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R8 Property Presentasjon Q3 2019


▪ Økonomiske nøkkeltall ▪ Operasjonell utvikling ▪ Utviklingsportefølje ▪ Regnskap og balanse

Q2-19


Ă˜konomiske nøkkeltall


Økonomiske nøkkeltall Q3 2019 Tall i mNOK

Leieinntekter

26,1

Netto inntekter fra eiendomsforvaltning

16,2

Markedsverdi på eiendomsportefølje

2 164

Resultat før skatt

0,4


Operasjonell portefølje


Operasjonell utvikling ▪ Utvikling Q3-19 •

God utvikling på operativ drift, økning i leieinntekter og bedret driftsresultat.

Svakt negativ verdiendring på investeringseiendommer

▪ Utsikter Q4-19 •

Fortsatt bedring operativ drift, leieinntekter vil øke.

To nye investeringseiendommer forventes å bidra til en positiv verdiendring på den totale eiendomsporteføljen.


Eiendomsporteføljen Pr 30.09.2019

CORPORATE LEGAL SEGMENTS Q3-19 Area Occupancy (sqm) (%)

30.09.2019

No. of prop. (#)

Market value Wault 1) (tNOK) (NOK/sqm) (yrs)

Annual rent Wault 2) (tNOK) (NOK/sqm) (yrs)

Net direct Net yield yield (valuation) (%) (%)

Market rent (tNOK) (NOK/sqm)

Of fice Urban Estate Hotels Total m anagem ent portfolio

56 124 27 300 9 049

88,5 82,6 86,5

17 6 2

1 095 500 465 500 303 000

19 519 17 051 33 484

3,1 8,8 12,9

66 216 30 899 14 041

1 180 1 132 1 552

3,0 8,9 12,9

5,6 5,0 5,2

6,3 7,1 6,3

82 320 45 142 21 457

1 467 1 654 2 371

92 473

86,6

25

1 864 000

20 157

6,1

111 156

1 202

5,9

5,4

6,5

148 918

1 610

Project Off ice Total project portfolio

16 149

92,3

3

300 750

18 623

12,2

16 149

92,3

3

300 750

18 623

12,2

108 622

87,4

28

2 164 750

19 929

7,0

Total property portfolio

1) Wault weight ed on propert y market value 2) Wault weight ed on annual rent

The calculation of net yield is based on the valuers’ assumption of ow nership costs, w hich at 30.09.19 corresponds to 10.0 per cent of market rent. When calculating net yield, maintenance and property-related costs are deducted from contractual annualised rental income, w hich is then divided by the market value. R8 Property has three on-going project, the new building Pow erhouse Telemark and Polymer Exploration Center, both in Porsgrunn, and Rådhusgata 2 AS located in Skien. All properties w ill be include in operating unit Of fice. Parking areas (sqm) are not included in this overview . Corporate legal segments in the table above f ollow the legal corporate structure of the group. Several of the properties are combined buildings and the actual rental conditions measured in square meters and rental income are presented in the table below .

OPERATING SEGMENTS Q3-19 30.09.2019 Of fice Retail Health care Food and Beverage Hotels Total m anagem ent portfolio

Area (sqm) 65 760 11 724 4 714 4 086 6 189 92 473

Wault 2) (yrs) 3,0 5,2 6,4 14,3 14,4 5,9

Annual rent (tNOK) (NOK/sqm) 73 073 12 614 6 139 7 615 11 717 111 156

1 111 1 076 1 302 1 864 1 893 1 202


Utviklingsportefølje


Utviklingsportefølje Pr 30.09.2019 ▪ Powerhouse Telemark – pågående, ferdigstillelse estimert juni 2020 ▪ Eeks Gård Skien – pågående, ferdigstillelse estimert januar 2020 ▪ Polymer Exploration Center (tid. Application Center) – byggestart medio Q1-20 ▪ Skien Brygge – forprosjekt pågår


Regnskap og balanse


Nøkkeltall All amounts in NOK thousand Rental income Change period-on-period Net income from property management Change period-on-period Profit before tax Change period-on-period Profit after tax Change period-on-period Market value of the property portfolio Net nominal interest-bearing debt Loan to value Interest coverage ratio Number of shares

Q3-19

Q3-18

2018

2017

26 086 42 % 16 232 75 % 425 -97 % 25 -100 %

18 431 32 % 9 279 -11 % 14 157 130 % 11 795 152 %

70 149 35 % 40 927 1% 70 465 -1 % 60 733 3%

55 574 7% 41 090 1% 60 048 -16 % 47 944 -18 %

2 164 750 1 378 700 1 731 500 1 451 820 854 693 1 123 762 67,1 % 62,0 % 64,9 % 1,5 1,2 1,3 1 630 1 365 1 365

978 550 618 564 63,2 % 1,7 1 000

All amounts in NOK per share

Q3-19

Q3-18

2018

2017

EPRA NAV Change period-on-period EPRA NNNAV Change period-on-period EPRA Earnings Change period-on-period

405,1 10 % 365,3 6% 2,3 53 %

367,6 19 % 343,4 26 % 1,5 -47 %

377,4 16 % 346,7 20 % 8,3 -39 %

324,1 15 % 287,7 22 % 13,5 136 %


Resultat

All amounts in NOK thousand

Q3-19

Q3-18

YTD Q3-19

YTD Q3-18

2018

Rental income Other operating revenue Total operating incom e

26 086 3 785 29 872

18 431 1 425 19 856

72 551 9 358 81 910

49 638 7 428 57 067

70 149 13 581 83 730

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

10 280 18 3 341 13 639

2 814 242 7 521 10 577

29 942 480 10 973 41 395

11 940 605 14 919 27 464

17 876 877 24 049 42 803

Net incom e from property m anagem ent

16 232

9 279

40 514

29 602

40 927

Changes in value from investment properties Operating profit

-3 662 12 571

263 9 542

58 352 98 867

21 797 51 399

37 626 78 553

456 -11 500 -11 044 -1 102 -12 146

10 110 324 -8 149 2 286 2 329 4 614

2 087 -33 774 -31 687 -5 438 -37 125

10 110 817 -21 601 -10 673 7 874 -2 799

14 364 1 304 -30 350 -14 682 6 593 -8 088

425 -400 25

14 157 -2 361 11 795

61 742 -13 914 47 828

48 600 -8 853 39 747

70 465 -9 732 60 733

25

11 795

47 828

39 747

60 733

Share of profit of a joint venture Interest and other f inance income Interest and other f inance expense Net realised financials Unrealised changes in value of financial instruments Net financial item s Profit before tax Tax expense Profit for period/year Change in deferred tax on comprehensive income Total com prehensive incom e for the period/year


Verdiendringer (tNOK) 2 400 000

56 400

2 200 000 2 112 050

2 164 750 - 2 202

- 1 498

2 000 000 Verdiendring investeringseiendommer mNOK - 3.662 1 800 000

1 600 000

1 400 000

1 200 000

1 000 000 Verdi per 30.06.19

Oppkjøp og investeringer i porteføljen

Verdiendring prosjekt

Verdiendring operasjonelt

Verdi per 30.09.19


Balanse - eiendeler

All amounts in NOK thousand

30.09.2019

30.09.2018

31.12.2018

Deferred tax assets Intangible assets Investment property Other operating assets Investment in jointly controlled entities, associates and shares Loan to associates and jointly controlled entities Other long-term receivables Total non-current assets

745 7 822 2 164 750 15 008 496 40 845 32 2 229 698

351 8 635 1 378 700 6 036 20 957 13 358 2 105 1 430 141

859 7 350 1 731 500 5 733 496 8 921 3 032 1 757 890

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

17 139 146 280 19 074 182 493 2 412 190

5 675 10 466 25 094 41 235 1 471 376

10 518 16 065 20 490 47 073 1 804 963


Balanse – egenkapital og gjeld All amounts in NOK thousand 30.09.2019

30.09.2018

31.12.2018

705 310 47 640 752 950

427 321 22 746 450 066

484 947 47 358 532 305

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

1 153 561 83 493 16 832 41 473 1 295 359

726 699 74 418 10 114 811 231

953 718 71 647 11 394 1 036 759

Interest-bearing debt Trade payables and other payables Debt to group companies Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

298 260 65 622 363 882 1 659 240 2 412 190

127 995 82 085 210 079 1 021 310 1 471 376

170 044 65 854 235 898 1 272 657 1 804 963

Shareholders equity Non-controlling interest Total equity


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R8 Property Q3 2019 Presentation  

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