Baltic Sea Properties, an open-ended and fully integrated real estate investment company focusing on industrial, logistics, and commercial assets in the Baltics, has today published its fourth-quarter report for 2024.
We are pleased to present our Q4 report, marking the completion of another year of strong financial performance, operational resilience, and execution according to our long-term growth strategy.
In 2024, our rental income increased by 4% to NOK 96.4 million (8.3 mEUR). Higher interest costs, along with one-off expenses related to the capital raise and increased activity, impacted our net income from property management (IFPM), which totaled NOK 28.3 million (2.4 mEUR). However, driven by profits from new development projects and valuation improvements, the full-year result rose to NOK 53.5 million (4.6 mEUR), up from NOK 28.9 million in 2023. We remain optimistic for 2025, supported by a higher contracted rent roll and an expected further decline in financing costs.
A key milestone during the year was the successful completion of the first phase of our business park development in Klaipeda, Liepu Parkas. Additionally, we strengthened our capital position, which, together with a strong financial result, contributed to the growth of our Net Asset Value (NAV) up to NOK 627 million (53.2 mEUR), while maintaining stable dividend distribution and receiving industry recognition for our performance.
Looking ahead, we remain committed to sustainable growth, disciplined capital allocation, and long-term value creation for investors and stakeholders.
For more detailed insights into our financial performance and strategic initiatives, please refer to the Q4 2024 report in the link.
For further information, please contact:
Lars Christian Berger,
CEO
Phone: +47 930 94 319
Email: Lcb@balticsea.no
The information in this announcement is subject to disclosure requirements under the EU Market Abuse Regulation (MAR) and listing rules for Euronext Growth Oslo.
Baltic Sea Properties is an open-ended and fully integrated real estate investment company. The company is among the Baltics’ leading real estate investors and developers – owning a diversified cash flow generating portfolio of modern real estate in the logistics, industrial and commercial segments.