Public Property Invest

Q3 -24: Solid results and financial position, growth agenda on track

Rental income was up by 18.6% to NOK 173 million in Q3 2024 compared to NOK

145 million in Q3 2023. The increase is driven by the acquisition of 13

properties in Q2 2024 and from CPI adjustments of the lease contracts. Net

operating income (NOI) was NOK 157 (NOK 129) million in the quarter, net

income from property management was NOK 81 million (NOK 56 million) and profit

(loss) before tax came in at NOK 30 million (NOK -305 million).

Since peak in 2022, the company has taken negative fair value adjustments of

the portfolio of approximately 22 per cent. The valuations are now expected to

have reached the bottom of the cycle, and the portfolio had slightly positive

underlying value changes in the quarter. EPRA NRV per share increased from

26.0 to 26.2 in the quarter.

PPI renewed leases for 4,640 sqm in the quarter and as of 30.09.24 the

portfolio occupancy was 96.7%, stemming from 92% government tenants. As of the

same date, PPI owned 61 properties with a total value of NOK 9.9 billion, an

average lease term of 4.6 years (WAULT) and a net yield of 6.5 per cent.

PPI has a strong balance sheet and loan to value was 42.5 per cent at

30.09.24. PPI has a conservative financial policy and a target to maintain the

Net debt/ EBITDA multiple below 9. As of 30.09.24 the Net debt/Run rate EBITDA

multiple was 7.8.

In October, PPI announced the acquisition of Jærveien 33 in Sandnes/Stavanger

for a total of NOK 139 million, where the equity was settled through issuing

approximately 1.8 million new shares in PPI. In line with the communicated

strategy of being a leading consolidator of social infrastructure properties

in the Norwegian market, PPI is continuously pursuing further transactions.

Management will present the results in a webcast, followed by a Q&A session

today at 10:00 CET. The webcast may be followed from:

https://publicproperty.no/en/investor-relation.

Questions may be submitted by sending an email to [email protected].

Contacts

Ilija Batljan

Interim CEO

+46 (0) 705183967

Ylva Gøransson

CFO

+47 93024082

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 17. The information was submitted for publication at

2024-10-31 07:00 CET.

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