Slide 1: KMC Properties ASA Q4 2021
KMC Properties ASA Q4 2021 24 February 2022
Slide 2: The preferred partner for logistics and industrial properties
The preferred partner for logistics and industrial properties
Slide 3: Today's presenters
Todays’ presenters [Photo] [Photo] Liv Malvik Kristoffer Holmen CEO CFO 3
Slide 4: Disclaimer
Disclaimer This presentation, prepared by KMC Properties ASA (the "Company"), may contain statements about future events and expectations that are forward-looking statements. Any statement in this presentation that is not a statement of historical fact including, without limitation, those regarding
Slide 5: Fourth quarter 2021
Fourth quarter 2021 5
Slide 6: KMC Properties at glance
KMC Properties at glance We are KMC Properties … we deliver accretive growth …and have strong growth ambitions NOKm Committed NOKm pipeline ’22-24 NOK 8bn 5 000 8 000 Completed Net yield Portfolio value 4 500 M&A 1 083 7 000 201 4 000 537 NOK ~4.0bn 3 500 100 6 000 73 Value & 6.4% NOK ~10,600 pr sqm
Slide 7: Solid customer base of market leading companies with long track records
Solid customer base of market leading companies with long track records and exposure to an attractive industry Company overview Key customers / brands % of net operating income1 ▪ Listed at the Oslo Børs, majority-owned by the Bekken family, the founder of the company in 1980 ▪ Annual revenues of EU
Slide 8: Highlights for the fourth quarter
Highlights for the fourth quarter Key events for the quarter Key figures ▪ Acquisition of industrial property at Ågotnes for NOK 128 million, PSW Technology as tenant NOK million Q4 2021 2021 ▪ Acquisition of production facility in Fredrikstad for NOK 52 million, initial lease of 12 years Gross rent
Slide 9: Property value and yield
Property value and yield Gross asset value and NOI yield development over time Total appraisal value and split per country1 NOK million Finland Russia 1% 6.3% 6.1% 6.2% 6.4% Denmark 4% 10% 4 002 3 705 9% 3 307 Sweden 3 094 NOK 4,002 million 2) 10% Holland 66% Norway Q1 2021 Q2 2021 Q3 2021 Q4 2021 N
Slide 10: Executing on growth strategy
Executing on growth strategy Company strategy and growth targets Growth initiatives in 2021 Expected Value Date Type Tenant Yield WAULT Country completion (NOKm)1) 2020-2021 Greenfield BEWI (Senja) Completed 91 7.5% 15.0 Apr-21 Acquisition BEWI Cellpack A/S Completed 28 7.2% 12.0 Contract renewal Ma
Slide 11: Financials
Financials 11
Slide 12: Key reported P&L metrics
Key reported P&L metrics P&L (NOK million) Comments ■ Rental income increased by 6.9% from Q3 to Q4, Q4 2021 Q3 2021 2021 2020 mainly explained by income from new investments Gross rental income 61.7 57.7 226.1 51.8 ■ Transaction costs of NOK 3.6 million in Q421 Direct property related expenses -3.3
Slide 13: Development in adjusted annualised run-rate
Development in adjusted annualised run-rate Annualised run-rate (NOK million) Comments ■ Q4 2021 is based on final agreements as of 23 Q4 2021 Q3 2021 Q2 2021 Q1 2021 February 2022 Gross rental income 284.0 247.0 246.3 212.8 ■ Relatively stable costs despite high rental income growth due to new inve
Slide 14: Current run-rate
Current run-rate Run-rate bridge from GRI to IFPM Comments ■ Property cost at app. NOK 13 million (c. 4.6% of 284 13 GRI), of which property cost in Russia is at app. 271 28 NOK 8 million, and expected to remain low due to 243 110 mainly triple net bear house contracts in the portfolio. ■ SG&A relat
Slide 15: Run-rate figures: Key metrics
Run-rate figures: Key metrics Run-rate bridge from GRI to IFPM Comments ■ Additional rental income comes from new 284.0 investments up until 23 February 2022 and CPI adjustments. 7,6 71.0 1.7 61.7 Q4 2021 reported CPI adjustments Additional rental Quarterly run-rate Annualised run-rate rental income
Slide 16: Existing contracts provide solid cash flow
Existing contracts provide solid cash flow Contractual gross rental income for the period 2021-20231 less estimated interests expenses2 Comments NOK million ▪ Contracts with solid tenants, with COVID-19 resilient business models ▪ Low OPEX and SG&A expenses due to triple net bare-house lease contrac
Slide 17: Balance sheet at 31.12.2021
Balance sheet at 31.12.2021 Balance sheet build-up Comments Other Current ■ Portfolio valued by Cushman & Wakefield quarterly assets liabilities ■ In Q4 2021, value of property portfolio increased by Cash and 124 61 NOK 296 million to a total value of NOK 4 002 million cash 208 equivalents ■ Assets
Slide 18: Interest bearing debt
Interest bearing debt Financing activity in the quarter Source of funds ▪ New bank loans of NOK 99.8 million at 3m NIBOR + 250/240bps ▪ No utilization of the revolving credit facility in Q4 2021 19% 0% Maturity profile and composition of interest-bearing debt 81% All amounts in NOK million 0-1 yrs 1
Slide 19: Outlook and summary
Outlook and summary 19
Slide 20: KMC Properties at glance
KMC Properties at glance We are KMC Properties … we deliver accretive growth …and have strong growth ambitions NOKm Committed NOKm pipeline ’22-24 NOK 8bn 5 000 8 000 Completed Net yield Portfolio value 4 500 M&A 1 083 7 000 201 4 000 537 NOK ~4.0bn 3 500 100 6 000 73 Value & 6.4% NOK ~10,600 pr sqm
Slide 21: Q&A
Q&A 21