Íbúðalánasjóður - Company Announcement

Monthly report August 2013

As stated in HFF´s monthly report for August 2013, the Fund´s appropriated
properties are 2.575. Approximately half of them are currently being rented, or
1.195. The condition of the other 1.300, presently not rented varies widely:
some only in need of minor touch up while others are in early building stages. 

All Rentable Properties on the Market in November

The Fund spends a maximum of ISK 1.5 million on renovations per property to
make it available for rent. About 130 of the Fund´s properties fall into this
category and should be ready for rent in about 8 weeks. Touch up work and/or
renovations are completed as quickly as possible. Hence, the Fund estimates
that all rentable properties will be rented or available for rent in November. 

Properties for Sale

Any property in need of repair or renovations in excess of ISK 1.5 million will
be put up for sale. More than 1000 of the Fund´s properties fall into this
category, making it difficult for the Fund to keep up with the work.
Consequently, the Fund hired contractors in order to speed up preparation,
cleaning and registration work, as well as creating property sales
descriptions. 

The Fund plans to have all of its properties ready for sale at the end 2013.
Differing local market conditions could, however, affect how fast these
properties will be put up for sale.

Attachments:

monthy report august 2013.pdf