We would like to welcome you to the presentation for the first six months of 2025 for Swedish Logistic Property. My name is Tommy Åstrand and I am the CEO of the company, and by my side I have Matilda Olsson. She is the CFO of the company. She will present the financial development later in the presentation. We have an agenda with some highlights from the period before we deep dive into the property portfolio and, of course, the financial development of the company. We have had yet another very good quarter behind us. We are very pleased with the development of the company, not least considering the challenging macro-economic environment we are living in with relatively high interest rates and recessionary pressures. We continue to deliver in the daily work, proved by a high surplus ratio.
Central administration is still on the same level, even though we have a much bigger portfolio. There are low margins on our loans. Our green transition delivers in big increases in certifications of our properties. We are now at 64% at the end of the quarter and also a big increase in sustainable financing, summing up to 94% of the portfolio at the end of Q2. We increase our rental income with 46%, of course, partly explained by acquisitions, but also the daily work within property management. We increase our profit from property management with 53%. We have managed to keep big parts of the increase in NOI in our result. Our loan-to-value ratio is 49%, way below our long-term level of maximum 55%.
We have a growth in profit from property management of 34% per share and a 7% increase in NAV, meaning on track for the yearly goal of 15% per year. We have a strong interest coverage ratio of 3.1x , which is an effect of our strong work within property management, good negotiations with our banks, and effective processes within the company. We continue to acquire properties with development potential. We have taken ownership of 11 properties during the period in five separate transactions, keeping our pace on one transaction a month on average. We see continued opportunities to grow with new acquisitions of logistics properties with development potential going forward. We have successfully grown the portfolio of logistics properties. At the end of the period, we owned 122 properties with a property value of approximately SEK 16.3 billion.
We see a continued big demand for logistics areas, proven by our occupancy rate of 97%. We have a long remaining tenancy period of 6.8 years, which of course is good when talking financing with our banks. We keep the pace on delivering on our two overarching goals of growth of NAV per share with 15% and increased results from property management per share with 15%. Matilda will come back to this later on in the presentation as well. If we look at transactions, one important part of the strategy is acquisitions of logistics properties with development potential. We're not focusing so much on the day one yield instead of what we can do with the properties to create value, filling up existing vacancies, lowering energy costs, possibilities for add-on projects, and so on in the properties.
We have continued to do acquisitions during 2025, and we have taken possession of 11 properties during the first six months in five separate transactions. Keeping our track, our record of one transaction a month in average. As I said before, acquisitions of logistics properties with development potential is an important part to fulfill our overarching goals in the longer perspective. We have tried to describe the potential that we have by dividing our portfolio into two parts. We have the property management portfolio, properties that are fully developed. There is not much to do to continue to drive value within them. There are cash cows that generate a higher NOI than the development portfolio. It can generate a higher loan-to-value ratio and in some way finance our development properties.
Then we have the property development, approximately 50% of the total portfolio, where there's still some potential to increase the NOI. It could be through vacancies, filling up vacancies, energy projects, add-on projects, and it could be also low existing rents in the properties. The difference between the NOI in these two categories is around SEK 167, which means that we can continue to increase the cash flow in the portfolio going forward. Regarding the ongoing project, I will come back to that a little bit later. We also have a potential in building rights where we can do some projects going forward. If we look at the existing bigger projects, we have one new production project ongoing. It's a new construction project for 38,000 sq m in Falkenberg.
These bigger investments are, of course, important for us, but at least as important are all of the minor projects that we are doing on a daily basis. We have approximately 150 minor projects ongoing at the moment. They are an important explanation to how we can deliver positive value changes in our properties quarter after quarter. We are very active with our tenants to identify all of the development projects, such as energy investments, conversions, add-on projects, batteries, solar cells, and so on. We have invested SEK 52 million in energy projects for the first six months and approximately SEK 125 million in other investments as add-on projects or conversions. The return of these investments is significantly higher than we have within the current yield requirements in the portfolio. Regarding tenants, we have a broad and strong mix of tenants. They represent the various categories.
Major categories are food, beverage, and transportation. We see a continued strong demand from our tenants. We have two Commercial Managers, actually three from September when our new recruitment, Sophia, is beginning, that on a daily basis focus on our tenants regarding investments in energy projects, add-on projects, and so forth. This is a big part of how we can continue to deliver positive value changes quarter after quarter. We, as our banks, love long cash flow. We have 6.8 years remaining tenancy period. An extra save is that our ten biggest tenants have more than nine years in duration left in the portfolio. We continue to develop our sustainability work. It is a natural part of what we do when we refine older logistics properties. We look at it from three different perspectives: the planet, the people, and the business, where we have concrete goals that we follow quarterly.
In 2024, we reached our goals in advance for a large number of our sustainability goals and have therefore communicated updated and new sustainability goals in the first quarter of 2025, most of which are aiming at 2027. Among other things, we will reduce the proportion of lettable space with energy classes F and G to a maximum of 5% of the portfolio by the end of 2027 and have net zero emissions in the value chain by 2040. Now we're coming up to the financial development, and I will hand over to you, Matilda.
Yes, and as Tommy mentioned, we continue to deliver on our overarching goals for this period as well. During the first half of the year, we delivered 7% growth in net asset value (NAV) per share, which means that we are well in line towards the goal of 15% for the full year. The profit from property management per share increased by 34% during the period compared to the same period last year, and this is an increase that we are very proud of and that should be seen together with the 2024 figure, as we had a lag in the profit from property management in relation to the number of shares. Even if we look at the two years together, they are significantly above the target of 15% per year.
We continue to have a stable financial position with a loan-to-value ratio of 49% in relation to our risk limitation of 55%, and we have an interest coverage ratio for the period of 3.1x compared to the risk limitation of 2.5x , 3.1x . Our earnings ability, which is a snapshot as of July 1, continues to grow, and we reached a milestone of SEK 1 billion in rental income at the end of the second quarter. The increase in rental income is driven by acquisition, completion of larger projects, and also completion of several smaller development projects in the existing portfolio. As we like to point out, we see a significantly smaller increase in the property cost and administrative cost. This shows good cost control and also the scalability of our processes as we grow the property portfolio.
In the earnings ability, we now have close to SEK 600 million in property management, which of course also affects our cash flow significantly. If we look at the income statement, our rental income for the half year amounts to SEK 489 million, which is an increase of 46% compared to last year. Our NOI increases even more by 49% and amounts to SEK 427 million for the period. The increase is due to the fact that we have a larger property portfolio, but also the development in existing properties on a daily basis, which, for example, shows in the increased occupancy rate from 95%- 97% over the past 12 months. For our comparable holdings, the NOI increased by 4% compared to the previous year. The increase is partly related to the CPI adjustment of rents of 1.6%, but mainly linked to the development of the portfolio.
Looking at the profit from property management, it increases by 53% and amounts to SEK 280 million for the period. The big increase is, among other things, an effect of keeping our administrative costs at a comparable level to last year, despite growing the portfolio. The higher financial costs are primarily due to new lending because we have a larger property portfolio, but the costs are partly offset by a lower average interest rate this year compared to last year, which I will return to shortly. We continue to deliver positive value changes in the properties and have still not had a single quarter with negative value changes. For the first six months of the year, the unrealized value changes are SEK 249 million. The positive changes come from new lettings and renegotiations, from profit in new construction projects, energy saving projects, and also deduction for deferred tax and acquisitions.
At the end of the period, the average yield requirement was the same as in the beginning of the year. At the end of June, we passed SEK 16 billion in property value. The increase during the year consists of acquisitions of SEK 2.3 billion, investments in the portfolio of about SEK 300 million, and changes in value of SEK 249 million. The loan-to-value ratio amounts to 49%, which is a minor increase during the quarter as a result of the increased lending in connection with the completed acquisitions. At the end of the quarter, the net asset value (NAV) per share was SEK 31.38, which corresponds to an increase of 7% over the last six months and 60% over the last 12 months. We continue to work actively with our financing, which continues to consist of 100% secured bank financing with the Nordic banks.
During the second quarter, we have refinanced SEK 2.8 billion of the loan volume ahead of maturity. This corresponds to over a third of the portfolio. Through the refinancing, we have lowered the average credit margin during the quarter from 1.43%-1 .35%. We have also extended the capital tie-up from 1.7 years to 2.2 years at the end of June. Our average interest rate at the end of June amounts to 3.6%. This is a decrease of 20 basis points compared to the beginning of the year. As we have increased the loan volumes, we have also continued to hedge part of the debt in line with our financial policy. At the end of the half year, the proportion of loans that are interest rate-hedged through derivatives is 64%. We also continue to work actively to convert the portfolio to green assets.
This is reflected in the proportion of sustainable financing, which now amounts to 94%. Overall, as we see it, we have a strong financial position to continue to grow, not least given the significant funds that the properties now generate. In addition to the existing cash holdings of about SEK 150 million, we have additional available funds of approximately SEK 1.3 billion. Having a quick look at the shareholders' list at the end of June, there are no major changes compared to the previous quarter. During the year, the number of shares has been affected by the issue of 40 million in connection with one of the acquisitions during the first quarter, where shares were a part of the payment. With that, I hand over to you again, Tommy, for a short summary.
Thanks for that, Matilda. To summarize, SLP is in a very strong position. We have a very good development where we deliver strong numbers both regarding the NAV growth and growth in management profit per share. This proves that our daily work within operating net improvements and our investments in the properties are fruitful. We continue to see a high demand for logistics space, which is proven by a high economic occupancy rate of 97%. We continue to acquire logistics properties with development potential, which is an important part of the strategy. We have, as I said, a strong financial position and banks that want to grow with us. We are very positive looking forward. That was all for us. Feel free to ask questions through our information.