Hello, and Welcome to the Presentation of the Fourth Quarter and the Whole Year of 2021. My name is Susann Linde. I'm CFO and Head of Investor Relations here at Wallenstam. I will now present the result, and if you have any questions, please click on the envelope here on this site, and I will try to answer the questions later on. Please turn to page two. It's a fantastic result for the quarter and the year that we are very proud of. This year has also had challenges with the pandemic, but we as a company have delivered great values, and our business model is strong. Our strategy of investing in new construction of new rentals for our own management can be seen in our figures, both in increased NOI and value changes.
All key ratios for the period are better, increased income from property management, higher equity to asset ratio, and lower LTV, as well as strong Net Asset Value growth. We are incredibly proud of this. Now turn to page 3. What have happened during this fourth quarter? We have signed agreements on the sale of 8 residential properties, 2 in Tyresö, 2 in Sundbyberg, and 4 in Gröndal, all of them in Stockholm. We have also signed an agreement to acquire a commercial property, which you can see here on this picture. This is in central Gothenburg, and we bought it from Handelsbanken, where they also are the primary tenant in this property. The possession and vacation took place last week for all of these agreements. Now turn to page 4.
Like you know, at this moment, we focus on the growth regions, and here is a summary of our property holdings. The distribution between the regions hasn't changed since the previous quarter, as well as the distribution of the rental value. 52% residential, from the rental value and 48% in commercial. Now turn to page five. Our view of the market, it has been stable despite an increased spread of COVID at the end of the quarter, but it is gratifying that the restrictions will be released tomorrow and everything can go back more to normal because it is clear that these restrictions affect everything. We have a stable demand for our offices. The restaurants are doing better, as well as the stores.
As I said before, we have a conversion of second floors, where we switch from two floors stores to on the second level, second floor, we switch to commercial from for office. Residentials, which is our largest share of the rental value, has strong demand, and the number of applicants in our own housing queue has increased by further, and now we have about 175,000 in the queue. An example of the pressure on rental apartments is when we released about 80 apartments in Bandhagen, Stockholm, which we will complete soon. There were over 6,000 applicants to these apartments, so it's a huge demand for our product. Turn to page six.
During this quarter, we completed a total of 460 apartments, and a total for the year, it's around 1,400 apartments. I will show those 460 completed apartments on next page 7. We start in Stockholm. To the left, we have our project Umami Park, phase three in Sundbyberg, where we completed 83 apartments during the quarter. The project is for a total of 133 apartments, which means that there are 50 apartments left to complete. To the right, it's Flanören in Uppsala, where we have completed another 28 apartments. There are about 110 apartments left here to complete. Now turn to page 8. Now we go to Gothenburg and start in Mölnlycke, the urban development project Mölnlycke Fabriker.
We can see to the left the project Kvarteret Kvarnen, where we completed 123 apartments out of a total of 185 apartments. To the right, we have Godhems Backe in Majorna in Gothenburg, where we fully completed all apartments in this project on a total of 138 apartments, and this quarter it was 61 apartments that we completed. Now turn to page 9. This is the first fully completed project in our urban development project in Kallebäck in Gothenburg. We completed this in December this year. We have 165 apartments here, and we completed all of them in this fourth quarter. Now turn to page 10. As I said in the beginning of this call, our business model shows in our figures that we are investing in our new construction of rentals for our own management.
Since we primarily construct rentals, they enter our management, and all the completions during this period obviously have a positive effect on our NOI. In total, net operating income amounts to SEK 1,763 million, and this is an improvement of 9% compared with the previous year, an increase of SEK 150 million. On next page eleven, I will go into more detail about the increase. It has increased by 9%, as I said, and if we look in more detail at what the changes consist of, SEK 177 million out of the SEK 193 million in higher rental income comes from our new construction. We completed approximately 1,350 apartments during the year.
We have a decreased rental income of SEK 90 million due to the transactions this year. In the comparable holdings, we have increased rental incomes by SEK 24 million, which corresponds to an increase of 2%. During this year, we haven't been affected by Corona discounts to the same extent as the previous year, which has a positive effect on rental income of SEK 50 million. We have a total occupancy rate of 98%, where residentials are fully let and the commercial holdings amounts to 95%. Operating expenses increased by SEK 42 million, and even there, the greater part of the increase is due to the fact that we have a larger property holding to manage as new construction enters management. Otherwise, it hasn't been as hot as last year, plus more snow, which has increased our operating expenses by SEK 30 million compared last year.
We are self-sufficient in wind power electricity, and it's good for the environment, but now also for the economy. It has been an advantage to be self-sufficient now when prices have been very volatile. Now turn to page 12. The Surplus Ratio that shows the efficiency of our property holding has risen further, and this is my favorite key ratio, and it amounts to 76%. As new construction enters the management, the Surplus Ratio is positively affected. A new construction that comes into our management has about 85% in Surplus Ratio. Of course, the work to make our existing properties even more efficient also has a positive effect. Now turn to page 13. If we look at the entire income from property management, it's an increase compared to previous year by 13%, SEK 150 million.
The increase in our administration expenses mainly consists of an increased number of employees. Our net financial items are slightly lower than last year. The average interest rate has fallen by about 10 basis points, but the average debt for the period is about SEK 1.6 billion higher. Given the current concern about the inflation and future interest rates, we have chosen to further hedge our interest rate with help of ten-year interest rate derivatives. Let's go on to page 14 and see how this affect us. We have gone with a volume of SEK 1.6 billion in new interest rate derivatives, and this means that almost half of our outstanding loan volume is interest hedged.
We have an average fixed interest period amounts to 40 months, and the average interest rate during the year to 1.21%, which is almost 10 points lower than the previous year. Now turn to page 15. Profit before value changes amount to SEK 1.2 billion, which is slightly lower than the previous year. This is mainly due to the fact that our synthetic option scheme for all employees fell due for redemption in May this year, and there has been a realized cost of SEK 103 million. I can also mention that other revenues and costs, which mainly consists of our wind power operations, increased compared to the previous year due to higher electricity prices. Now turn to page 16.
If we switch to changes in value and the changes in the value of the properties, we report a total of SEK 3.7 billion, of which SEK 1.5 billion comes from our new construction and the rest in the existing portfolio. Due to a strong property market with, above all, a great demand for residential properties, we have chosen to adjust the yield requirements. This together with improved NOI means that the existing holding increases by almost SEK 2.2 billion. The changes in yield requirements also affect the gradual value growth in the new construction. Now turn to page seventeen.
In total, the properties amount to SEK 64 billion, and this means an increase of SEK 6 billion during the year, where in addition to changes in value of SEK 3.7 billion, there are also the investments we made during the period of SEK 3.7 billion, and we sold for approximately SEK 1.3 billion. Now turn to page 18. As I said, due to a strong property market, we have chosen to adjust the Yield Requirements somewhat. On average, we have Yield Requirements on the commercial about 4.4% and residential 3.0%. Our market value is divided into 35% commercial properties and 65% residential properties, where residential has increased 1 percentage point since the previous quarter due to the value increases and new constructions. Our total occupancy rate is 98%.
For residential, it is 100%, and the commercial holding, it's 95%. Now turn to page 19. June this year, we have invested SEK 3.3 billion in our construction of properties, and in addition, land for further construction to a value of SEK 400 million. In total, SEK 3.7 billion, and at the same time strengthen our equity ratio. In current business plan, we plan to invest around SEK 3-4 billion annually in our construction. Now turn to page 20. We have had 1 start of rental construction during this quarter, and it is the first project in the urban development project, Älta. This project consists of 191 apartments, and in total in Älta, we will build almost 900 apartments. Now turn to page 21.
We have also started construction of a school in our urban development project, Kallebäck, in Gothenburg, of 5,500 sq m, which will be completed in 2023. I think it looks like a nice school. Now turn to page 22. With these completions and starts, we now have around 1,950 apartments under construction. We have also the commercial building in Kallebäck, and the school which we started this quarter. Now turn to page 23. I also thought to show some of our future projects that we are planning in full right now, and we have a lot of focus on keeping track of our costs, especially now with an inflation in material costs. Now turn to page 24.
Ältatorg, the zoning plan gained legal force of Älta at the beginning of October, and we started block 1 during this quarter, like I said. Next in line are blocks 2 and 6, which we hopefully will start during this year. You can see block 6 in the middle and block 2 in the middle as well. Now turn to page 25. We will soon start another new project in Nacka, Nya Gatan, where we have been assigned a land allocation. The block of 170 apartments with some commercial premises on the entrance level will have a new classical architecture. This area includes in a large development project, Central Nacka, where several thousand apartments will be built and two new metro stations. I think these buildings look nice as well. Now turn to 26.
To update you on our urban development project in Kallebäck, we have already started a lot here. We have started a total of 1,200 apartments plus commercial premises. What is left to start are the white color blocks, as well as block six, which is at the front of this picture, and this will start now during the year. I can say again, if you visit Gothenburg, please visit this project, because it's very interesting to go around there and see all the projects in different phases. Now turn to page 27. During this year, we will start extending our commercial building on Stampgatan, Gothenburg, with one and a half floors totaling approximately 2,000 sq m. We will also carry out a maintenance project of the facades and windows and roof.
When it's done, it's gonna be this nice as you can see here on the picture. You have before and after picture here. The property is located very close to the Central Station, and we have recently signed an agreement with Convendum, which will rent 4,300 sq m, around that, when the property is completed in 2023. Now turn to page 28. Our interest-bearing liabilities amount to SEK 27.8 billion, and as I said, this is an average increase of SEK 1.6 billion compared with the previous year. On next page 29, we can see in more detail, and we see a strong financial market, and we have a good access to financing. As I said, despite investments, we haven't had to raise so much new financing, thanks to the sales we made during the year.
In the table, you can see that during the quarter, we increased our debts by SEK 600 million, and then we filled up, so we used our Commercial Paper Program to the full by SEK 3 billion. We are still mainly financed through bank loans, as you can see in the graph. Bank loans have increased slightly during the quarter. Now turn to page 30. With this picture, I will summarize using our key ratios. As I said, all our economic key ratios are pointing upwards. We have an increased NOI that increases by SEK 150 million and an even more efficient property holding with a Surplus Ratio of about 76%.
It's quite interesting that we increase our NOI despite that we have sold a lot of properties this year, but all our new construction coming into our own management increase the NOI. We not only create value by our new construction in our net operating income, but also a surplus value of SEK 1.5 billion. We have further strengthened our balance sheet and report an LTV of 43% and an equity-to-asset ratio of 46%. Our net asset value has increased by about 19% during the year, which is extremely strong, I think. It's also the net asset value that we have as a goal in our business plan. Turn the page to page 31. In our business plan, which extends until 2023, our goal is to create SEK 40 in net asset value increase per share.
We have a closing Net Asset Value of SEK 114.5 per share, which means that we have created SEK 35.3 since we started this business plan. We can state that this is not far to the SEK 40 that we have as a goal. With this, the board has decided to start to work with a new business plan already during this year. The board estimate the release of a new business plan during the fourth quarter this year. All these strong key ratios, combined with our efficient property holding in good locations, feels very satisfying. That was all for today, and don't hesitate to send me some questions. Thank you for listening. Goodbye.