Baltic Sea Properties : Half-year report – Q2 2023

Half-year report

Q2 2023

Baltic Sea Properties

Baltic Sea Properties AS

Half-year report | Q2 2023

About us

Baltic Sea Properties is a Norwegian public listed, open-ended and fully integrated 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.

Our strategy is to develop long-term relationships with strong clients and to hold high-quality assets in attractive locations. We grow our portfolio by own developments and acquisitions with the objective to maximise shareholder values and the company's dividend capacity.

The property management is conducted through fully-owned subsidiaries by a professional management team with deep knowledge of the Baltic real estate market

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Baltic Sea Properties AS

Half-year report | Q2 2023

Contents

About us	2
Our Vision, Mission & Values	4
Highlights	6
Financial overview	8
Key figures group	9
Financial results	10
Financing	12
Comprehensive income & Net Asset Value	14
Net Asset Value (NAV)	16
Investment Portfolio	18
Rent roll	19
Investment strategy	20
BREEAM - Certification status	22
Market update from Newsec Baltics	24
Financial statements 1H 2023	26
Responsibility statement from the Board of Directors & CEO	26
Interim consolidated financial statements	28
Selected notes to the interim financial statements	34
Property portfolio	42
Client mix	43
Presentation of our properties	44
Land bank	53
Contact	54
Euronext Growth Oslo	57

Disclaimer:

This report has been prepared by Baltic Sea Properties AS in good faith and to our best ability with the purpose to give the company's shareholders updated information about the company's operations and status. This document must not be understood as an offer or encouragement to invest in the company. The financial figures presented are unadited and may thus include discrepancies. Baltic Sea Properties AS further makes reservations that errors may have occurred in its calculations of key figures or in the development of the report which may contribute to an inaccurate impression of the company's status and/or operations. The report also includes descriptions and comments which are based on subjective assumptions and considerations, and thus must not be understood as a guarantee of future events or future profits.

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Our Vision

Our vision is to be the preferred real estate partner and leading investment company in the region.

We will achieve this by staying true to our mission and values.

Our Mission

Our mission is to foster a great team, to provide high quality and sustainable solutions for our partners, thus creating superior long-term value and returns for our shareholders.

Our Values

• Commitment to our people and their professional development.
• Focusing on innovation and value creation.
• Respect for our social and physical environment.
• Accountability and fairness with our stakeholders.