KMC Properties ASA recorded rental income of NOK 107 million for the fourth
quarter and NOK 409 million for the full year 2023, equivalent to 34% and 50%
increases compared to the corresponding periods last year. The Company ended
2023 with a low vacancy rate of 1.8% and a high weighted average lease term of
11.4 years.

Increased rental income is primarily driven by KMC Properties' strategic focus
on acquisitions  of industrial and logistics properties with strong tenants with
long track record. In 2023, KMC Properties acquired a total of seven such
properties and increased its gross asset value 15% to NOK 6.2 billion and a net
yield of 7.3%. Agreements to acquire an additional five properties bring the
gross asset value to NOK 6.6 billion, closer to the 2024 target of NOK 8
billion. 

In 2023, KMC Properties pursued its strategy to minimize cost of capital  with
prudent long-term structures. The company completed a NOK 2.1 billion debt
refinancing and raised NOK 275 million in new equity to support acquisitions.
The debt restructuring reduced overall interest margin from 3.59% at the end of
2022 to 3.21% at the end of 2023, ending 2023 with an all-in interest of 6.29%.
Upon completion of agreed pro forma transactions, the company will further
reduce its overall interest to 6.20% by drawing on additional low-margin bank
debt.  

On the equity side, Nordika provided NOK 275 million in new equity in the
financing of property transactions and has exercised options for a total value
of NOK 130 million bringing its total ownership in KMC Properties to 17.4%.
Nordika is a Swedish unlisted real estate company owned by Nordic pension funds
and institutions, that shares support KMC Properties' strategic priorities and
ambitions. 

"The year 2023 marked a transformation for KMC Properties. We strengthened our
platform through substantial debt refinancing and the enlargement of our
property portfolio, supported by a wider range of committed banks and investors.
Despite challenges posed by escalating inflation and interest rates, we
successfully reduced our overall interest margins and executed strategic
acquisitions that added significant value to our company ." says Liv Malvik, CEO
of KMC Properties.

KMC Properties was established in 2020 with a clear strategy and vision of
becoming the preferred real estate partner for logistics and industrial
companies, that has proven its robustness in changing macro conditions. The
company continues to work in close collaboration with its strong tenants, while
actively exploring the market for attractive opportunities with a clear value
creation potential for its stakeholders. 

Live webcast, today at 10:00 CET
CEO Liv Malvik and CFO Kristoffer Holmen will present the company's financial
results for the fourth quarter and full year at 10:00 am CEST today, Thursday 22
February 2024. The webcast can be accessed through the following link:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240222_3

The presentation will be held in English and questions can be submitted
throughout the event. A recording of the webcast will be made available from the
company's website. 

For further information, please contact:  
Liv Malvik, CEO of KMC Properties ASA, tel. +4748003175  
Kristoffer Holmen, CFO KMC Properties ASA, tel. +4792814862

About KMC Properties ASA
KMC Properties, is an Oslo Børs-listed real estate company focusing on
industrial- and logistic properties. The company has a diversified portfolio of
properties in the Nordics, Belgium, Germany and the Netherlands. The properties
are strategically located and have long lease agreements with solid tenants. KMC
Properties has an ambitious strategy to grow the portfolio through further
development of existing properties, as well as M&A initiatives.  

The information is such that KMC Properties ASA is required to disclose in
accordance with the EU Market Abuse Regulation. The information was submitted
for publication, through the agency of the contact person set out above, at
07:00 CEST on 22 February 2024.