Oslo (12 May 2009): NLP achieved satisfactory results in the first quarter of 2009, with an increase in revenue of 14% and an increase of 18% in operating income before fair value adjustments. Measured in local currency, the fair value of the investment properties was on a par with year-end 2008. Cash flow generation was strong. Highlights
- Rental income for the quarter was NOK 104m (NOK 91m). Operating income before fair value adjustment was NOK 88m (NOK 74m). Q1 2009 includes the operations of 24 properties vs. 19 properties in Q1 2008.
- Annualized contractual rent level was NOK 408m, based on currency rates at March 31, 2009, with an average remaining duration of 7.3 years and 2.1% vacancy.
- Fair value adjustments of properties were a negative NOK 32m for the quarter. Total value of the investment properties was NOK 5,142m at March 31, 2009. Net yield was 7.2%, unchanged from year-end 2008.
- In Sweden, the fair value of the portfolio in local currency was unchanged, reflecting increases in both contractual duration and additional rents due to investments.
- Net cash generated from operating activities was NOK 32m (NOK 1.21 per share) for the first quarter, compared to NOK 22m (NOK 0.82 per share) in the first quarter last year.
- At the end of the first quarter 2009 the company had total borrowings of NOK 4,228 m. Average interest and margin paid was 4.69% at the end of the quarter, down from 5.00% at year-end 2008. NOK 79m of the outstanding borrowings were repaid during the first quarter 2009. Scheduled repayments for the next twelve months are NOK 73m.
- Cash and cash equivalents stood at NOK 143m at March 31, 2009.
- Total equity was NOK 861m at the end of the quarter and the equity ratio was unchanged from year-end 2008 at 16%. Net asset value per share was NOK 32 at the end of the quarter.
For further information:
Per Gunnar Rymer, CEO: +47 907 77 627, email: per.gunnar.rymer@nlpasa.com
About Northern Logistic Property ASA Northern Logistic Property ASA is a leading pure-play logistic property company based in the Nordic region. The portfolio consists of 24 advanced logistic properties located in larger and regional cities in Sweden and Denmark, with a total lettable area of approximately 804,000 sq.m. See also www.nlpasa.com.
Press release PDF
Interim Report First Quarter 2009
Presentation First Quarter Results 2009