KMC Properties ASA - Results for the second quarter and first half of 2022
KMC Properties ASA, a real estate company focusing on industrial and logistic properties, recorded rental income of NOK 64.7 million for the second quarter of 2022, up from NOK 49.0 million for the second quarter last year, primarily driven by additional income from new investments.
"We continue to execute on our growth strategy, and we are pleased with what we have achieved so far in 2022. We have had good progress on our development projects, announced three acquisitions, including four production properties, and announced a transformative property transaction with BEWI. Our rental income is steadily improving, and we are happy to be able to accelerate our growth plan with current expectations to reach our strategic target of a NOK 8 billion real estate portfolio one year earlier," says Liv Malvik, CEO of KMC Properties.
For the first six months of 2022, KMC Properties had rental income of NOK 127.4 million, compared to NOK 97.2 million for the comparable period of 2021.
Towards the end of the second quarter, KMC Properties announced that the company had entered an agreement with the listed packaging and insulation company BEWI, its largest tenant, for acquisition of a property portfolio with up to 24 properties and one land plot with a gross asset value of up to approximately NOK 2.0 billion. The additional portfolio will provide KMC Properties with a strengthened market position and a new platform for accelerated value creation.
At the end of the second quarter this year, KMC Properties' investment properties were valued at NOK 4 129 million, up from NOK 4 028 at the end of the previous period and from 4 001 million at the end of 2021. For the period, the increase relates to upgrades of existing properties by NOK 31 million and fair value adjustments of close to NOK 8 million, while translation adjustments contributed with NOK 63 million of the increase.
Please see the full report and presentation for the second quarter and first half of 2022 attached.
CEO Liv Malvik and CFO Kristoffer Holmen will present the company's financial results for the quarter today, Tuesday 16 August 2022, at 10:00 CEST. 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. 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, 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 16 August 2022.