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Eastnine publishes Interim report January – June 2019

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Interim period 1 January – 30 June 2019

  • Rental income increased by 41 per cent to EUR 6,046k (4,275) due to an expanded property portfolio. On an identical portfolio, rental income decreased by 15 per cent owing to reduced occupancy rate.
  • Net operating income increased by 56 per cent to EUR 5,401k (3,465).
  • Profit from property management increased by 175 per cent to EUR 2,420k (879).
  • Unrealised value changes amounted to EUR 7,305k (-1,756) of which EUR 3,483k (945) is attributable to directly-owned real estate, EUR -1,396k (-506) to interest derivatives, and EUR 5,219k (2,196) to investments.
  • Realised value changes and dividends amounted to EUR 1,617k (2,449).
  • Net profit amounted to EUR 10,621k (1,264), corresponding to EUR 0.50 (0.06) per share.
  • The equity/asset ratio amounted to 71 per cent (76) and the loan-to-value ratio to 43 per cent (43).

Key events during and after the second quarter

  • The Annual General Meeting decided on a SEK 2.30 dividend per share to be paid on two occasions. The first dividend payment, of SEK 1.15 per share, was paid on 22 May 2019, and the record date for the second payment of SEK 1.15 per share is 18 November 2019.
  • In May, Britt-Marie Nyman assumed her role as the new CFO and deputy CEO, as did Natalija Monkeviciene as Head of Business Development.
  • Net leasing in the quarter was positive, with a surplus of EUR 1,365k measured as annual rental income.
  • New lease agreements are reaching higher rent levels than was previously the case in the portfolio for the first quarter, and at significantly higher levels than was the case with large tenants that have moved out in the last nine months: EUR 15.1 per sq.m. compared to 14.8 and 13.6 per sq.m. respectively.
  • No significant events have occurred after the end of the quarter.

For more information contact:

Kestutis Sasnauskas, CEO, +46 8 505 97 700

Britt-Marie Nyman, CFO and Deputy CEO, +46 70 224 29 35

Visit www.eastnine.com

Eastnine AB (publ) is a Swedish real estate company with a net asset value of EUR 243.5m. The company is currently transitioning into a focused real estate company, with an aim to generate predictable cash flows by being a long-term provider of sustainable prime office space in the Baltic capitals. Eastnine is listed on Nasdaq Stockholm, Mid Cap, sector Real Estate.

This information is information that Eastnine AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 a.m. CET on 17 July 2019.

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