Good morning and welcome to the presentation of the first quarter of 2025 of Wallenstam. My name is Susann Linde, CFO and Head of Investor Relations here at Wallenstam. What has happened this first quarter then? We have taken possession of the property in the picture as of last January this year. It is Sergelgatan in the city of Stockholm. Now we are also on the commercial market in Stockholm. We also vacated four commercial properties in Gårdsten and Högsbo in Gothenburg as of February 3. We have also bought land for a future project in Stockholm, Stora Sköndal, close to Drevviken. We have also continued to buy back shares during the quarter and have repurchased a total of 5 million additional shares. We now have an average price of the total 10 million shares that we have in our own holding of SEK 46.17 per share.
Our newly constructed residential property Nacka Grace, which we completed during the quarter, has won an award for Sweden's finest new construction in 2024. It is great that it is being recognized as it is a very beautiful house. How does Wallenstam look today? Yes, almost like last quarter. Half of the rental value is from residentials and the other part from commercials. We also keep to a good occupancy rate of, in total, 96% and 97% in economic occupancy rate, with residential being 100% let out and commercials 91% occupancy rate. We see a stable demand for our product.
We are focused on improving our energy classes, and 60% of the rental value has energy class A to C and is slightly lower towards the end of the year due to the fact that we have vacated properties during the quarter and that Sergelgatan has entered the holding. There we will take energy-saving measures when we renovate that property. We have also decided to start an energy-saving project of our properties in Råcksta in Stockholm, which consists of approximately 900 apartments, which will also lead us to improving Scope 2, which is also one of our climate goals. How about our income statement for the first quarter then? Our operation is going well, and we can see a continued improvement of the profit. Our net operating income for the quarter is increasing by 7%, and we recognize a surplus ratio of almost 74%.
Let us go to the next page to see more details. As I said, our NOI increased by 7% by SEK 35 million. Of that, the rental income increased by SEK 52 million, which is 7% up, where the comparable holdings and the new construction almost contribute to half each. In the comparable holdings, the residentials rose on average 4% and the commercials by 1.6%. During the quarter, we have a net of one-time compensations of SEK 12 million because of compensation for early relocation. The operating expenses are increased by almost 10%, SEK 18 million, where SEK 3 million of the increase is because of the completed new construction. Regarding property maintenance, water, and district heating, the expenses increase mainly because of increased property management than last year, but also because of tariff increases like earlier.
In total, we recognize an NOI of plus 35 million and amounts to SEK 570 million in total. This first quarter, we have completed 343 rental apartments, and they are fully let. The first project is Nacka Grace, where we have completed 66 apartments during the quarter. It is a very popular project in Nacka, Nacka Grace, which has won a prize for the most beautiful new construction. It was also here that we shot our year-end report, this first quarter film for this quarter. This project is now completely completed, and all apartments are fully rented of total 169 apartments. We have also started another completion in Nacka, and this concerns Ältas Kvarter 1, where we have completed 106 apartments that we have now been let, and we have 85 apartments left to complete. All the commercial premises are fully let as of today.
We have also completed and let 12 apartments in Ädellövet in Farsta. Here we have 160 apartments left before it's completely completed. It is nicely located by Drevviken, and the land that I said that we have bought this first quarter, it's on the opposite side of Dreviken from this project. We go on to Kallebäck in Gothenburg and our urban development project here. Here we have completed and moved in 159 apartments in this Terrassen Kvarter 6. We have 139 apartments left to complete after the summer. If we look at the total income from property management and includes administration expenses and financial net, we recognize an increase by almost 16% and a total income of property management of SEK 340 million. The administration expenses have increased on the total by SEK 10 million compared to the previous year.
The increase is mainly due to new IT systems and also increased personnel expenses. The administration expenses here in the income from property management are also affected by a rebooking of project costs as one of adjustments of SEK 7 million. It was last year that we did that. When we compare these two figures, we have SEK 80 million in difference here, but just SEK 10 million in total. The financial net is improving by 14% despite a higher average debt by SEK 2.3 billion compared to last year. The average interest rate during this first quarter was 2.54%, which is 70 basis points lower compared to the same period last year. The average interest rate on the closing date amounts to 2.5%.
We haven't made any additional hedges during the quarter, but we have continued to hold SEK 22 billion in interest rate derivatives and have 68% of the loan volume interest rate hedged. We have an average interest rate fixation period of 47 months. The interest coverage ratio during the quarter is 2.8 times. If we move on to the profit including value changes, if we start by commenting on the changes in value of our properties, we recognize a net value increase of SEK 123 million. It is mainly an effect of higher net operating income. We haven't adjusted any direct yield requirements during the quarter. The value changes in financial instruments are amounting to plus SEK 100 million because of the increased long interest rates during this first quarter. In total, we recognize a profit after tax of SEK 573 million compared to the previous year of SEK 333 million.
A plus of SEK 240 million compared to last year. We still have a stable balance sheet with an equity ratio of 44% and an LTV of 47%. Our investment properties have a value of SEK 68 billion. Properties in operation have a value of almost SEK 63 billion, and projects in progress and land for future new construction amount to SEK 5 billion. As I said before, we have not adjusted our direct yield requirements. The effective yield requirements are now 4.6% on average for commercials and 3.6% for residentials. The average has moved by one basis point compared to last quarter from 4.5 and 3.7 because of sales and completed constructions. 56% of the property value is in residentials and the other part in commercials. Transactions have had a net positive impact on the value of the properties of SEK 1.8 billion.
In total this year, this first quarter, we have invested SEK 524 million in our new construction and also reconstruction, which is on the same level as last year for the same period. On the next page, we can see our ongoing projects. We now have 1,177 apartments under production. We have started two projects during this first quarter, consisting of 216 apartments. Here you can see Hans starting one of the projects. This is Kallebäck that he starts in Gothenburg in our urban development project there. We have also started this now, Kvarter 1, of total 177 apartments in total. This will start to be completed in 2027. We have also started the second phase here on Sten Sturegatan in CBD center of Gothenburg. It is right to the opposite Scandinavian, the Arena here in Gothenburg.
We will renovate the existing part of the building and build four new floors on top of that of 39 apartments. It will look like the first house you can see here in the picture. It feels fantastic to add new apartments to such a central location here in Gothenburg. If we end this presentation with a balance sheet and the equity and interest-bearing liabilities, we have increased our interest-bearing liabilities by approximately SEK 2 billion during the quarter. They amount to SEK 32.5 billion. We still have a strong balance sheet, as I said, with an equity of 44% and an LTV of 47%. The LTV has increased by one basis point compared to last year, last quarter. The NAV amounts to SEK 58.4 per share. That was what I planned to talk about this quarter.
If you have any questions, please email me, and I will try to answer all your questions. You can also attend the Swedish call that we have at the same time as we send this one. Please contact me if you have any questions. Thank you for listening.