KMC Properties ASA - Results for the first quarter 2023

04.05.2023 05:00

KMC Properties ASA, a real estate company focusing on industrial and logistic properties, recorded rental income of NOK 96 million for the first quarter of 2023, up from NOK 63 million for the first quarter last year, primarily driven by additional income from new investment properties and CPI and contract adjustments. "In the first quarter of 2023, KMC Properties delivered well on its key priorities, including our top priority to refinance the company's senior secured bond loan. We continued the work to integrate the properties recently acquired and progressed an important project on energy labelling. In addition, we continue to complete strategic acquisitions, adding five new properties to our portfolio in Narvik, Denmark, and Finland" says Liv Malvik, CEO of KMC Properties. At the end of the first quarter 2023, the company's investment properties were valued at NOK 5 993 million, up from NOK 4 009 million at the end of the first quarter 2022 and from NOK 5 366 million at the end of the previous quarter. For the period, the increase mainly relates to the acquisition of the properties from BEWI for NOK 350 million and a property in Narvik for NOK 90 million. In addition, greenfield and capex investments amounted to NOK 52 million and fair value adjustments. Going forward, KMC Properties' key priority continues to be to complete the refinancing of the company's senior secured bond loan with maturity in December this year. Further, the company is focusing on integrating recently acquired properties, further developing the pipeline of M&A opportunities, and securing progress in ongoing development projects. Please see the full report and presentation for the first quarter of 2023 attached. CEO Liv Malvik and CFO Kristoffer Holmen will present the company's financial results for the quarter from 10:00 am CEST today, Thursday 4 May 2023, at the premises of DNB in Bjørvika Oslo, Norway. The presentation is open to all. The presentation can also be followed through a live webcast from The presentation will be held in English and questions can be submitted throughout the event. A recording of the webcast will be made available from the company's website. 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. 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 CEST on 4 May 2023.