Morning and welcome to the presentation of our Q1 2024. My name is Susann Linde. I'm CFO and Head of Investor Relations here at Wallenstam. First, I would like to tell you that we have a new layout and structure of our report. Now it's easier for you to read it on the screen. Hope you find it good. I think it's very nice and a good layout. You can also see up in the corner our 80- year logotype, because this year we celebrate 80 years as a company and 40 years as a listed company. We will celebrate this during the whole year in different ways. Wallenstam today. We have 210 properties at a booked value of SEK 64 billion, where 56% of the value are in residentials.
In total, we have 97% of the area are occupied, and we have 830 apartments under construction. Where are we and what kind of properties do we have? It looks almost at the same like last quarter. Of the rental value, just about half of it comes from residentials, and on the second place, you find offices, 27% of the rental value. We think this is a good distribution of the property holding. We go to the result for this Q1. The net operating income has increased by SEK 73 million. It's 16% up since last year, and we are back on the same level of the surplus ratio like beföre the energy crisis. The surplus ratio ended up of 74.4%. I will talk möre into details on next page.
What has happened this quarter? The rental income has increased by SEK 60 million compared last year, and two-third of the increase, SEK 42 million, comes from the completed new construction, both the 250 apartments this quarter and also the one which were completed after the Q1 last year. The transactions give us a minus of SEK 5 million, and in the comparable holdings, it is up by SEK 23 million. The commercial base rent has increased by around 6%, and the negotiation with the tenants association about the residential rents ended with a total growth on average for the total group of 4.5%. We made a two-year deal, and there will be almost the same growth next year. The operating expenses has gone down by net SEK 13 million, and the main reason to lower operating expenses is lower electricity price.
Last year, we had an electricity price of 2.5 kronor per kilowatt- hour, and now we have 90 öre per kilowatt- hour. The effect is SEK 29 million lower expenses. We also work hard with energy saving projects, but the rates and charges, for example, water and sanitation and cleaning, are higher. Also the weather-related expenses were higher compared last year by SEK 5 million. In total, the NOI grew by SEK 73 million or by 16%. The business is going well. Like I said, we completed 251 apartments this quarter, and one of the projects is Kompositören in Uppsala, where we fully completed this property during this quarter. In total, the property has 185 apartments. It was the last 69 apartments that we completed this quarter.
In Gothenburg, in our urban development project, we fully completed Kallebäcks Terrassen, Kvarteret 5, Block 5. It was the whole project of 182 apartments in 1 quarter. You can see it here also on the picture. I think it looks nice. Now, we go through the total income from property management, it is almost on the same level as last year, plus SEK 5 million. The increase in the NOI met by higher financial expenses. They are almost SEK 70 million higher, mainly because of higher three-month STIBOR than last year, and on average, SEK 1 billion in higher interest-bearing liabilities compared to last year. The average interest rate on closing day is 3.27%, it's almost on the same level as last quarter. We have no new interest rate derivatives during this period.
That means that the average fixed interest term is now 37 months, which means 56% of the total loan volume have fixed interest rate. For the 12th rolling month, we report an ICR of 2.3x . Our properties have a book value of SEK 64 billion, of this, SEK 4 billion is investment in land or ongoing projects and without yield. The properties in management is SEK 59 billion. What have happened with the investment properties this quarter? We have invested SEK 524 million in new and reconstruction. The unrealized value changes in properties amounts to SEK 31 million. The average direct yield requirements are unchanged compared to previous year for both commercials and residentials. Like I said, we invested just about SEK 500 million this quarter, it's around SEK 130 million lower compared to last year.
Here, the comparable graph here is a whole year. For this 2024, just the Q1. It's little bit lower volume compared last year at the same time. You may know, right now that we have a lower volume of ongoing projects. Now we have 830 apartments under construction, and it's the lowest volume since many years. I will come back to the future later. Now I will go through the different projects in what stages they are in right now. I start with Kallebäck, our urban development project here in Gothenburg. Here we have Kallebäcks Terrasser, Kvarteret 6, block 6.
This is the entrance to the total development project here in Kallebäck. It's in total four houses of 298 apartments, where the buildings have both roof and windows now. It's only the inside work left. Here on the left, you can see how it looks like right now. To the right, how it will look like when it's ready. Now we work with inner painting, kitchen, and so on. The first people will occupy this in 2025. We go to Stockholm, Grace in Nacka. Right now, it's full production here. Virtually all disciplines needed to build a new construction are active at this stage. The frame will be completed at the end of April. Work on the roof and facades, as well as interior work is underway.
A small interesting part that we will get started with on this week in the is the installation and treatment of facade decorations in stucco that we have on all facades. We have completed our reference apartment, and the first occupancy will take place in September this year, and it will continue until the end of February- March 2025, and this is really a lovely project. Now we go to Älta, also in Nacka. In our urban development project here, we have one ongoing project of 191 apartments. The frame is up, as you can see here on the picture to the left. Right now, the façade work, roof work, and interior work is underway.
Inside, the interior has begun, and the first stairwell is painted, and this week, parquet laying and tiles in the bathroom began, and the occupation will start at the end of this year. The start in that we had in May last year, the only start we had last year, it is in Farsta at the Ädellövet project of 172 apartments. The apartments are in four buildings and are located next to Drevviken in Farsta in the southern Stockholm. The frame assembly is underway, and three buildings are at the top, and the last one will be completed in the summer. Right now, frame assembly, facade work, installation work, and interior work are underway in the apartments. The first occupancy is planned for March 2025, and the last at the end of 2025.
This was the projects that we have ongoing right now. On next page, it's really fun to tell you that we will finally have a start. Again, we have decided to start this project in Årstaberg during the Q2. It feels very good to finally start a project again. Total, we will construct just over 400 apartments here. This is a very attractive area where people want to live, and this is the most important thing beföre we start the construction. Because of the high rents, the location is very, very important. Like we always say, location, location. I think you have heard it beföre from us. We will come back to this, but this is, it feels very good to finally have a new start again.
We also recorded our Q1 report video from this place. Please visit our website to watch it. E quity increased by SEK 300 million compared with last quarter, and the NAV per share amounts to SEK 56.8 per share. Our inerest-bearing liabilities total SEK 29.7 billion, which is SEK 600 million up from last quarter. That give us an LTV of 46% and an equity ratio of 45%. Quite a strong balance sheet. We have growth our interest-bearing liabilities, like I said, by SEK 600 million this quarter, and the bond market has started to work again, and during the quarter, we have issued two new bonds, green bonds, a total SEK 700 million. We use this money to refinance the wind turbines.
We issued two bonds one was with SEK 400 million with a maturity of 1.5 years, and an other of SEK 300 million maturity of two years. Both carry a variable interest rate of three-month STIBOR plus 120 basis points. In April, older bonds totaling SEK 334 million will mature. Like I always say, we are mainly financed by bank loan, and it is 95% of our total financing. That's how we finance our investment properties. This was all for today, and I thank you for listening. If you have any questions, please send me an email, and I will try to answer them as quick as possible. Have a nice day, and thank you for listening.