(Oslo, 10 Nov 2011)
Today Northern Logistic Property reports their results for the third quarter and first nine months 2011.
Quarterly highlights:
- Net rent of NOK 88.7 million for the quarter (88.6) and NOK 269.1 million for the first nine months of the year (239.8)
- Strengthened cash flow from operations of NOK 105.0 million (80.4)
- Value of investment properties was NOK 5 229.2 million at the end of the third quarter (5 284.5) and kept stable in local currency
- Entered into interest rate swaps for SEK 1 624 million at average interest of 2.68% and 8.4 years average time to maturity
- Tenancy agreement for 9 680 m² with Menigo extended by ten years
- Negative effect from interest rate swaps by NOK 53.2 million resulted in a negative result of NOK 9.4 million in the third quarter (61.5)
Events after the quarter:
- Exercised option on loan extension with Aareal until 2014
- Newbuild project for 22 950 m² with Green Cargo in Helsingborg
- Quartely reporting will only be published in swedish
- Change of reporting currency from NOK to SEK will take place in Q4
CEO Peter Strand says in a comment: "we are pleased with securing the second significant newbuild of the year and extending our portfolio and basis of income. The two newbuilds, together with the upgrade of our property in Sundsvall, further modernizes NLP's property portfolio. Modern buildings are more area and energy effective, hence the latest projects underline NLP's strategy of offering cost effective and flexible logistic properties."
Strand adds: "The newbuilds in Helsingborg and Västerås show that we are a significant market player for new logistic properties in Sweden. That is a position we want to fortify through close client relationships and active portfolio development."
Interim reporting material
The interim report and presentation material will be available at www.newsweb.no and www.nlpfastigheter.se before the presentation.
Presentation
Northern Logistic Property ASA will release its financial results for the third quarter 2011 today, 10 November 2011. In connection with this, the company will give a presentation at Felix Conference Centre, Aker Brygge, Oslo 08:30 CET.
Peter Strand, CEO and Tommy Åstrand, CFO will represent the company.
Webcast
The presentation will also be broadcasted live on the company's new investor website: www.nlpfastigheter.se. Questions to the management can be sent online from the webcast during the presentation. A recorded version of the presentation will also be available on www.nlpfastigheter.se after the broadcast has concluded. The presentation will be held in Swedish.
For further information
Peter Strand, CEO: +46 705 88 1661, email: peter.strand@nlpfastigheter.se
Tommy Åstrand, CFO: +46 705 45 5997, email: tommy.astrand@nlpfastigheter.se
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About Northern Logistic Property ASA
Northern Logistic Property ASA (NLP) is a leading pure-play logistic property company based in the Nordic region. The portfolio consists of 20 advanced logistic properties located in strategic locations relative to major logistics flows, with a total lettable area of 711 365 square meters. It is the only listed company of its sort in the Nordic countries.
NLP delivers stable and increasing revenue and cash flow from rental income, driven by an attractive lease structure with solid tenants.