KMC Properties ASA
KMC Properties ASA
05/19/2022 | Press release | Distributed by Public on 05/18/2022 23:06
KMC Properties ASA – Results for the first quarter of 2022
Tid19.05.2022, 05:00:00
MeldingsID562582
UtstederIDKMCP
InstrumentKMCP
MarkedOslo Børs
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KMC Properties ASA - Results for the first quarter of 2022
KMC Properties ASA, a real estate company focusing on industrial and logistic properties, recorded rental income of NOK 62.7 million for the first quarter of 2022, an increase of 30 per cent from the corresponding period of 2021.
"Following a strong 2021 for KMC Properties, where we laid a solid foundation for further growth for our company, we have continued to pursue attractive opportunities in 2022. During the quarter, we announced acquisitions of a meat processing facility near Narvik in Northern Norway for NOK 100 million, and a herring production facility in Sweden for SEK 94 million. In addition, we are pleased to today be announcing an agreement for acquisition of two more properties in Denmark. All three acquisitions are in line with our strategy to invest in industrial properties with long lease agreements and solid tenants", says Liv Malvik, CEO of KMC Properties.
Since KMC Properties was established through the combination with Storm Real Estate, the company has had an intention to divest the property in Russia. Following a decision to discontinue the company's operations in Russia this quarter, the property was re-classified as held for sale and valued at NOK 75.4 million at the end-of the quarter.
The group's property portfolio value stood at NOK 4 028 million at the end of the first quarter, up from NOK 4 001 at the end of last year. While investments in additional properties and upgrades of existing portfolio increased the value by NOK 210.4 million, the value was reduced by NOK 142.6 million from the mentioned re-classification of the Russian property, as well as translation adjustments of NOK 38.4 million.
For more information, please see the full report and presentation for the first quarter of 2022 attached.
CEO Liv Malvik and CFO Kristoffer Holmen will present the company's financial results for the first quarter of 2022 on Thursday 19 May 2022 at 12:00 CEST. 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
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
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 CEST on 19 May 2022.
"Following a strong 2021 for KMC Properties, where we laid a solid foundation for further growth for our company, we have continued to pursue attractive opportunities in 2022. During the quarter, we announced acquisitions of a meat processing facility near Narvik in Northern Norway for NOK 100 million, and a herring production facility in Sweden for SEK 94 million. In addition, we are pleased to today be announcing an agreement for acquisition of two more properties in Denmark. All three acquisitions are in line with our strategy to invest in industrial properties with long lease agreements and solid tenants", says Liv Malvik, CEO of KMC Properties.
Since KMC Properties was established through the combination with Storm Real Estate, the company has had an intention to divest the property in Russia. Following a decision to discontinue the company's operations in Russia this quarter, the property was re-classified as held for sale and valued at NOK 75.4 million at the end-of the quarter.
The group's property portfolio value stood at NOK 4 028 million at the end of the first quarter, up from NOK 4 001 at the end of last year. While investments in additional properties and upgrades of existing portfolio increased the value by NOK 210.4 million, the value was reduced by NOK 142.6 million from the mentioned re-classification of the Russian property, as well as translation adjustments of NOK 38.4 million.
For more information, please see the full report and presentation for the first quarter of 2022 attached.
CEO Liv Malvik and CFO Kristoffer Holmen will present the company's financial results for the first quarter of 2022 on Thursday 19 May 2022 at 12:00 CEST. 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
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
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 CEST on 19 May 2022.