KMC Properties ASA (OSTO:STORMO)
kr 0.06 0 (0%) Market Cap: 18.17 Mil Enterprise Value: 3.72 Bil PE Ratio: 0 PB Ratio: 0.01 GF Score: 0/100
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Q2 2023 Kmc Properties ASA Earnings Call Transcript

Aug 10, 2023 / 08:00AM GMT
Release Date Price: kr0.032596
Liv Malvik
Kmc Properties ASA - CEO

Hi and welcome to our second quarter results presentation. My name is Liv Malvik, and I'm the CEO of KMC Properties. With me today I have our CFO, Kristoffer Holmen, who a bit later will take you through our financials.

First, let's go through the highlights from the second quarter, where we spent a huge part of our time in the successful refinancing of our senior secured bond and our revolving credit facility at improved terms. In the second quarter, our rental income increased 60% compared to the same period last year. Our net income from property management increased 42%.

7.5% of the top line growth came from CPI adjustments, effective on approximately 99% of our rental income from January 1. The rest of the growth came from value accretive acquisitions and investments, of which NOK50 million was invested in existing properties in the second quarter at an attractive yield on cost of 7.6%, 0.7 percentage points above our net yield.

As always, we maintain our OpEx stable and low at NOK10 million expecting limited additions going forward.

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