Reitir’s NOI is ISK 5.771 million during the first nine months of 2019

The Board of Reitir fasteignafélag has approved the Condensed Consolidated Interim Financial Statements for the first nine months of the year 2019. Key figures are:
CEO, Guðjón Auðunsson:“The operations of Reitir during the first nine months of 2019 were good and third quarter results in line with previous announcements.Considerable refurbishment has been ongoing throughout the year, which is reflected in both the investment amount and temporary increased vacancy. Many of the Company‘s properties have undergone significant changes and new tenants received new premises for their business activities for the longterm. Skaftahlíð 24 now houses the headquarters of Landspítali, Íslandspóstur is currently moving to large refurbished premises at Höfðabakki 9, and Sjúkraþjálfun Íslands has set up operations in a completely restored space at Kringlan.Good letting activities during the autumn have increased our utilization rate to a current level of 96% and we anticipate that the level will continue to rise. The addition of Vínlandsleið into the portfolio a year ago explains a large share of the change in revenues year on year. The acquisition further enhanced the solid base of public tenants and together with the signing of rent contracts with Landspítali, Íslandspóstur among others – have added around 22 thousand square meters rented out to public tenants.During the year the Company has continued on its refinancing path with good success. To date ISK 10,2 billion worth of bonds have been issued to refinance unfavourable older loans and lower interest expenses.The increase in credit margin is of concern in the long-term, and not in line with pricing of similar instruments in neighbouring countries. Reitir is optimistic about the future. Although we face a fleeting downturn, the economy is well equipped to meet such a downturn. The same can be said about Reitir, its portfolio value, return on assets and anticipated future market leases rent have all been prudently assessed and the Company is moderately leveraged. Assuming full occupancy, return on assets is 6,1% and each square metre is valued at roughly ISK 300.000. The Company‘s operations are steady and demand for its assets is strong.”Further information and investor presentationThe Condensed Consolidated Interim Financial Statements for the first three quarters of the year is available in English at www.reitir.is/en/investors.All information regarding the Condensed Consolidated Interim Financial Statements for the period is available in Icelandic on Reitir’s website, www.reitir.is/fjarfestar. An investor presentation (in Icelandic) will be held on Tuesday, November 19, at 8:30 AM at the Company’s headquarters located on the third floor at Kringlan 4-12, 103 Reykjavík. The presentation is accessible on Reitir’s investor website: www.reitir.is/fjarfestar.Further information is provided by CEO Guðjón Auðunsson at +354 575 900 or +354 660 3320 or CFO Einar Þorsteinsson, at + 354 575 9000 or +354 669 4416.About ReitirReitir fasteignafélag is an Icelandic limited liability company. The group is comprised of the Company and its subsidiaries which are all fully owned by the Company. The Company‘s operations entail the ownership, leasing and management of commercial property that primarily consist of retail and office properties in the capital region. Reitir’s portfolio consists of about 140 properties measuring about 460 thousand square metres. Investment properties included in the portfolio include most of the Kringlan shopping centre, Spöngin, Holtagarðar, Hótel Borg, Hotel Hilton Reykjavik Nordica, Icelandair Hotel Reykjavik Natura, and office buildings at Höfðabakki 9 and at Vínlandsleið as well as the headquarters of Sjóvá, Origo and Advania. The Company‘s largest tenants are Hagar, Flugleiðahótel and government organizations.