KMC Properties ASA - Results for the second quarter 2021

26.08.2021 08:03

KMC Properties ASA, a real estate company focusing on industrial and logistic properties, recorded a solid second quarter 2021, with a net operating income of NOK 51.7 million and an operating profit of NOK 34.6 million. The company was established in 2020, and therefore has not recorded financials for the corresponding period of 2020. "We made very good progress on our growth ambitions during the second quarter and into the third quarter this year, as reflected in the announcements of a total of three development projects and four acquisitions," says Liv Malvik, CEO of KMC Properties. "This follows the integration of the companies we acquired towards the end of 2020. Added to the strengthening of our organisation earlier this year, we have built a solid foundation to successfully execute on an attractive portfolio of opportunities." For the second quarter, KMC Properties posted a net income of NOK 53.7 million and a net income from property management of NOK 14.7 million. The group's property portfolio value stood at NOK 3.3 billion. The company announced two acquisitions of industrial properties in Denmark and Molde, Norway, for a total of approximately NOK 72 million. In addition, the company invested approximately NOK 30.3 million in the development of existing properties. Since the end of the second quarter, KMC Properties has announced two new development projects, including a Letter of Intent with Slakteriet Holding AS to build a NOK 620 million slaughterhouse facility at Florø, and an agreement with Oppdal Spekemat for the construction of new production facility at Oppdal. In addition, the company has entered a long-term lease agreement with BEWI for the previously announced development project at Jøsnøya, and announced acquisitions of one industrial property at Mongstad, Norway, for NOK 285 million and one in Denmark for DKK 75 million. Both the new development projects, as well as recent acquisitions, enable KMC Properties to further diversify its portfolio of solid tenants. "KMC Properties has an experienced organisation, a strong financial position and an attractive property portfolio with solid counterparties on long-term lease agreements," says Malvik. "This, combined with a continuously strong pipeline of exciting investment opportunities, makes us confident that we will deliver on our growth ambitions, including potentially increasing our portfolio value to approximately NOK 4.1 billion at year-end 2021 and reach our strategic target of an NOK 8 billion-portfolio at year-end 2025." For more information, please see the full report and presentation for the second quarter and first half of 2021 attached. KMC Properties will present its financial results for the second quarter and half-year 2021 on Thursday 26 August 2021, at 10:00 CEST. The investor presentation will be live streamed and will be hosted by CEO Liv Malvik and CFO Kristoffer Holmen. The presentation will be held in English and questions can be submitted throughout the event. The streaming event is available from the company's website: www.kmcp.no/en/investors For further information, please contact: Liv Malvik, CEO of KMC Properties ASA, tel. +4748003175 Kristoffer Holmen, CFO KMC Properties ASA, tel. +4792814862 About KMC Properties ASA KMC Properties is an Oslo Børs-listed real estate company focusing on industrial- and logistic properties. The company has a diversified portfolio of properties in the Nordics and the Netherlands, as well as an office building in Moscow, Russia. The properties are strategically located and have long lease agreements with solid tenants. KMC Properties has an ambitious strategy to grow the portfolio through further development of existing properties, as well as M&A initiatives. The information is such that KMC Properties ASA is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on 26 August 2021.