have also compared to one year back the earnings capacity. The interest income, sorry, the rental income increased by 1% compared to the end of March, and this is due to a higher occupancy, for example, and the interest expenses decreased mainly due to a lower interest rate level. On the bottom line, profit from property management continued to increase 2%. If we compare to the earning capacity one year back, the increase was as high as 44%, and this is due to the acquisition of Warsaw units in November. Nowy Rynek was already included in these figures in the earning capacity by that time.
Profit from property management per share continued to increase up to EUR 0.34 for a 12-month period, and of course, the difference is bigger if we compare one year back. The surplus ratio is a little bit lower compared to a quarter ago, and this is related to increasing property expenses since we use rolling 12-month figures, but we can see a quite substantial increase compared to one year back. The net debt decreased somewhat during the last quarter, but increased if we compare one year back, and that's because we have used quite a lot of cash. Interest rate level continues coming down now to 4.4%. It was as high as 4.7% a couple of quarters back. We have a healthy leverage level and also a diversified debt portfolio. The LTV is still at 48%, same as previous quarter. Liquidity is a couple of million higher.
Interest rate level is down to 4.4%. Interest coverage ratio increased a little bit up to 2.5%. The capital tie-up period and the fixed interest period are somewhat shorter since we didn't do any refinancing or new financing during the quarter. The share of fixed interest increased to 84%. If we look at maturities both for the capital and for fixed interest, the green ones, the green bars are the capital tie-up period, and the blue ones are the fixed interest. You can see that this year we only have EUR 36 million to refinance, and we have already started that refinancing, and the interest from banks is actually huge, and that's very positive. It's a positive market, and we can probably see that in the end when we have refinanced them during the autumn. Still, same debt sources, and we have approximately 20% from five different banks all over Europe.
All financing is in Euro. Property values increased by 47% during the last year, but were stable during the last quarter. We had no unrealized value changes during the quarter, but quite a lot during the first quarter this year. Yield requirements in the valuations came up 0.04 percentage points during the quarter, up to 6%, which rounded means up to 6.6%. We had 6.7% as the highest. If we look at the share and Eastnine share as an investment, we can see an increased interest in the share. The share price has increased by 6% until the end of June. Been trading at all-time high after that quite recently. The NAV per share increased by 2% in SEK and 5% in Euro during the period, up to 55%, slightly above 55% SEK.
The total shareholder return for the last 12 months was 16% and in average 18% during the last five years. The share turnover has increased by 160% during the last six months, including all marketplaces. We can also see an increased interest from institutional investors and foundations in the shareholder list, which is positive. The shareholding split is more than 80% Swedish and around 20% other countries. We have a proven growth and strategy execution. The property value has increased by more than 150% since 2020 until the end of June. The profit per share from property management is almost the same from 2020 to the rolling 12-month figures and even 187% if we include the figures in the earnings capacity.
Finally, if we look at Eastnine as a long-term investment, we can see that the Eastnine share has outperformed both real estate index in Sweden, in Stockholm, and in Europe, as well as Nasdaq Stockholm and Warsaw Stock Exchange since 2014.
Yes, and summing up, we are very happy with a very strong performance of our portfolio. Our properties are very attractive today and attractively located, and they are very modern in prime locations in capital cities of the Baltics, Warsaw, and in a very strong regional city of Poznan. On the back of this, we are focusing continuously to build our organization. We are driving a big digitalization process to enable us to build a very efficient and modern organization, but also continuously looking for further acquisitions with focus on Poland and primarily Warsaw. On this, we open up for questions.
Yes, I know this question was coming. Given where both the leverage and the share price is today, sorry, can you quantify what the huge interest from banks mean in terms of expected changes in lending margins going forward? No, I will not be exactly, but it will be all-time low as far as that I can go. If it in the end means that our average interest level will come down, it will of course also depend on how much of the debt we decide to fix and what fixing level we get and what fixing level we had before. It's not only the margin; it's important to remember. How are you affected by Swedish inflation, which surprised negatively today?
We are financing in the Euribor market, so we are a Euro company. 100% of revenue is Euros. 100% of financing is Euros with Euribor margins. We are very much affected by European inflation figures in which Sweden has a relatively small impact.
Given where both the leverage and the share price is today, are you looking at more accretive, attractive country? Perhaps deals in like Warsaw units, including payments with shares?
The answer is yes.
How come rental income is down quarter to quarter? Yeah, that's a good question. It's actually the fact that we had a sort of, if you include in rental income other financial income, we had a little bit too high figure for other financial income in this quarter, and it was too low in the previous quarter. We had a little bit too high figure in rental income during the first quarter, and it's a little bit too low in this quarter. It's related to rental guarantees. If you even them out during the quarters, you get sort of the long-term level. Any more questions?
Okay, since no more questions are coming, I guess everybody is waiting to go out in this rainy summer day. Thank you very much for listening to us today, and see you on.