Hello, Susann Linde here, CFO and Head of Investor Relations here at Wallenstam. I will present our first half of 2020 today. If you have any questions, I welcome you to click on the envelope on this page or send me an email and I will answer them. This quarter has been a turbulent quarter for all of us. It has affected us all in different ways. Today, I will give you a view of our position right now. Let us start with next page. Our title for this report is Wallenstam is Positioned for Future Opportunities. We bought some land during this quarter. Now we have currently about 16,000 apartments in our land bank for our future. Turn to next page. As I said, corona has had an effect on us during this second quarter.
We began to see signs as early as at the end of the first quarter, this second quarter, it had an impact on the figures. We have tried to help our tenants and fellow human beings in the best way, an example is that we have bought about 15,000 lunches from our restaurateurs and then donated these to aid organizations, also donated four tons of drinks, energy bars, and candy to the intensive care department at Sahlgrenska University Hospital here in Gothenburg. During the quarter, we also, as I said, positioned ourselves further for future opportunities. We acquired land for future new construction. In April, we acquired Täbypark in Täby Centrum, which is a new municipality for us, and where we will primarily build residentials.
At the end of June, we agreed on the acquisition of land at Österåker Golf Course for future urban development, involving construction of housing and services. It's a very nice location, and we will take over gradually from the 1st of September this year. In mid-June, we signed an agreement on the sale of our ongoing project, New York at Gärdet in Stockholm, and this is also the property that you see here to the right on this picture. The property is planned to be taken over when it's completed around 15th of December this year. From start, the idea was to sell the property as a co-op, but now Länsförsäkringar became the buyer, and the result will be recognized the day they take over the property, as always when we sell a development property like this. To turn next page four.
A reminder of what our property holding looks like. Half of the rental value is residential and half commercial, and half of the commercial part is offices. Our portfolio is centered in the growth regions of Gothenburg and Stockholm, Uppsala. Turn to next page five. A little bit about the market. As I said, we have a mix in our holding, and the different parts have different conditions in these times. I will go through how we experience the market in the different segments. Let's start with the offices. We still see a great demand, and even during this uncertain time that has been, we have new agreements which have been signed with commercial tenants. Something else that is worth mentioning is that the new construction of commercial premises has almost the same rent level as existing premises in the city center of Gothenburg.
In this way, existing commercial office space competes well with new production outside the city. Regarding retail, it is tougher. We have the retail premises in our inner-city properties on the ground floor. Now, it's not a big part of our holding, but we focus on this, of course. For example, we don't think two-floor stores work, so we work to replace retail on the second floor with other activities such as offices, for example. The restaurants we have in our holding are seeing better times now. They are still limited in terms of spreading their guests, so they can't fill the restaurants with as many as before, but they go well. Residentials, there is a huge demand. We have around 9,800 apartments in our holding and are gradually occupying our new construction.
We have 100% occupancy rate in the residentials, and our own housing queue for our new construction has increased further during this time, and we have now just over 1,000 applicants. 100,000 applicants. Turn to page six. During the quarter, we occupied 86 apartments and a total of almost 500 apartments during this first half year. On next page, I will show you which projects we have completed this quarter. Turn to next page seven. Both properties are in Stockholm. We start with the left. It's Trollesundsgården in Bandhagen, where we have completed the last 48 apartments out of a total of 158. Now this whole project is completed. To the right, it's Umami Park, stage 1A. We occupied the last 38 of a total of 147 apartments. Even this is now fully completed. Turn to next page eight.
Start to look at the income statement and the net operating income, which has increased by SEK 25 million, and we recognize the surplus ratio of 75.1%. These numbers have been negatively affected by one-time effects due to the corona, which I will return to on the next page. Let's change page to page nine. Rents increased by a total of SEK 40 million, and as you can see, new construction is what saves rents this half year. They enter the management in a very, very nice way. In the existing holding, the total net is zero. This is because we recognize corona discounts of about SEK 30 million this quarter. Worth mentioning is that this is the gross figure. We haven't recognized any support from the state yet. We are, of course, applying, but will not recognize anything until the day we certainly have the money on the account.
During the quarter, we mainly work with discounts and just a few deferrals. Adjusted for corona discounts, rents in comparable holding increased by just over 3%. Operating expenses increased by SEK 50 million in total. Half of increase is due to larger holding due to new construction coming into our management. It has also been a better climate in terms of management, which gives us reduced operating expenses of SEK 5 million. During this half year, the tariffs, for example, water and electricity, has increased, among other things, which is the main reason for the increase in operating expenses of SEK 8 million. In total, an increase of SEK 25 million in the Net operating income. Please turn to next page 10. In total, the occupancy rate in the commercial holding amounts to 95%. The occupancy rate fell slightly during the quarter, but not significantly.
In the total holding, the occupancy rate is 98%, as 100% occupancy rate in the residential. Now turn to next page 11. We continue to increase our net operating income, mostly thanks to our new construction in this half year, which I mentioned before. The surplus ratio amounts to 75.1%, adjusted for corona discounts, it would have instead been 75.7%, just the same as last year. Now turn to next page 12. Now the income from property management. We keep our cost level in terms of administration at the same level as last year. We can see another corona effect in our financial expenses, which are SEK 20 million higher than last year. This is mainly due to the fact that we choose to borrow earlier than we actually needed to ensure liquidity and have freedom of action in these uncertain times.
Now we feel that it has started to come down a bit, and we see this in the commercial paper market as well as being completely dead for a while, then came back, but at a higher price level, which has also affected our financial expenses negatively. Due to this, we have reduced our volume during the year. Now turn to next page 13. The fixed interest term is 39 months. During the quarter, we hedged an additional SEK 500 million with the help of interest rate derivatives with a term of 11 years. In total, we have interest rate derivatives of SEK 10.8 billion, of a total debt volume of just over SEK 26 billion. Now turn to next page 14. If we look at the profit before changes in value, it's amounted almost to the same as last year.
During the year, we divested our Rejlers shares, which shows the profit of SEK 4 million in this quarter, but we have previously recognized unrealized changes in value of SEK 23 million in previous reports. The total profit is SEK 27 million, and the acquisition value was SEK 9 million. Our parking operations is declining by SEK 4 million during this half-year. The situation for coworking looks bright, and in June they had a positive net letting and on the same level as before corona. During the quarter, seven apartments in our project Vasagatan were taken over, and in total, there are four apartments left to sell in this project. In this profit, there is also selling of other co-op apartments included. Other income and expenses mainly consist of our wind power and amounted to SEK 20 million.
There has been good wind during the quarter, we have had produced more than last year, prices have been lower. Turn to next page 15. We have no change in value in our existing holding. However, we have some changes within the holding. In this valuation, we have included improved net operating income in our residential, we have adjusted the yield requirement in the commercial holding in the properties with the lowest yield requirement of 3.8% up to 4.0%. This has a marginal effect on our average yield requirements, they still amount to the level of commercial 4.5% and residential 3.2%. It's the same amount as last quarter. The value changes that we recognize come from our new construction, where we gradually recognize the fair value during the construction period. It amounts to a total of SEK 429 million.
In total, the profit after tax is SEK 631 million and is an improvement of SEK 556 million compared to last year. Now turn to next page. Now we are on the balance sheet, and we start with the properties. On the next page, we can see what the holding looks like. We go to page 17. We have a total value of SEK 55 billion, and they are divided into 225 properties at an area of 1.2 million sq m. Our valuation, which I mentioned before, amounts to an average yield requirement of 4.5% in the commercial and 3.2% on residential. Now turn to next page. We have invested a total of SEK 2.1 billion in construction during this first half year, as well as an additional SEK 300 million in the acquisition of land or properties for future new construction.
In our plan, we will invest around SEK 3 billion-SEK 4 billion. Production follows this despite the corona. We haven't chosen to postpone any project and continue as planned as we have a large demand for what we build. Now turn to page 19. This is what we have under construction right now. We have almost 3,000 apartments. As you can see, we have a lot of occupation starting this autumn in the projects that are light blue here in this picture. Now turn to page 20. I will talk about some of our projects that we have ongoing right now. I start in the Gothenburg region and start in Mölnlycke. Here is Mölnlycke Fabriker, where we have now 424 apartments under construction and also a garage with solar panels. They are dark green, the one that we have started.
It's Rosengången, Tråden, and Väven. In total, we will build approximately 600 apartments in this area. You can go here to Mölnlycke by car in 15 minutes from Gothenburg. Now turn to next page. We go from Mölnlycke into Gothenburg. We will see Kallebäcks Terrasser before we come into Gothenburg. It's five minutes from Gothenburg, and this is a nice area that we fill with residentials. We are now 701 apartments ongoing in three different projects, and it's the non-white properties that we have started, but we will also build the white ones. After that, we have built just around 2,000 apartments in this area. We have also commercial project here to the right of the white building, just beside the way. Now turn to page 22.
Across the road from Kallebäck, we are building 336 rental apartments in Elisedal that are ready to occupy gradually from October this year. Now turn to page 23. Then we go to Stockholm. This is Umami Park in Sundbyberg. Here we have completed an entire property of 147 apartments this quarter. In addition, we have 350 apartments under construction here in three different projects, where two of the projects begin to be occupied during this autumn, winter. In total, when we have built everything in Umami Park, we have built around 900 apartments here. This will also be a nice area. Now turn to page 24. Another project in Stockholm region is Söra Kvarter in Österåker. This is our second project here in Österåker, where we will complete these 305 apartments this autumn.
All of those projects, when there are so many apartments, the occupation is gradually, so it's not at the same time we occupy all the apartments. It starts this autumn. Now turn to page 25. In Haninge, you have these two projects, Parkstråket One and Two, of in total 285 apartments, and they will also be completed during this next six months. Here we will also test co-living in one of these properties through the company Colive, where we also are an owner. Now turn to page 26. Now go to our financing. As I mentioned earlier, a priority at the beginning of the pandemic was to secure our liquidity in order to have a greater freedom of action in these uncertain times. We have therefore borrowed capital in advance and have SEK 922 million in cash and cash equivalents.
Our interest-bearing liabilities have increased by SEK 2.5 billion this year, and the average debt is SEK 3.2 billion higher compared same period last year. On next page, I will tell you more. Please turn to page 27. As you can see in the graph to the right, we have reduced our commercial paper volume from the previous year and instead increased the proportion of bank loans. We have reduced the CP volume by basically half during the year, and it now amounts to SEK 2 billion. We have a backup link to the CP program, but we have not used it. In total, we have SEK 7.2 billion in available liquidity. Now turn to page 28. Here is a selection of some key figures as a summary of the half year.
We have an increased net operating income of SEK 25 million and a surplus ratio adjusted from COVID discounts at basically the same level as the previous year. Here you can see it's 75.1%, but adjusted, it's 75.7%, like I mentioned earlier. Our changes in value in our new construction are the only changes in value that we recognize, and they amount to SEK 429 million for this first half year. We recognize an LTV of 46% and an equity ratio of 42%. Our net asset value amounts to SEK 93.8, and it's also the net asset value that we have as a goal, and that we can follow on the next page. Please change page 29. Our goal, like most of you know, at the moment is SEK 40 in net asset value growth during this business plan.
Up to today, we have created SEK 14.6, which means we have created SEK 2.5 this first half-year. In summary, we feel secure with our business model and our property holding, which we manage together with our new construction, and we see a bright future in front of us. I will thank you for listening, and please send me some questions if you have any. I wish you also a happy summer. Thank you.