KMC Properties ASA , a real estate company focusing on industrial and logistics properties, recorded a rental income ofNOK 115 million in the first quarter 2024. This represents a 20 per cent increase fromNOK 96 million in the same period last year, primarily driven by new investments and CPI adjustments. Net income from property management including stable administrative expenses and higher financing costs came in atNOK 44 million , reflecting a 22 per cent increase compared to the same period last year andKMC Properties' resilient growth abilities. At the end of the first quarter 2024,KMC Properties' gross asset value wasNOK 6.4 billion . On a pro forma basis, including five announced property acquisitions, gross asset value amounted toNOK 6.9 billion with a net yield of 7.5 per cent. The announced transactions are fully financed and expected to be completed in the second quarter 2024. Attractive debt terms are expected to expand the company's yield gap from 0.57 percentage points at the end of the first quarter to 0.74 percentage points upon completion. "We are positioning ourselves to execute on attractive opportunities in the current real estate market, making steady progress towards ourNOK 8 billion gross asset value target by the end of 2024" saysLiv Malvik , CEO ofKMC Properties .KMC Properties remains committed to its investment strategy, focusing on properties inNorthern Europe with solid tenants in established industries, in addition to greenfield and capex projects in collaboration with current and new tenants. Securing attractive financing terms is a vital part of the strategy, and the company has started to position itself for a potential refinancing of itsNOK 900 million bond with a first call in the first quarter of 2025. Subsequent to the quarter, Stig Wærnes was appointed interim CEO ofKMC Properties , succeedingLiv Malvik , who informed the board of her decision to leave the company. The appointment will be effective from1 June 2024 at the latest. In addition,Kristoffer Holmen resigned from his CFO-position effective from31 July 2024 pursuing an opportunity outside the company. Malvik ends: "Over my four-year tenure atKMC Properties , we have evolved from a privately-owned real estate company to a robust publicly listed real estate group, backed by a dedicated team of tenants, employees, investors, and banking partners. I look forward to witnessingKMC Properties' continued growth and success." Live webcast, today at10:00 CEST CEOLiv Malvik and CFOKristoffer Holmen will present the company's financial results for the first quarter at10:00 am CEST today, Thursday25 April 2024 . The webcast can be accessed through the following link: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240425_10 For further information, please contact:Liv Malvik , CEO ofKMC Properties ASA , tel. +4748003175Kristoffer Holmen , CFO KMC Properties ASA, tel. +4792814862 AboutKMC 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,Belgium ,Germany andthe 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 thatKMC 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, at07:00 CEST on25 April 2024 .
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