Hi, and welcome to the presentation of the third quarter of 2021. I'm Susann Linde, CFO and Head of Investor Relations here at Wallenstam. If you have any questions, please click on the envelope here on this page and I will answer your questions later. Turn to next page. All key ratios for the period are better. Increased income from property management, higher equity ratio, and lower LTV, as well as strong net asset value growth. We are very proud of this. This is also the reason for the quarter's headline for our report, Business Model That Generates Results. Our strategy of investing in new construction of new rentals can be seen in our figures, both in increased Net Operating Income and value changes. Next slide. What happened during this third quarter? We made a small acquisition in Gothenburg, a property in Fiskhamnen.
We also had some sales this quarter as well. A small residential property in Partille in Gothenburg with 24 apartments, which was taken over on 1st July , and two residential properties in Uppsala with a total of 250 apartments. Uppsala was taken over the 1st of September . The deal in Uppsala also includes one ongoing construction, Bersån, which will be taken over when the property is completed. The total price for Uppsala amounts to approximately SEK 1.1 billion. We continue the lease in Kallebäcks Terrasser, our commercial property in our urban development project in Kallebäck in Gothenburg. This time it is to the gym Nordic Wellness that will rent 1,000 sq m with occupancy at the beginning of next year. Here on this picture, you can see our solar cell panel garage in Mölnlycke. Isn't it nice? I think so. Now turn to next page.
Here we have a summary of our property holding. I always show this one, and distribution between the regions hasn't changed since previous quarter. We have had new constructed properties that are now fully completed, but also some sales. In terms of rental value, the proportion of residentials has increased by 1% unit since the previous quarter. Now turn to next page. The market and our view of the market. It has become even better thanks to the fact that the restrictions have been released, and that has a positive effect on all operations. We have a stable demand for our offices. Restaurants are doing better, and some stores, depending on what segment, still have a tough situation. We can see that the flow of people is increasing in the city.
Residentials, which is our largest share of the rental value, has strong demand and the number of applicants in our own housing queue for new construction has increased by another 10,000 since the last quarter. Now turn to page six. During this quarter, we completed a total of 152 apartments in the following projects. We go to next page. Page seven. To the left, we have our project, Söra Kvarter, in Österåker, where we completed 55 apartments, and now this project is fully completed of total 305 apartments. To the right, it's Frodeparken in Uppsala, where we have completed 20 apartments out of a total of 156 apartments. Now turn to next page. Kvarter 11, Kallebäcks Terrasser. This project is our first completed project in our urban development project in Kallebäck.
This is partly completed, and we got 77 apartments that were completed this quarter out of a total of 217. This feels very fun that people are starting to move into this fantastic area that we have created. The completed properties are on the left side here on this picture. Now turn to page nine. The net operating income, as I said in the beginning, our business model shows in our figures that we are investing in our new construction of rentals that we keep in our own management. All the completions during this period obviously have a positive effect on our net operating income. In total, NOI amounts to SEK 1.3 billion, and this is an improvement of 10% compared with the previous year, an increase of SEK 117 million. Now turn to next page.
If we look into more detail at what the changes consist of, we begin to recognize that it is the new construction that has come into management that accounts for the larger increase. In total, for the entire period, approximately 900 apartments have been completed. Of the total increase in rental income of SEK 144 million, SEK 129 million comes from our new construction. We have lost revenue of SEK 9 million due to the transactions we have made during the period. In our existing portfolio, we haven't been hit by CORONA discounts this period to the same extent as the previous year. This year, SEK 7 million net to last year, net SEK 13 million, which has a positive effect on rents of SEK 23 million. We have a total occupancy rate of 97%, where residentials are full alert and the commercial holding amounts to 94%.
Operating expenses increased by SEK 27 million, and even there, the great part of the increase is due to the fact that we have a larger property holding to manage as new construction enters management. Otherwise, it hasn't been as hot as last year, plus more snow, which has affected our operating expenses by SEK 10 million. So in total, SEK 170 million in increased NOI. Next page. On the orange line, you can see our surplus ratio that shows the efficiency of our property holding, and it has risen further. On a rolling 12-month basis, it amounts to 76%. It's 10 basis points higher than 10 years ago, and the reason is that we have changed our holding with an increased share of new construction, which is even more efficient than the older properties.
A new construction has about 85% surplus ratio, and that is why we have this high level, which is high for being a half residential company. Of course, we also make the operation of our existing properties more efficient. Now turn to next page. If we look at the entire income from property management, it's an increase compared to the previous year by 13%: SEK 108 million. The increase in our administrative expenses mainly consist of increased number of employees, but also some expenses for enhanced IT security. Our net financial items remain at basically the same level as last year. The average interest raised has fallen, but the average debt for the period is approximately SEK 1.9 billion higher, which has a negative effect. We have hedged the interest rate with some interest rate derivatives during the period. On next page. Page 13, I will talk more about that.
In total, we entered into new 10-year interest rate derivatives during the year with a volume of SEK 1 billion. This means that almost half of our outstanding loan volume is interest hedged with derivatives, and the average fixed interest period amounts to 41 months, and the average interest rate during the period to 1.21%, which is 10 points lower than the previous year. Now turn to next page. Profit before changes in value. This quarter, we have sold every co-op in our project Vasagatan, which had a total of 30 apartments. I can also mention that other income and expenses, which mostly consists of our wind power operations, increased compared the previous year due to higher electricity prices. In total, it's SEK 888 million before value changes. Now we go to next page. Page 15.
If we then switch to changes in value and the changes in the value of properties, we report a total of SEK 1.5 billion, of which SEK 600 million comes from our new construction, and the rest is in the existing holding. It's a strong property market with especially great demand for residential properties. This, together with improved NOI, means that the existing portfolio increased by almost SEK 900 million. Because of higher long-term interest rates, the value changes in derivatives are positive by SEK 372 million. In total, profit for the period after tax amounts to SEK 2.7 billion compared to SEK 1 billion last year. Now turn to page 16.
In total, the properties amount to SEK 61 billion, and this means an increase of SEK 3 billion towards the turn of the year, where in addition to changes in value of SEK 1.5 billion, there are also the investments we made during the period of SEK 2.5 billion. We sold for approximately SEK 1.3 billion and acquisitions of SEK 1.4 billion. On next page. Page 17, we can see the total property holding and the property value, which I said was amounted to SEK 61 billion and is divided into 36% commercial properties and 64% residential properties. Our yield requirement for commercial remains at 4.5% and the residentials at 3.1%. Our total occupancy rate is 97%. For residential, it is 100%, and for the commercials, it's 94%. Now turn to next page.
During this period, we have invested SEK 2.4 billion in our construction of properties, and at the same time, strengthened our equity ratio. During the third quarter, we invested SEK 700 million. Now turn to next page. We have had one start of construction during this quarter, and it is Kompositören in Uppsala with 185 apartments. It isn't just any start, but actually the start of our 10,000th apartment since we started our new construction at the turn of the millennium. We are very proud of this, and we have created all these apartments. If you watch our interim report film, this is exactly where we stand and record it. Now turn to next page. With these completions and starts, we now have approximately 2,200 apartments under construction, which is approximately the same as the previous quarter, as we have basically started as many as we have completed.
Now turn to next page. Beside the 2,200 apartments that we have in progress, we also put a lot of time and energy into our future projects. It is important to influence as much of the design of the buildings at an early stage so that we can make them as efficient as possible. Today, I thought I would take the opportunity to talk about some of our future projects, and they are all in different phases, or some of them are in the same phases. Now we can go to page 22 and start with Älta Torg. The zoning plan gained legal force of Älta at the beginning of October. We can now start to construct our first project here, the first block at the end of this year. We will start demolition of garages so we can start the construction of the first block.
Block 1 is about 200 apartments and some commercial areas that will contain a grocery store, healthcare, and gym. In total, we will build 900 apartments here in Älta, where we already have existing properties. Now turn to next page. Carlandersplatsen is a land allocation with a zoning plan gained legal force. Carlandersplatsen is located in central Gothenburg near Liseberg. The project is about 200 apartments, and we are now waiting for permission from the Land and Environment Court for drainage of groundwater, which is why we haven't started. Building permission are also as expected in parallel. Hopefully, we can start this next year. Now turn to next page. Page 24. Also in Mölndal Centrum on Åbybergsgatan, we have received a land allocation and the zoning plan gained legal force. We are demolishing an existing building on the site and are planning stage one here of just about 120 apartments.
Stage one will hopefully begin next year. Why I say hopefully is because you can never promise due to building permissions, et cetera. In total, we build just over 400 apartments here. Now turning to next page. Page 25. Another project in Barkarby for us where we received a land allocation. Here as well, we have a zoning plan gained legal force. Now we work to set all conditions at an overall level in the project and plan construction start 2022, 2023. This is nicely located by the main square in Barkarby, where the exit from the new metro will be. Now turning to next page. Täby Park. This project is located in a completely new district in Täby called Täby Park. When the area is fully completed, it will contain about 20,000 people and 6,000 apartments and 4,000- 5,000 jobs.
Our project consists of two blocks with a total of just over 300 apartments. Planned start of construction next year with stage one. Here as well, the zoning plan gained legal force. Now turn to page 27. A future project in Mölndal is Forsåker, where there is a zoning plan in progress. This is a consortium together with six more companies, and the lottery distribution hasn't been made yet, but we will build about 600 apartments in this area. A total of 3,000 apartments will be built here in this beautiful area and is one of the largest urban development project here in Gothenburg region. Construction will not start within our business plan, which extends to 2023. Now turn to page 28. Our interest-bearing liabilities amount to SEK 27.2 billion, and as I said, this is an average increase of SEK 1.9 billion compared with the previous year.
But towards the turn of the year, basically unchanged. Thanks to the sales we made during the year in combination with our investments in our new construction. It is a strong financial market, and we are still mainly financed through bank loans, as you can see here on the graph, 80%. In the table, you can see that during the quarter we reduced our interest-bearing liabilities due to the fact that we sold properties during this quarter. We had two bond maturities of totally SEK 700 million during the quarter, and we only raised SEK 400 million in new bonds, which is why we decreased the net by SEK 300 million. Bank loans have increased slightly. Now turn to next page. With this picture, I will summarize using our key ratios. As I said, all our economic key ratios are pointing upwards.
We have an increased NOI that increases by SEK 117 million, and even more efficient property holding with a surplus ratio of almost 77%. We not only create value by our new construction in our NOI, but also surplus value, and for this period, SEK 600 million. We have further strengthened our balance sheet and report an LTV of 44% and an equity ratio of 46%. Our net asset value has increased by about 13% over a 12-month period, which is extremely strong, I think. It is also the net asset value that we have as a goal in our business plan. So turn to next page. Page 31. In our business plan, which extends until 2023, our goal is to create 40 kronor in net asset value increase per share.
We have a closing net asset value of 107.2 per share, which means that we have created 28 crowns per share since we started this business plan. This means that we have SEK 12 left per share to fight for. This was all for today, and don't hesitate to send me some questions. Thank you for listening. Goodbye.