KMC Properties ASA - Results for the second quarter and first half of 2024

12 Jul 2024 07:00 CEST

KMC Properties ASA recorded a rental income of NOK 123 million in the second
quarter 2024, representing a 19 per cent increase from NOK 104 million in the
same period last year. Property investments and CPI adjustments are the main
drivers behind the increase. Net income from property management was impacted by
one-off costs transaction costs and came in at NOK 43 million, up 4 per cent
compared to NOK 42 million in the same period last year. For the first half
2024, rental income came in at NOK 238 million and net income from property
management at NOK 87 million.

All operations in the KMC Properties group, including properties and property
management organisation, have been acquired by the Nasdaq Stockholm listed real
estate company Logistea AB. The combined company will form a leading Nordic
logistics, warehouse and light industrial real estate company with strategic
focus on long-term growth, financial stability and sustainability.

“In the second quarter 2024, KMC Properties completed all announced property
transactions and reached a gross asset value of NOK 6.9 billion. By combining
with Logistea, the total property portfolio will be NOK 13.2 billion, and the
new company formed in Logistea AB will be able to accelerate accretive growth
beyond what two could achieve individually,” says Stig Wærnes, CEO of KMC
Properties.

In 2020, KMC Properties listed through a cost- and time effective reverse
takeover. The strategic move led to the creation of an Oslo Børs listed real
estate company with a NOK 3.1 billion logistics and industrial property
portfolio. Since then, the company has executed its ambitious growth strategy
and more than doubled its property portfolio through value-accretive
acquisitions supported successful private placements.

KMC Properties ASA will, following the transaction with Logistea, pursue new
opportunities with a different profile. The entity will remain listed on the
Oslo Stock Exchange with Stig Wærnes as CEO.


For further information, please contact:
Christian Linge, tel. +47 466 37 846

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 12 July 2024.

More information:
Access the news on Oslo Bors NewsWeb site

623525_KMCP Q2 2024 print.pdf