Reitir II - Financial Statement Release

Financial results for Reitir II 2009

Reitir II ehf. (previously Landsafl ehf.) announces a loss of ISK 4.450 million
for the year 2009 compared to a loss of ISK 13.229 million in 2008.  The
biggest contributors are the depreciation of the company's investment
properties and the depreciation of the Icelandic Krona. 

Total revenues amounted to ISK 1.743 million (2008: ISK 1.644 million) and net
operating profit amounted to ISK 1.343 million (2008: ISK 1.269 million). 

Reitir II's total assets at year end 2009 were ISK 21.232 million, long term
debt ISK 17.128 million and total equity amounted to ISK 3.850 million. 

2009 was an eventful year for Reitir II, highlighted by a successful financial
restructuring that ended in October.  In light of the current market situation,
the prospects for 2010 are positive. 

Reitir II are 100% owned by Reitir fasteignafélag hf.


For further information please contact:
Viðar Þorkelsson, CEO Reitir fasteignafélag hf.
Tel: +354-575-9000

Attachments:

ársreikningur reita ii ehf 2009.pdf