Morning and welcome to the presentation of the Third Quarter of 2023. My name is Susann Linde, CFO and Head of Investor Relations here at Wallenstam. Turn to next page. The headline of this report is Good Position in a Turbulent Global Climate. During this quarter, there hasn't been so much activity, more of a consolidation quarter, you can say. We work with our existing properties, but we are also focused on working with our future projects to make them even more efficient, so we can start the construction of them, of more apartments, which is needed in the regions where we are. Even in good times, we are focused on our financial stability and also improved it. That is to say, we are well-equipped both regarding the financial position as well as our property holdings.
Therefore, we feel that we have a good position in these troubled times. Now turn to next page page. The most common question I have received lately is, when does the restaurant open at Birger Jarlsgatan 64? Maybe some of you don't know, what restaurant it is or what property it is. It's our office, where we have our office in Stockholm, in the CBD area of Stockholm, where we have rearranged the property so that we have moved our reception and our office spaces up one floor to make room for a restaurant in the entrance level. We think it's a fantastic location, it will create a place to socialize and life outside the property, and it will open in November. Among other things, this is what I think we do good.
We find areas to develop in order to have nice meeting places for people. Maybe you are a guest here after we have opened this restaurant. Now turn to next page. You may all know where we are and have our properties. As I said at the beginning, we feel that we have a good property holdings that is in the right locations, and it shows in these times. We are in regions where we see a good demand for our premises. We have properties in attractive residential locations and also attractive commercial locations, mainly in CBD Gothenburg. The overall occupancy rate is 96%. Next page. Half of our rental value comes from residentials and about 60% of our market value. This is not significantly different from the previous quarter.
What has happened here is that we have completed two schools in Kallebäck that are public use properties, so it went up one percentage point, from 2%- 3%. Turn to next page. We haven't got any starts this quarter, so in total, we have 1,163 apartments under construction right now and also some commercial areas here in Gothenburg. This means that we have also completed some constructions, so we have a net reduction of 75 apartments. I will talk about three of the ongoing projects and where we are in the construction process right now. We turn to next page. Start in Gothenburg in our biggest urban development project right now, Kallebäcks Terrasser, Kvarter 6.
It's totally four buildings of almost 300 apartments, where the first building is standing there with both roof and windows. Now just inside work left. You can see it on the left picture here and to the left side in that picture, this building, which is almost completed, just inside. The second building, right in front of us, there we are working with windows and roofs, and it will be completed outside soon. The other two, we have started to assembly the frame, which you can see in the middle of the left photo. The first occupation will start in 2025, and it will be the entrance to this urban development project. Turning to page eight.
We go to Stockholm, and our project Nacka Grace, which we started last year, where assembly of the frame is in progress, where we are roughly halfway there in terms of time. The assembly will last until the spring of next year. We have made efforts in the project to improve its climate impact. The efforts so far have concerned our choice to work with climate-improved concrete. The occupation will take place in stages, starting in the second half of 2024, and the property expected to be fully completed the first half of 2025. It consists of 169 apartments and 12 commercial premises. Quite a beautiful property, I think. Now turn to next page. Also in Nacka, now our second urban development project in Stockholm. It's Q1 here in Älta.
The assembly of the frame is underway, where approximately 70% of the frame is assembled, and will continue until February 2024. At the same time, exterior roof work and façade work with installation of windows are ongoing, which will continue in parallel with interior work until summer 2024. Occupation will take place in stages, starting in November 2024. The project onsists of 191 apartments and 12 premises in the form of restaurants, health center, florist, hairdresser, et cetera. Next slide. Like we said before, we have our own housing queue, and it shows that the demand has grown during the last year. Now we have almost 270,000 unique applicants. Here on the graph, you can see all of our three cities. With this in mind, it feels sad not to have more starts on new apartments.
Like I said, we work a lot with our future projects now to make that possible because Sweden needs apartments. Turn to next page. Now we are going to our income statement and start with the first part, the Net Operating Income. It has increased by almost SEK 80 million, and our core business is going well, and I will show you the details on next page, like I always do. Turn to next page 12. If we start with the rental income, it increased by about 9% compared to the previous year, which is SEK 174 million. Our new construction and large projects that has been completed has a positive impact of SEK 91 million. The acquisitions and sales have a negative impact on rental income of SEK 39 million. In the comparable holdings, it is up SEK 111 million.
The base rent has increased by 3.3 for residential and 9.1 for commercials. Commercial part, we recognize an occupancy rate of 91%, and where the biggest part of our holding, Gothenburg, has 93%. The surrender rate for commercial properties, which reflects how large proportion of the cancelable leases which are extended amounted to 89%. Our focus is, of course, to have satisfied tenants that wants to stay with us. During this quarter, we received electricity support from the government of total SEK 20 million. Of these, we have recognized as a rental income the part that we have given to our tenants as electricity support of total SEK 9 million. We have given SEK 3 million as a support to our tenants this year, which means a net of SEK 6 million this year. Hopefully, you understand that.
The rest of the support is recognized as other income of SEK 11 million. Our operating expenses increased by SEK 95 million, if you want to sum it up, it is mainly due to higher electricity prices of SEK 68 million, almost 70% of the total increase. In total, we are self-sufficient in renewable energy, and we will see further down in the income statement that this is met on the total when we include our wind power operation. In total, it's zero. Otherwise, it can be said that it is mainly tariff increases and cost inflation that has affected our comparable holdings. In total, NOI of SEK 79 million, better than last year. Now turn to next page. Now our completed new construction. We have completed 67 rental apartments during this quarter and also two schools, which we can see on next page.
Turn to page 14. We have completed these two schools in our urban development project in Kallebäck of total 7,000 square meter. Here is the place for 700 children, and it's lovely to go here and see all the children at the schools. It gives the area some living area with all the children. Turn to next page. We have also completed 80 new apartments here on Lantmätergatan in Gothenburg. We have converted commercial premises into apartments. This property was included in the deal with the. Turn to next page. We are going up to Uppsala, where we have completed the rest of the total 98 apartments in Bersån. It was 33 apartments this quarter.
This property is also part of a deal, that is ASPER will take over this property in this fourth quarter this year. To the right, we have completed 16 more apartments in this property, Kompositören, where we have around 150 apartments left to complete. Now turn to next page. We go further down in the income statement, we are coming to the income from property management. That has decreased by SEK 165 million. As I said, even in the last quarter, the administrative expenses, which have increased mainly because of less capitalized administration on new construction. We work more in the existing properties because of less new constructions. We work, for example, with some energy-saving projects and so on.
The main reason to lower income from property management is higher financial expenses, which is higher by SEK 230 million. The market interest rate has increased a lot. The STIBOR has increased by almost 300 basis points on average compared to the same period last year. We have an average interest rate on closing day of 3.14%, and during the period of 2.76%, which is double the previous year. We also have a high debt of SEK 700 million compared the previous year at the same period. It's on average SEK 700 million higher debt. It could have been more interest rate because we have hedged a lot of the interest. More about that on next page.
We hedge our interest rate by interest rate derivatives. We have a volume of total SEK 16 billion in interest rate derivatives, which means that we have hedged almost 60% of the total loan volume. We did it at a good level of the interest rate. The first interest rate derivative will mature in 2025, which you can see here on the graph. If the interest rates change by 50 basis points, it will affect us by approximately SEK 63 million on a yearly basis. Now turn to next page. I forgot to say that it's just one month more than 3 years average fixed interest rate term, so it's 37 months. The net operating income from wind power is SEK 144 million, which you can see here in the line other income and other expenses.
If we adjust for the profit of selling 13 wind turbines last year and the lost production of them this year, our existing wind turbines is SEK 72 million better than last year. In other income, for this quarter, it is included by SEK 11 million from electricity support, like I said, when I talked about the rental income, because the part that we didn't recognize as a rental income, it comes here in other income. In total, it's SEK 20 million. Turn to next page 20. We come to the value changes. The total value changes in investment properties is SEK 810 million, and this quarter, SEK 199 million. We have not adjusted the yield requirement this quarter, and this quarter, we have written down some future constructions.
That's why we have this SEK 199 million. In total, we have on average direct yield requirement of 3.5% in the residentials and 4.5% in the commercials. In total, we have a profit after tax of SEK 42 million. On next page, I will talk a little bit about our balance sheet. Page 21. We have a value of investment properties of SEK 63 billion, and you can see to the right that it's just SEK 58 billion that are in operation, and the rest, SEK 5 billion, is under construction on land for future projects. It's SEK 58 billion that gives us a cash flow. The investment volume during the year, we can see on next page. We have invested SEK 1.9 billion in construction this nine months, and it's almost on the same level as last year.
Here in the graph, we compare with the full year. This nine months, we compare to 12 months for 2022 and 2021, and so on. But it's also in some new construction, but also energy-saving projects in these investments. Now turn to page 23. Our interest-bearing liabilities amount to SEK 29 billion. It is SEK 700 million more on average compared to the same period last year. How are we financed? We go to next page. What we did during the quarter is to further increase bank loans and decrease against the capital market, as you can see in the table to the left.
Like I said, last quarter, the banks feel positive and a good partner to us, where we grew with SEK 400 million this third quarter, just more than SEK 400 million, to be exact, SEK 434 million. SEK 460 million of the bonds matured during the quarter, now we just have SEK 334 million left, which will mature next year. We are mainly financed by traditional bank loans, and it's 97% of our total volume. Now we go to next page 25 and talk about some key ratios. Some of them you have seen before in this presentation. The NOI is up 5% compared last year and are affected negatively by higher energy prices. On the last line in the income statement, the effect is zero.
The surplus ratio are also negatively affected by higher energy prices and is recognized at 75%. The interest rate is on closing day 3.14%. It gives us an interest coverage ratio of rolling 12-month of 2.9x . We keep our strong financial position with an LTV of 46% and an equity ratio of 46%. We haven't bought any shares back during this quarter, which means a total volume of repurchased shares of one and a half million. The equity per share and the NAV per share are on the same level as year-end 2022. Now turn to next page, 26. To summarize, we are mainly financed by banks, traditional bank loans. We have hedged almost 60% of our loans by interest rate derivatives. We have no maturities until 2025 of interest rate derivatives.
We don't have a rating to defend, so everything we do, we do because we want it for our own sake and what is best for our business. We have a high demand of our product of both residential and commercials. Finally, as I said in the beginning, a good position, both financial and where we have our properties and the quality of our properties. With this slide, it was all from me today. Please contact me if you have any questions. You can also click on the envelope on this slide to write some questions and also to attend to the Swedish call, which are sent at the same time as this. There we will have a Swedish Q&A session. Thank you for listening, and have a nice day. Bye.