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Q3 Quarterly report 2017


Ø Økonomiske nøkkeltall for Q3 Ø Daglig drift og utvikling Ø Økonomi


Økonomiske nøkkeltall Q3 2017 Leieinntekter

14,0

mNOK

Netto inntekter fra eiendomsforvaltning

10,4

mNOK

947,7

mNOK

6,2

mNOK

Markedsverdi på eiendomsportefølje Resultat før skatt


Daglig drift og utvikling Fremdeles tilpasninger til vekststrategi i daglig drift Høyere kostnader i Q2 ga forventet utslag pü arbeidskapitalen i Q3


Daglig drift Kvalitetsgjennomgang av hele porteføljen (Q3 og Q4) - Kontrakter

25 000

13

- Arealer og andre bygningsdata

3 utgåtte, 3 forlengede og 1 nytegnet leietaker

91,6 % av arealene utleid (94,4 % i Q2) :

12

11 20 000

Få endringer på utleiesiden i Q3

14

13

10 10

8 15 000

8 6 6

10 000 3

4 2

5 000

3 2

1

Fremdeles strategisk ledighet i Tønsberg 0

0 2017

2018

2019

2020

2021

Revenue expiring

2022

2023

2024

2025

Number of contracts expiring

2026


Utvikling Utviklingsprosjekter - Rammesøknad for Powerhouse Telemark godkjent - Byggetrinn 2 for Nordre Fokserød i rute

Ownership (%)

Location

Expected completion

Project area (sqm)

Occupancy (%)

Est. total project cost 1) (tNOK)

Of which accrued (tNOK)

Yield on cost2)

Powerhouse Telemark

100 Porsgrunn

June-19

8 313

72

237 367

14 301

6.3

Nordre Fokserød, building 2

100 Sandefjord

May-18

2 370

41

53 026

23 710

6.0

290 392

38 011

Total 1) Total

10 683

project cost (Including book value at date of investment decision/cost of land)

2) Estimated

net rent (fully let) at completion/total project cost (including cost of land)


Daglig drift og utvikling Eiendomsporteføljen per 30.9.2017 Area Occupancy 30.09.2017

No. Of properties

Wault

Market value

12 month rolling rent

sqm

%

#

yrs

tNOK

NOK/sqm

tNOK

Porsgrunn Skien* Tønsberg** Sandefjord***

14 561

98.0

4

3.4

275 500

18 934

19 582

8 013

87.0

3

4.1

125 500

15 662

16 472

90.6

3

4.5

420 000

2 869

77.3

1

7.9

60 500

Total management portfolio

41 915

91.6

11

4.8

881 700

Net yield****

NOK/sqm

%

tNOK

1 345

6.6

19 689

1 352

8 053

1 299

5.9

10 148

1 266

25 498

26 303

1 762

5.8

29 674

1 801

21 087

2 653

1 196

4.1

4 694

1 636

21 035

56 591

1 490

5.6

63 899

1 532

*Temporary availability in Grønlikroken 5 **Low

occupancy in Tønsberg as a result of need for upgrades in Sentralbygget occupancy in Sandefjord is a result of one tenant moving from building 1 to building 2 (decrease in property portfolio but increase in project portfolio) ****Average net yield is not representative due to low occupancy in Grønlikroken 5 (Skien) and Nordre Fokserød 14 (Sandefjord) ***Low

Market rent NOK/sqm


Nøkkeltall All amounts in NOK thousand

Q3-17

YTD Q3-17

2016

Rental income Net income from property management Profit before tax Profit after tax

13 963 10 410 6 162 4 683

41 908 31 690 43 927 33 385

52 130 40 675 71 271 58 759

259 851 941 700 606 184 64,4 % 1,6 1 000

259 851 941 700 606 184 64,4 % 1,8 1 000

231 467 888 500 606 611 68,3 % 1,6 1 000

All amounts in NOK per share

Q3-17

YTD Q3-17

2016

EPRA Earnings EPRA NAV EPRA NNNAV Cash Earnings

2,8 309,0 272,1 10,4

10,8 309,0 272,1 31,7

17,4 272,3 237,9 40,7

Equity Market value of the property portfolio Net nominal interest-bearing debt Loan to value Interest coverage ratio Number of shares (in thousand)


Resultat All amounts in NOK thousand Q3-17

YTD Q3-17

2016

13 963 26 13 988

41 908 407 42 315

52 130 1 176 53 306

Maintenance and other operating expenses Other property-related expenses Administrative expenses Total operating costs

2 292 145 1 142 3 578

8 072 460 2 094 10 625

8 217 2 315 2 098 12 630

Net income from property management

10 410

31 690

40 675

Changes in value from investment properties Operating profit

2 034 12 444

28 172 59 862

48 446 89 121

Interest and other finance income Interest and other finance expense Net realised financials Unrealised changes in value of finacial istruments Net financial items

236 -6 920 -6 684

820 -18 250 -17 430

1 812 -24 149 -22 337

401 -6 283

1 495 -15 935

4 487 -17 850

Profit before tax Tax expense Profit for period/year

6 162 -1 479 4 683

43 927 -10 542 33 385

71 271 -12 512 58 759

Rental income Other operating revenue Total operating income


Verdiendringer 945 000 940 000

941 700

934 -2 172

935 000 930 000

3 272

11 166

928 500

Changes in value from investment properties 2 034

925 000 920 000 915 000 910 000 905 000 900 000 Value per 30.06.17 Investments and upgrades

Value changes Projects

Value changes Operations

Value changes Yield

Value per 30.09.17


Balanse All amounts in NOK thousand

30.09.2017

31.12.2016

Intangible assets Investment property Other operating assets Loans to associates Total non-current assets

212 941 700 2 074 10 947 954 932

98 888 500 1 029 26 308 915 935

Trade receivables Other receivables Cash and bank deposits Total current assets TOTAL ASSETS

1 398 6 859 598 8 855 963 788

1 607 1 367 345 3 319 919 254

Shareholders equity Total equity

259 851 259 851

231 467 231 467

Interest-bearing debt Deferred tax liability Financial derivatives Debt to group companies Total non-current liabilities

572 308 50 891 18 066 17 908 659 172

286 650 39 224 19 561 850 346 285

Interest-bearing debt Trade payables and other payables Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

33 876 10 888 44 764 703 937 963 788

319 961 21 541 341 502 687 787 919 254


Finans Finance composition Loan to value 3M Nibor + margin (DNB)

48 % 52 %

100% 90%

Fixed rate / swap (DNB)

80% 70%

Target for LTV ratio

64,4

60%

Fixed rate instruments

Amount

Interest rate (%)

3-4 years

50 000

1,54

4-5 years

91 071

3,27

5-6 years

6 188

3,44

6-7 years

14 500

4,05

7-8 years

80 000

2,73

8-9 years

41 875

2,10

283 634

2,69

Total

50% 2010

2011

2012

2013

2014

Net LTV incl. Vendor credit

2015

2016 Net LTV

2017


Profile for R8 Property

R8 Property Q3 2017 Presentation  

R8 Property Q3 2017 Presentation  

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