Welcome to this call where I will go through the first quarter of 2022. As always, if you have any questions, please click on the envelope here on this page, and I will try to answer them later. Turn to page 2. We are once again reporting a good result and a growth. All key ratios are further strengthened. There is a great deal of uncertainty in our world with the pandemic replaced by war. We, as a company, are entering stably during this time of uncertainty, with a strong balance sheet in combination with the property holdings in attractive locations with a stable demand. Our own queue for our new construction has increased during this first quarter to 185,000 in total. Our rental apartments that are completed have a good demand. Please turn to page 3.
What happened during this first quarter? We vacated eight properties during this quarter, two properties in Tyresö, two properties in Sundbyberg, and four in Gröndal in Stockholm. We have also taken in possession the commercial property in central Gothenburg from Handelsbanken, where they also are the largest tenant. We have acquired additional shares through a new share issue in the co-working company, Convendum, which means that we now own 37% in the company. We were also honored to receive an award as the Property Company of the Year Residential at the Real Estate Gala, which is arranged by World in Property and Lokalguiden. It's good that our work to add new homes to the market is appreciated. You can see here, when we receive, the prize here on the picture. Now turn to next page four.
Yes, we focus on the growth regions in Sweden, Stockholm, Uppsala, and Gothenburg, and the distribution between the regions has changed somewhat as we sold properties during the quarter in Stockholm and acquired in Gothenburg. It's only by 3 percentage points. The same applies to the distribution between residential and commercial rents, as it has decreased by 2 percentage points regarding residential and increased by the corresponding amount in offices. Now turn to next page five. We have four climate targets, and the outcome for 2021 shows that we have worked well to reduce our CO2 emissions. The most challenging is our construction operations, and there we have decreased by almost 8%, where we have made climate calculations in the planning stage in several of our projects, and accordingly made more climate-friendly material choices. We are not just self-sufficient in wind power.
We have continued to install solar cells into properties where it is possible. We have also reduced the property's energy use per sq m by just over 25% with the help of optimization work such as adjusting heating systems, et c. Residual waste has been reduced by 20% per sq m, where we have, among other things, supplemented environmental rooms with additional sorting fractions. Finally, business trips. They have been relatively few during the pandemic. However, they were mostly carried out in a climate-neutral way. For example, we have our own car pool with only electric cars. We are very proud of this result. Now turn to page 6. We completed 354 apartments this quarter, and on next page, I will start to go through, which one. We start with page 7.
Here to the left, we have our project in Umami Park in phase three in Sundbyberg, where we have completed the entire project now with these last 50 apartments that were occupied in March. The project is on a total of 133 apartments. To the right, we have Flanören in Uppsala, where we have occupied into another 36 apartments. There are about 70 apartments left here that are not completed yet. Now turn to page eight. To the left in this picture, we have Kvarteret Kvarnen in our urban development project in Mölnlycke Fabriker, where we have completed 62 apartments out of a total of 185 apartments. This property is now fully completed.
To the right, we are in the same area, the neighborhood to Kvarteret Kvarnen, and it's Kvarteret Väven, where we completed all 116 apartments here during the first quarter, and they were occupied in March. This means that we have three projects fully completed here in Mölnlycke Fabriker now of about 420 apartments. Now we have started almost half of the apartments in this area. Now turn to page 9. The second house of three in this project, Kvarteret Elvan in Kallebäcks Terrasser, was completed in February this year. Now, there is only one house left, then this whole project is completed. Now turn to page 10.
Now we go through the result, and we report a net operating income for the quarter of SEK 459 million, which is an increase of 11%, SEK 44 million, compared with the previous year. This is despite the fact that we have had sales that we lose net operating income from. Since we primarily build rental apartments, they enter our management and have a positive effect on our net operating income. We have further increased our surplus ratio to 74.5% for the quarter. More about the details we take on next page 11. As I said, NOI increased by 11% compared to the previous year. If we start to look at the rental income, we can see that SEK 41 million comes from our new construction.
We completed approximately 350 apartments during the quarter, but they don't have an effect throughout the whole quarter. We have lost rental income of SEK 13 million due to the transactions we have made. In the comparable holdings, we have increased rental income by SEK 21 million, which corresponds to an increase of around 3% in base rents. We have also recognized an estimated increase in property tax due to increased assessment values, which leads to increased income of SEK 6 million for the quarter and also higher expenses, of course. We reinvoice around 90% of the property tax. We have a total occupancy rate of 97%, where residentials are fully let, and the commercial holding amounts to 94%.
The operating expenses, they increased by SEK 10 million, and even there, the greater part of the increase, SEK 6 million, is due to the fact that we have larger property holdings to manage as new construction enters management. It has also been warmer and less snowy, which had a positive effect on our operating expenses of SEK 6 million. Again, it's worth commenting that we are self-sufficient in renewable energy by our wind power, and it has been a good hedge now when prices have risen as they have done. Now turn to page 12. Here we see the development of the NOI over the past 10 years and also the surplus ratio that shows the efficiency of our holdings, and it has risen further. For the quarter, it amounts to 74.5%, and here in this graph, it's rolling 12 months.
As new construction enters the management, the surplus ratio is positively affected. Of course, the work we put to make our existing properties even more efficient also has a positive effect. Now turn to page 13. If we look at the entire income from property management, it's an increase compared to the previous year by 11%, SEK 31 million. The total increase of our administrative expenses mainly consist of an increased number of employees and high wages, as well as gifts as a result of the war in Ukraine of SEK 4 million in total. Our net financial items are slightly higher than last year, SEK 9 million. The average interest rate during the period amounts to 1.21%, which is the same as the previous year. We have less interest rate capitalized in the properties of SEK 7 million.
Given the current inflation environment, we have chosen to further hedge our interest rate with the help of ten-year interest rate derivatives. This means, as we see on the next page fourteen. During the quarter, early in the quarter, we entered into new ten-year interest rate derivatives with a volume of SEK 2.3 billion. In total, we have outstanding derivatives of SEK 16 billion now and a total loan volume of approximately SEK 28 billion. The fixed interest rate has now been extended to fifty months from forty-one months at the turn of the year. Due to these hedges, the average interest rate as of the balance sheet date has increased to 1.34% against 1.17% at the turn of the year. Now turn to page 15.
The profit before changes in value recognizes at SEK 349 million, which is higher than the previous year. In addition to what I have mentioned before, it is that other income and expenses, which mainly consist of our wind power operations, increased compared to the previous year, thanks to higher electricity prices and higher production by 35% compared to the previous year. Now turn to page 16. If we then switch to changes in value and start with changes in the value of properties, we report a total of SEK 187 million that comes totally from our new construction. Changes in the value of financial instruments have a positive effect of the long-term interest rate rising. The ten-year swap was at 1.9%, this year, this quarter end, compared year-end at 1.0%.
We recognize a surplus value in the portfolio of approximately SEK 800 million. It's also affected negatively by our holding of listed shares. Turn to page 17. In total, the property value amounts to SEK 64 billion, and it's on the same level as at year-end, despite sales of SEK 2 billion, but investments in our new construction of SEK 1.7 billion and acquisitions of SEK 1 billion. We can turn to page 18. We haven't changed our yield requirements in our valuation of the properties, so they remain at on average 4.4% for the commercial and 3.0% on average for residential. The property value is divided into 37% commercial properties and 63% residential properties, where residential has decreased 2 percentage points since the previous quarter due to residential sales and acquisition of commercial.
Now turn to page 19. During the quarter, we invested SEK 0.7 billion in our property construction, slightly lower than last year's quarter one. In addition, we have also, as I said, acquired a property for SEK 1 billion. Now turn to page 20. We have started construction of a nursery school in our urban development project, Kallebäcks in Gothenburg, where we have already started one other school last quarter. We have also started a conversion of premises to 15 apartments, as you can see here on the right on Djurgårdsgatan in Gothenburg. Now turn to next page 21. With these occupations and starts, we now have approximately 1,600 apartments under construction. We also have the commercial building in Kallebäcks and also the two schools there. Here you can also see when the occupation starts. Now turn to page 22.
Our interest-bearing liabilities amount to SEK 27.8 billion and are on the same level as last year. Go to page 23. We continue to have good access to financing. Thanks to the sales we made during the year, we haven't needed so much new financing despite continued investments in our new construction. We have accessible liquidity of SEK 4.4 billion. We are mainly financed through bank loans, as you can see in the graph, and they have increased slightly during the quarter even. 29% of the interest-bearing liabilities are green loans. Now turning to page 24. With this picture, I will summarize how we are doing with the help of our key ratios. As I said, all our economic key ratios are pointing upwards.
We have further strengthened our balance sheet and report an LTV of 43% and an equity/assets ratio of 47%. During the quarter, our net asset value increased by an additional 3% to SEK 117.8 per share. More about the net asset value on next page 25. We have a closing net asset value of SEK 117.8 per share, which mean that a total of SEK 38.6 per share has been created since we started this business plan. In our business plan, which extends until 2023, we will create SEK 40 in net asset value per share, but the board stated at the financial statements last year that it's not so far up to those SEK 40 that we have as a goal.
With this, the board decided to start the work already now this year, 2022. We believe that the new business plan can be launched during this fourth quarter this year. As I said, all these strong key ratios, in combination with our efficient property holdings in good locations with a high demand, feel very satisfying. This was all for today, and thank you for listening. Goodbye.