Public Property Invest : Strong operational performance and financial position

Public Property Invest ASA Strong operational performance and financial position

11 Jul 2024 07:00 CEST

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Issuer

Public Property Invest ASA

Oslo, 11 July 2024: During the first half-year of 2024, Public Property Invest
ASA acquired a portfolio of 13 properties, refinanced its debt and raised NOK
2 785 million in new equity. At the end of June, the company has a strong
financial position and available liquidity to deliver on its growth ambitions.

Public Property Invest ASA delivered net operating income (NOI) of NOK 279
million in the first half-year of 2024, corresponding to an NOI margin of 89.4
per cent. This represents a 6.5 per cent increase from NOK 262 million in the
same period last year, driven by new acquisitions and CPI adjustments.

During the reporting period, Public Property Invest (PPI) completed the
acquisition of 13 properties from Samhällsbyggnadsbolaget i Norden AB. The
annualised run rate at 30 June, including the newly acquired properties, was
NOK 692 million, based on signed agreements at period-end.

Public Property Invest ASA was listed on the Oslo Stock Exchange on 29 April
2024. In connection with the IPO, the company raised NOK 1 336 million in net
proceeds, of which NOK 1 020 million will be used to repay debt. In parallel,
PPI refinanced all its liabilities and 70 per cent of its debt is now at fixed
rates, with extended maturities. During the first half-year, LTV improved to
40.2 per cent from 64.9 per cent at the end of 2023.

"In connection with the IPO, the company refinanced its debt and extended all
maturities, raised new equity and closed a large real estate transaction with
Samhällsbyggnadsbolaget. PPI will position itself as a leading consolidator
with low leverage, high growth ambitions and an attractive dividend policy,"
says Ilija Batljan, Interim CEO of Public Property Invest ASA.

Today, PPI owns 61 assets with a total property value of NOK 9.8 billion and
an average lease term of 4.8 years (WAULT) and a net yield of 6.3 per cent.
Since the peak in 2022, the company has taken fair value adjustments of
approximately 22 per cent.

"Over the past few months, we have identified a good pipeline of possible
transactions to further grow the company, both in Norway and in the Nordics.
With our strong balance sheet and our experienced team, we should be able to
take a pole position in consolidating the Norwegian project syndicate market,"
Batljan adds.

The presentation material and report for the first half of 2024 are attached
to this notice.

CEO Ilija Batljan, CFO Ylva Göransson and EVP Finance and ESG Marianne Aalby
will present the results in a webcast at 10:00 CEST today, Thursday 11 July
2024.

Please use the following link to register and view the webcast:
https://players.brightcove.net/4628382152001/experience_667d39f5612b25e9853a2df0
/share.html.

A Q&A session will follow the presentation, and questions may be submitted by
sending an email to [e-mail].

For further inquiries, please contact:

Ilija Batljan, interim CEO, [e-mail]
Ylva Göransson, CFO, [e-mail]

About PPI

Public Property Invest was established in 2021 with a long-term strategy of
owning, operating, and developing socially beneficial properties in Norway.

Its portfolio of properties is characterized by strong tenants within the
public sector, such as the police, judiciary functions and public health
organizations, on long lease contracts and a high occupancy rate.

Public Property Invest's portfolio consists of more than 368,000 sqm across 61
properties which had an aggregate estimated value of around NOK 9,976 million
as of 31 December 2023. It has more than 125 tenants in 26 cities.

In the medium to long term, Public Property Invest is expected to generate NOK
690 million in normalised run-rate rental income, of which public tenants
constitute approximately 92 per cent. The company intends to be an active
consolidator in the market. With a strong balance sheet, it pursues an
opportunistic growth strategy.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. The information was
submitted for publication, through the agency of the contact person set out
above, at 07:00 CEST on 11 July 2024.

More information:
Access the news on Oslo Bors NewsWeb site

623403_Half Year Report January June 2024.pdf
623403_Half Year Presentation January June 2024.pdf

Source

Public Property Invest ASA

Provider

Oslo Børs Newspoint

Company Name

PUBLIC PROPERTY INVEST ASA

ISIN

NO0013178616

Symbol

PUBLI

Market

Oslo Børs