Welcome to the presentation of Intea's Q3 report. My name is Charlotta Wallman Hörlin, and I am the CEO of Intea. Next to me is our CFO, Magnus Ekström.
Good morning.
During the year, rising market interest rates have impacted the real estate sector in general. In such an environment, predictable and stable revenues, a well-balanced financing structure, and properties that serve a clear societal function become particularly important. We are leaving a stable quarter behind us. We have now reached a property value of just over SEK 30 billion while maintaining strong profitability. The company continues to develop according to plan. Rental income increased by just over 18% compared with the previous year. Growth in income from property management per Class A and Class B share amounted to 17.6% for the quarter. We have issued three green bonds totaling almost SEK 2 billion on attractive terms while repurchasing bonds amounting to SEK 1.1 billion under our existing MTN program.
At the end of the third quarter, our hedge ratio was 102% with a fixed interest rate period of 3.6 years, limiting the impact of rising market interest rates on our average interest rate, cash flow, and earnings. During the third quarter, we invested SEK 370 million in ongoing projects. We completed our infrastructure project in Falköping, and in early October, we took possession of the Ångermanland District Court property in Härnösand. More recently, we were also pleased to announce that we will be developing a new ambulance station in Trollhättan. I will return to that in a moment, but first, I will hand over to Magnus, who will take you through the numbers.
Thank you, Lotta. If we go to the numbers, this slide summarizes the period of January to September, and we now have a contracted rent of SEK 1.8 billion. The property value has now reached over SEK 30 billion, and we have a running yield of 5.8%. The rental income for the period increased, and with a surplus ratio of 83.7%, we have a good cash flow from our operations. Our ICR for Q3 increased to 4.1 x, and the LTV amounted to 47.7%. The growth for NRV per Class A and B share amounted to 16%, and the growth for profit from property management amounted to just over 23%. If we look at a quarter, we had a good development in the Q3 with an increase in rental income of 18% and like for like to +2.9%.
Increase in NOI of just under 17% and like for like +0.7%. Increase in profit from property management of around 19%, as Lotta said in the beginning, for Class A and B share 17.6%. This is mainly driven by NOI from completed projects and acquisitions. We also had a positive impact from changes in value from investment properties of SEK 147 million and a positive impact from changes in value from interest rate swaps of SEK 349 million, and this is mainly due to changes in long-term market interest rates. The tax is mainly deferred tax, and this gives us a profit after tax of SEK 617 million for Q3.
Just over six years ago, Intea acquired the Falköping train depot located along Sweden's Western main railway line. One year later, we reached an agreement with Västtrafik to expand the depot and double its capacity in two phases. The project has now been fully completed, with the official inauguration taking place next week. The lease agreement runs until 2050. The investment in the final phase amounted to SEK 245 million, with an annual rental value of SEK 14 million. The new Ångermanland District Court in Härnösand has also been fully completed, and we took possession of the property in early October. Both the investment volume and the annual rent have increased since we signed the acquisition in December last year.
The investment now amounts to just over SEK 270 million, an increase of approximately SEK 50 million, while the annual rent has increased with SEK 6 million to just over SEK 19 million.
The latest addition to our project portfolio is a new ambulance station that we will develop in Trollhättan on behalf of Region Västra Götaland. The new facility will comprise approximately 1,900 sq m and will be leased by the region under a 15-year lease agreement. The investment is estimated at approximately SEK 50 million. We already own an ambulance station in Stockholm where Region Stockholm is the tenant. It's therefore both logical and an exciting step for us to expand further with an additional ambulance station. We currently have projects under development totaling nearly SEK 12.1 billion, of which SEK 9.7 billion remains to be invested. This slide shows two examples from our project portfolio. The first is the Gävle custody unit, where we are developing almost 22,000 sq m on behalf of the Swedish Prison and Probation Service. The lease term is 25 years from completion.
The investment is estimated at nearly SEK 1.5 billion, with an annual rental value of SEK 96 million. Adjacent to the custody unit, we are currently designing a new police station, and together these facilities will form a justice center. The second project is the Kristianstad prison facility, a security class two prison for men, which is now almost completed. The project has been delivered at record speed, with construction having started as recently as August last year. The facility will add 192 prison places, an important contribution to the Swedish Prison and Probation Service's extensive expansion program. The prison comprises just over 11,000 sq m . The investment amounts to SEK 760 million and the annual rent to SEK 52 million. The lease agreement runs for 25 years. The project portfolio provides stable and predictable growth.
Here is a slide of our project pipeline as of today. As Lotta said, the amount is just over SEK 12 billion right now. We have a 47% visible rental growth in our ongoing projects, and it is fully financed through our balance sheet. We have a high average lease period in the pipeline and an estimated additional NOI of SEK 834 million. When completion of all projects, the rental value will be just over SEK 2.7 billion, and the current yield on cost in the portfolio is 6.9%.
One of our goals is for more than 90% of the rental income to be derived from public sector tenants. At the end of the quarter, public sector tenants accounted for 97.1% of our rental income. The remaining average lease term for public sector tenants was 7.7 years. The lease maturity profile is illustrated in the chart in the center of the slide. 73% of our contracted annual rental income is CPI-linked. At the end of the quarter, annuity-based additional rents amounted to SEK 236 million. Of the supplements maturing after 2031, which represent 51% of the total, the majority relates to three lease agreements with maturities between 2037 and 2049.
The property value has increased with just over SEK 500 million during Q3, mainly from investments and increases in value on properties. The current value, as we said in the beginning, is just over SEK 30 billion right now. The current yield is 5.8% and is based on our NOI in the earning capacity. If you look at the cash flow, we have good cash flow from our operations. On the last 12-month basis, we have a cash flow from operating activities of just over SEK 1 billion and a total investment of approximately SEK 3.6 billion. Maintenance CapEx is included in investment for the last 12 months and amounted to SEK 78 million for the last 12 months. We have a strong financial position with an LTV of just under 48%.
Our ICR is 4.0 x for the last 12 months, and for the quarter, the ICR was 4.1 x.
If you look at the adjusted net debt EBITDA, where we exclude debt from projects, it amounted to 7.4 in Q3. We are still in a good position for growth. The EPRA NRV per Class A and B share increased to just over SEK 58 per share. The profit from property management per Class A and B share increased to SEK 1.16 per share in the quarter and SEK 4.37 per share for the last 12 months. If you look at the growth in EPRA NRV and profit from property management since 2018, the average growth was just over 17% for the NRV and around 21% for the profit from property management. We have a debt portfolio of SEK 14.9 billion, and still a good mix between bank loan, bonds, and commercial papers.
Our interest rate amounted to 2.84% at the end of the period, and it is pretty much the same as in Q2. We have a high interest rate hedging ratio of 102%, and our duration amounted to 3.6 years at the end of the period. Our duration in debt maturity amounted to 3.8 years at the end of the period. We have been active in the bond market, as Lotta said in the beginning, with an issue of new green bonds totaling just over SEK 1.6 billion in the beginning of Q3, and with attractive terms. At the same time, we carried out the buyback of SEK 1.1 billion, and as a result of that, a large share of debt maturity within one year has been refinanced. We also issued a five-year green bond of SEK 300 million in August with good terms.
Finally, we have good access to capital with unused credit facilities of just over SEK 5 billion. If we look at the bond market, the spread curve development has come up a bit during this quarter. However, the market is still very good. As I said in the previous slide, we issued two green bonds totaling SEK 1.65 billion with maturities of two and five years, and the spreads of 60 basis points and 109 basis points. The bond we issued in August was a five-year maturity and a spread of 105 basis points. Finally, if we look at the earning capacity, the profit from property management has increased with 16% year-over-year per Class A and B share, and is currently up to SEK 4.42 per share. With that, I hand over to you, Lotta.
Thank you. Our extensive project portfolio provides stable and predictable growth. In addition, several of our tenants continue to require expanded and modernized premises, including refurbishments, extensions, and new developments. This creates attractive opportunities to add new projects to the portfolio. We have a strong and well-balanced financial position with good access to capital. In summary, we are well-positioned to navigate and capitalize on a more challenging market environment while continuing to create long-term value. We have a strong pipeline and are now looking forward to an exciting finish to the year. Thank you for listening.