Hello, welcome to the presentation of the year-end report for Wallenstam for 2019. It's Susann Linde, CFO and Head of Investor Relations. If you have any questions, please click on the envelope on the screen, and we will also translate the questions from the Swedish call and publish on our website. Turn to page two. I will start as always with some important events for this last quarter. I will start, if you can see on the end to the right on this page, we have a more stylish and modern design. We changed our logo, which we think it reflects a more modern company. Now we have started the work to change signs on our properties.
We work all the time to fill up our project portfolio for future projects, so it feels very good that we became an anchor developer in Kista Municipality. It's together with three other developers, and we will obtain a land allocation of about 250 apartments here. In October, Marina Fritsche, Regional Director of Gothenburg, was appointed as Vice CEO of Wallenstam. Now we have two Vice CEOs. It's also Mathias Aronsson, the Regional Director of Stockholm. The board proposed a dividend of SEK 1.90 per share, which is at the same level as last year. It is based on Wallenstam's future investment plans to reinvest a large part of the profits in the business instead. As you all may know, we have a plan to invest SEK 3 billion annually in the future. Now turn to page three. What have we done during 2019?
We have done a lot of things. For example, we have invested SEK 3.8 billion, where SEK 3.3 billion in our new construction and the rest in acquisition. We have also started construction of 1,225 rental apartments and completed 250 apartments in two properties in the third quarter. We have sold investment properties and development properties at a total value of SEK 600 million, but mostly development properties. Now turn to page four.
We have properties at a value of SEK 52 billion, and they are valued at an average yield of commercial of 4.5% and residential of 3.1%. I will come back to the valuation later in the presentation. We have a total occupancy rate of 98%, where the residentials are fully let and the commercials have 4% vacancy rate. Now turn to page five. As you all know by now, we have our focus on the growing regions Stockholm and Gothenburg.
37% of the property holding is in Stockholm, Uppsala, and the other part, 63%, in Gothenburg. Half of the rental value is in residentials and the other part in commercials. 50% of the commercial rental value is in office. Now turn to next page six. I will now start with the income statement. You can turn to page seven. I start with the net operating income, which has increased by SEK 100 million compared to last year. The rental income is just about SEK 2 billion, which is the highest level ever for us. Next page, I will go through the differences compared last year more in detail. Go to next page eight. The net operating income increased by 7%, the rental income increased by SEK 160 million, the new construction contributed SEK 56 million.
The other big part is the letting in our existing property holdings, which increased by SEK 46 million. The yearly rent negotiations for residential properties resulted in an average increase of about 2%. Like for like in the commercial properties, it is an increase of 3.9%. The rental income is also including reinvoicing that also increased the operating expenses on about SEK 7 million. The operating expenses increased by SEK 60 million. Half of it is because new square meters from our occupied new construction. It has been warmer and not snowy weather, quite boring. It is good for our operation. The property maintenance has increased by SEK 30 million, where almost SEK 7 million are reinvoicing, and we have also high rates of, for example, heating, sanitation. We have also some projects where we work to do the areas more attractive around our properties and also nicer.
All in all, it's an increased net operating income with SEK 100 million. Now turn to next page. All that we have done during the year results in a surplus ratio of 75.5%, and it has continued to increase during the last years, as you can see here on the graph. Now turn to page 10, and talk a little bit about the commercial letting. Some metrics from the commercial letting market, we have our commercial premises mostly in the city center of Gothenburg. The occupancy rate is 96% in the commercial holdings and is still on a high level. This metric we find interesting and is what we follow internal in the company. That is why this quarter is the last quarter where we follow net letting. It has been a very popular metrics on the market, in the latest months.
We think that it's a very volatile metric, and cancellations and new lets often come in blocks and don't match each other. Also, business decisions to vacate for refinement results in a negative trend. This year we have a net letting of minus SEK 9 million. Negative changes are mainly related to this last quarter, and is primarily related to the fact that the City of Gothenburg decided to bring together operations in their own properties. The renegotiations which we made this year resulted in increased rents of an average almost 8%. Turn to next page 11. The income from property management increased by 10%, SEK 97 million. In total, the management costs are SEK 2 million lower in the group, but the distribution to the property management has increased during the year.
The financial net income is SEK 12 million better compared last year, despite an increased debt portfolio by an average SEK 2.3 billion compared last year. On next page, I will tell you more about the financing. Turn to page 12. What have happened during the year regarding the financing? We issued bonds of SEK 500 million and commercial papers of SEK 400 million and bank loans SEK 2 billion. This together ends with almost the same distribution between capital market and bank loans. We have an average interest rate of 1.2% during the period, and also an interest rate maturity of 38 months. The total credit facilities amounted to SEK 6.5 billion at year-end, a growth by SEK 2.5 billion. We can turn to next page and I will tell you more why the credit facilities have grown. Turn to page 13.
We are very proud and happy that we signed a loan agreement with the European Investment Bank of SEK 2.5 billion. The credit facility is unsecured and will finance new construction of sustainable rental projects. A nearly zero energy building definition by the bank. The loan will have a tenor of an average seven years. Now you can turn to page 14. We have sold development properties during the year at a volume of SEK 324 million. It consists of Pålsjö, six apartments on Vasagatan 33, and other co-ops. The total profit is SEK 92 million. The 1st of April, we sold a trading operation of electricity to Jämtkraft. That is why we no longer report this as an own segment. For now, it will be included in the items other income and expenses.
The total loss from electricity is SEK 27 million including financial expenses compared to SEK 35 million last year. We have produced almost 10% more energy this year compared to last year. Turn to page 15. I forgot to say, as I said it before, we are still self-sufficient in renewable energy. We own the wind turbines, and produce energy. It's a very strong property market out there with low yield requirements. That's why we have adjusted our yields slightly downward on average 11-12 basis points. In total, the changes in value amounts to SEK 2.6 billion, where SEK 800 million is from our new construction and the rest in our existing property holding. It's not only value growth because of yield adjustments, even because of stronger net operating income. Because of lower swap rates, the value changes in interest rate derivatives are negative, SEK 264 million.
In the fourth quarter, it has gone up a bit, SEK 332 million. The 10-year swap rate was down 50% during the year. We have a synthetic option. When the share price goes up this year SEK 31, the valuation also goes up SEK 40 million in total this year. We recognized deferred tax of SEK 727 million, and last year was affected by remeasurements of SEK 312 million because of lower tax rate. That is why the tax is higher this year compared to last year. All in all, we recognized a profit of SEK 2.7 billion. Now turn to page 16. We have a booked value of just over SEK 52 billion in investment properties. The properties that we build to sell, New York and the rest of the apartments on Vasagatan, is the main part in development properties.
From this year, we have to recognize lease liability equivalent to the rights of use for land leases, for wind turbines, and site lease of rights for some of the investment properties. SEK 421 million and the same amount as an asset included in properties and wind turbines. Now turn to page 17. We have invested SEK 3.3 billion in both new construction and reconstruction, and we will keep this high level of investments during the next coming years, as I told you in the start of this presentation. Here on this picture, you can see Kallebäck, the commercial property that we have started of 20,000 sq m. It's a very interesting urban development project here with also residentials besides this commercial project. Now turn to page 18. Some of our key ratios for this year.
We have a surplus ratio of 75.5% and we keep our strong financial position with an LTV of 45% and an equity ratio of 44%. Also a stronger net asset value per share of SEK 91.30, and I will come back to that figure later. Turn to page 19. Another record figure for this year is our ongoing project. We have 3,135 apartments under construction, and it's a lot of apartments. I will show on next page 20, where they are. Here you can also see when they will be completed. As I mentioned before, we start the occupation gradually, which means that an occupation can be during two years, like you see up in the right corner, for example, Trollesunds Gårdar and Norrgårdshusen, that we started to occupy 2019, and we will keep on occupying those projects in 2020.
As you can all see, all those 3,100 apartments will be completed and coming into our management during this current business plan. Turn to page 21. This last quarter, we started 294 apartments, and I will show you those two projects on next page 22. Maybe it's not the best picture, but this is a picture of our third phase in Sundbyberg, Umami Park, of 133 apartments. Now we have around 500 apartments here under construction. Turn to page 23, and we go up to Uppsala. We started our third project in Rosendal, Uppsala, 161 apartments. Close to this project is Tre Vänner that we completed this year. Now turn to page 24. In the business plan, we have one goal to 2023, and the goal is to increase the net asset value with SEK 40 per share.
This year, we have created SEK 9, and in total, SEK 12.10. We are on the right way up to those SEK 40, and I hope you will follow our journey to those SEK 40. I thank you very much for listening, and please send me some questions if you have some. Thank you very much.