KMC Properties ASA - Results for the third quarter of 2021

18.11.2021 06:00

KMC Properties ASA, a real estate company focusing on industrial and logistic properties, recorded a strong third quarter 2021, with net operating income increasing 8 per cent to NOK 55.6 million quarter-on-quarter and an operating profit of NOK 46.2 million, compared to NOK 30.9 million the previous quarter. The company was established in 2020, and therefore has not recorded financials for the corresponding period of 2020. "KMC Properties' rental income rose to NOK 57.7 million in the third quarter, primarily driven by additional income generated from new investments. We continued to deliver on our ambitious growth strategy in the period, which was marked by a series of value-accretive acquisitions and culminated in a successful private placement, providing us with further financial flexibility to execute on the pipeline of attractive opportunities we have identified," says Liv Malvik, CEO of KMC Properties. For the third quarter, KMC Properties posted a total income of NOK 57.7 million, up from NOK 53.7 million for the second quarter this year. Net income from property management rose to NOK 20.9 million, from NOK 14.9 million for the previous quarter. The group's property portfolio was valued at NOK 3.7 billion at the end of the period. The company announced the acquisition of an industrial property at Mongstad, Norway, in in the quarter, and received acceptance of a conditional offer for the acquisition of a production facility in Denmark. In addition, the company signed a Letter of Intent with Slakteriet to build a salmon slaughterhouse facility at Florø, in Norway's Vestland county, and an agreement with Oppdal Spekemat for the construction of a new production facility in Oppdal, in the Trøndelag county in central Norway. "So far this year, we have announced a total of four acquisitions and three development projects, steadily growing our portfolio of logistics- and production properties across the Nordic region. At the end of this quarter, our portfolio was valued at NOK 3.7 billion, representing a 20 per cent increase year-to-date," says Malvik. "All our projects have similar key characteristics, in line with our strategy, including strategic locations, modern facilities, long lease agreements and attractive counterparties." To finance the company's ongoing growth initiatives, KMC Properties carried out a NOK 300 million private placement in September, further strengthening the company's financial position. KMC Properties has a robust platform for growth, including a strong financial position, an increasingly diversified property portfolio and a tangible pipeline of new opportunities. The company remain confident in its ability to reach its strategic target of a NOK 8 billion real estate portfolio by the end of 2025. For more information, please see the full report and presentation for the third quarter of 2021 attached. CEO Liv Malvik and CFO Kristoffer Holmen will present the company's financial results for the third quarter 2021 on Thursday 18 November 2021 at 10:00 CET. The presentation, which is open to all, will be hosted by Pareto Securities, at the 11th floor of Dronning Mauds gate 3 in Oslo. The presentation can also be followed by a live webcast from 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 Charlotte Knudsen, IR and Communications KMC Properties ASA, tel. +4797561959 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 07:00 CET on 18 November 2021.