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Quarterly report (Q4) 2022

Feb 28 2023

The Company’s unaudited quarterly (Q4) report was published on the 28th of February 2022.

Link to download: 2022 Quarterly (Q4) report BSP

The company´s rental income for the year reached MNOK 69.5 (63.8) and income from property management (IFPM) in 2022 increased with c. 8.7% to MNOK 27.7 (25.5) while the return, Net Asset Value (NAV) including dividends strengthened in EUR by 11.12 % (NOK c. 16 %) since 31st of December 2021.

“Thanks to the introduction of new developments and acquisitions of new assets in 2022, good property management, and an improved financial platform we have managed to improve our income from property management for the year 2022 and further increased our contractual rental income for 2023 and onwards. With the ongoing market turbulence, inflationary pressure and rising interest rates, we believe pursuing our growth strategy is essential to reach economy of scale and we will continue expanding our presence in key locations while remaining mindful of potential financial risks in the current economic climate.“ says Lars Christian Berger, CEO of Baltic Sea Properties AS.

The total value of the real estate portfolio has grown during the year and has now surpassed MNOK 1,000 (MEUR 96.7). Despite pressure on investment yields and higher discount rates applied in the valuations, the CPI adjustment on rent and the profit from developments has kept the valuations steady for the group.

See further information in the attached report.

For more information, please contact:
Lars Christian Berger
Phone: +47 930 94 319