Quarterly (Q4) 2022 report – Baltic Sea Properties AS

28 Feb 2023 08:45 CET

Baltic Sea Properties an open-ended and fully integrated real estate investment
company focusing on industrial, logistic and commercial assets in the Baltics,
has published its unaudited Q4 report (attached).

The company´s rental income for the year reached MNOK 69.5 (63.8) and income
from property management (IFPM) in 2022 increased with c. 8.7% to MNOK 27.7
(25.5) while the return, Net Asset Value (NAV) including dividends strengthened
in EUR by 11.12 % (NOK c. 16 %) since 31st of December 2021.

“Thanks to the introduction of new developments and acquisitions of new assets
in 2022, good property management, and an improved financial platform we have
managed to improve our income from property management for the year 2022 and
further increased our contractual rental income for 2023 and onwards. With the
ongoing market turbulence, inflationary pressure and rising interest rates, we
believe pursuing our growth strategy is essential to reach economy of scale and
we will continue expanding our presence in key locations while remaining mindful
of potential financial risks in the current economic climate.“ says Lars
Christian Berger, CEO of Baltic Sea Properties AS.

The total value of the real estate portfolio has grown during the year and has
now surpassed MNOK 1,000 (MEUR 96.7). Despite pressure on investment yields and
higher discount rates applied in the valuations, the CPI adjustment on rent and
the profit from developments has kept the valuations steady for the group.

See further information in the attached report.

For more information, please contact:

Lars Christian Berger
CEO
phone: +47 930 94 319
Lcb@balticsea.no

The information in this announcement is subject to disclosure requirements under
the EU Market Abuse Regulation and Euronext Growth listing rules. Baltic Sea
Properties AS is among The Baltics’ leading real estate investors and developers
– owning a portfolio of logistics, industrial and retail assets.

Company website: balticsea.no

More information:
Access the news on Oslo Bors NewsWeb site

583801_Quarterly report Q4-2022 - BSP.pdf