Welcome to the presentation of the third quarter 2020. If you have any questions, please click on the envelope here on the screen. Now turn to next page. The title of the report is Wallenstam Generates Results Through Its Own Work. Thanks to our business model with cost-efficient new construction, we can generate results in more uncertain times like this through our own work, both in management of the completed new construction as well in value changes. Turn to next page. In short, I can start to say that this quarter has ended a lot stronger compared to the second and first quarter this year. Now, the second wave of the pandemic has started, so we are humble about the future of the pandemic effect. So long, so far, it looks good.
During the start of the second quarter, the capital market was almost dead, it recovered very fast, and now it's almost at the same price level as before Corona. We issued a green bond this quarter of SEK 300 million. The 13th of September, we had an extraordinary general meeting where a resolution passed on a dividend of EUR 50 per share for the financial year of 2019. Turn to next page. Earlier this week, we launched our four new climate goals. We are constantly working on sustainability and were the first in the industry to be self-sufficient in renewable energy through our wind turbines. This goal clarifies the work we will do within this current business plan. Goal number one applies to our construction operations, where we shall reduce our CO2 emissions by 10% per square meter.
We shall also reduce the CO2 emissions from the property's energy consumption by 15% per heated square meter. We shall reduce the property's residual waste by 10% per square meter. The last one is that our business trips shall be carried out by electric car, train, or completely carbon neutral air travel. Now turn to next page. Today, our property portfolio looks as follows. We continue to operate in the growth regions, Gothenburg, Stockholm, and Uppsala, like always, and also the commercial part in Gothenburg inner city. The distribution of the rental value is 50% in residential, and this part has risen slightly since the last quarter, and this is due to the completed new construction of rental apartments. 50% of the commercial part is offices, and on next page, I will talk more about the market right now. Please turn to next page.
Yes, a little bit about the market and some of the segments in which we operate. First, we can start with residential, which is our largest segment. There is a high demand, a huge demand, and our own queue has increased further and now amounts to 120,000 people in the queue, in our own queue. Our residential holding is fully let. Regarding the commercial part, it's different situation depending on which segment. In total in the commercial portfolio, the occupancy rate is 95%. Our second-largest segment, offices, is doing well, and we have a high level of activity of new leases, and they take place at the same rent level as before Corona started. There are discussions how the future will look like regarding offices and how they will be used.
I believe that it's very important to have a social meeting point. The office is also important for the company brand and the business culture. Teams cannot replace this. We have our offices in the CBD areas where it's popular to have your office. Retail has a tougher situation, even before the pandemic. There is still a flow of people in the city, lower than before. So far, we have not noticed a higher proportion of bankruptcies in our portfolio. We also review the stores that are on two floors and plan other businesses on the second floor. Restaurants begin to look better, even if it's not like before the Corona, because you can only have a limited number of visitors, it still work on. On the next page, I will show you an example of this. Now turn to next page.
This is the old Artilleristallarna on Magasinsgatan in Gothenburg, where we have rebuilt into a restaurant, Tavolo. Here you can see a before and after picture, and it's a wonderful restaurant. This was previously used as a parking garage and has now become this fantastic restaurant. They had 11,000 people who pre-booked before they opened. Since opening about a month ago, it has been totally booked every night and lunch. When you're in Gothenburg next time, it's worth a visit. Turn to next page. During the third quarter, we completed 145 rental apartments. In total for the nine months, there are approximately 630 completed rental apartments. On the next page, we will see which 145 apartments that we completed. Please turn to page nine.
On the left side is the Parkstråket one in Haninge, where we have completed 36 apartments out of a total of 154. In these 154 apartments, it also include 17 apartments for Colive, the co-living company, which contains 85 rooms for rent. This 17 apartments is 85 rooms for rent. To the right is another completed project in Stockholm, in Österåker, Söra Kvarter, where we completed 109 apartments out of a total of 305 apartments. Now turn to next page. As usual, we start by looking at how our property management is going. We report a net operating income of SEK 1.2 billion, which is 4% better compared last year.
The surplus ratio amounts to 76.4%, adjusted for non-recurring effect for Corona, the corresponding figure is 76.9%. If you turn to next page, I will tell you more about the details. Page 11. Rental income increased by a total of SEK 65 million, as you can see. Corona discounts have a negative net effect of SEK 30 million. During this third quarter, we gave another SEK 2 million in discounts to tenants which are covered by the government's expanded list of exposed sectors. Of the discounts applied for, we have received SEK 2 million, the others are being processed and will be recognized the day we receive the compensation.
We have, as I mentioned, occupied 630 new apartments during these nine months, which has a positive rental effect of SEK 58 million, and it has also been affected by the apartments which were completed during quarter four 2019. Adjusted for Corona discounts, rental income in comparable holding increased by about 3%. Operating ex-expenses increased by SEK 20 million in total. Half of the increase is due to larger holding due to new construction entering the management. It has also been a warmer climate, which give us reduced operating expenses of SEK 6 million. The main reason why the operating expenses increased by SEK 8 million is because of increased tariffs regarding, for example, water, district heating, among other things. In total, a net operating income increased by SEK 45 million. Now turning to next page. Page 12.
Net operating income continues to increase as our new construction gradually enters our management and get an even more efficient property holding, like you can see here. The rolling for 12 months, the net operating income amounts to almost SEK 1.6 billion. The surplus ratio shown here for the last period is also rolling 12 months and amounts to just over 75%. Turn to next page. Income from property management has increased slightly compared with the previous year, a total of SEK 9 million. Our administrative expenses as a whole have decreased slightly compared last year, but the distribution towards properties has increased since the previous year. The financial expenses have increased by SEK 30 million compared with the previous year. There are several reasons for this.
Higher average debt of SEK 3.3 billion, also higher average LIBOR rate during the period, also higher prices in the commercial paper market. However, the commercial paper market has recovered to more normal levels, we can see that the average interest rate in our closing has fallen by 13 basis points since the close of quarter two and landed at 1.27%. Now turn to next page. The average fixed interest term is 38 months. We hedged the interest rate with the help of interest rate derivatives, where we now have interest rate derivatives of SEK 10.8 billion of the total debt volume of just over SEK 26.5 billion. Here on this graph, you also see the average interest rate during the period, which amounted to 1.31%. Now turn to next page.
If we look at our profit before changes in value, they amount almost to the same as last year. We are a third-part owner of the coworking company Convendum and recognize our share of their losses. In total for the period, it amounts to SEK 6 million minus, and the status of the Convendum is now very good. They had a tough start in the Corona, but now they are on the same and higher occupancy rates than before Corona. Yesterday, we released the news that they rent additional square meters to the existing hub on the Avenyn here in Gothenburg, and they can see a high demand for their product. During the quarter, another co-op apartment in our project Vasagatan 33 was taken over. Now in total, there are three apartments left to sell in this project out of a total of 30 apartments.
Other income and expenses mainly consist of our electricity production and amounted to SEK -9 million, which is still better than the previous year by SEK 20 million. However, during the quarter, it is been worse as prices have been lower. Now, turn to next page. Overall, we have no change in value in our existing property holding. However, we have some value changes. The value changes that we recognize come totally from our new construction, where we gradually revalue during the construction time. The surface value in the new construction for this nine months amounted to a total of SEK 660 million. In total, the profit after tax is SEK 974 million for those nine months. Now, we turn to next page and go to the balance sheet.
In total, the property value amounted to SEK 57 billion, of which SEK 56 billion are investment properties, and SEK 291 million are development properties. The development properties consist of co-ops and properties that we build to sell, and mainly consist of the new construction on Gärdet, New York. That was also the place where we recorded our quarter three movie, which we released today. It's a property that Svensk Försäkring will take over in mid-December. Now turn to next page to page 18. As I mentioned before, we have not adjusted our yield requirement during this quarter. If you look at the yield requirement for the residential, it has gone from 3.2% last quarter to 3.1% this quarter. The reason is that it's just the decimal because of rounding up.
We have not adjusted our yield requirement. For the commercial part, it's 4.5% on average. Turn to next page. We have invested a total of SEK 3 billion in construction during these nine months and 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 annually. We are almost there now. Turn to next page. As I said before, we have not chosen to postpone any projects due to Corona, but what has made the starts a little fewer is simply that Corona has had an effect on the plans and that they have been delayed due to the increased processing time.
The project that we started during the quarter is a further project in Källebäck of 85 apartments, of which 12 apartments are co-living apartments, which means 121 rooms for rent. In total, we have 786 apartments under construction here right now in Källebäck. Turn to next page. In total, we have now approximately 2,900 apartments, 2,939 to be more exact. What I want to make clear is that the ones that we have marked with light blue are the occupations which start in 2020 and will continue for some time, as we cannot occupy all apartments at once.
An example is Söra Kvarter, which has a total of 305 apartments, where we have 196 apartments left to occupy, and 109 was completed this quarter. We are working on many more projects for our future that have not started yet, and one of the projects we have worked on for a long time that has come a little further since the previous quarter is the one on next page. Please turn to page 22. Älta Centrum. It's our urban development project here in Älta, where we are densifying between our existing properties. The zoning plan for 950 residential apartments and premises around the new square was adopted by the city council in the middle of October this year.
We bought our existing properties in Älta during the Lehman crisis in 2009, it feels good that this project is finally becoming a reality. Turn to next page. Cash has decreased compared with previous quarter when we had SEK 922 million as an extra reserve due to uncertainty in the market. However, we have reduced it and it amounts to SEK 489 million. Interest-bearing liabilities amounted to SEK 26,517 million, which is on average SEK 3.3 billion higher compared last year. The reason is the investments that I talked about earlier. Turn to next page. As I mentioned before, the capital market has returned to almost the same level as before Corona, the recovery has been very fast. However, we have reduced our outstanding commercial papers to approximately SEK 2 billion.
Due to this, we have chosen to reduce our backup facility to SEK 3 billion from SEK 4 billion this quarter. We have also made a decision from now on, only issue green bonds, which we also did now during this quarter. Turn to next page. Here is a selection of some key figures, and I have already mentioned the most of them. The LTV has gone up a bit to 46% from 45%, and the equity ratio down to 42%. The net asset value per share ended to SEK 95.1, and on next page, I will tell you more about it. Please turn to page 26. Our goal in the current business plan is to create a net asset value of SEK 40 during these five years.
Up to now, we have created SEK 15.9, which means SEK 3.8 for this first nine months. This is the start for coming up to this SEK 14. This was all for me for today. I thank you for listening. Thank you. Goodbye.