Reitir II - Financial Statement Release

Reitir II‘s annual results 2011

Reitir II ehf. posted a ISK 1,312 million loss in the year 2011 compared with a
loss of ISK 627 million in the previous year. The Company‘s net operating
income amounted to ISK 1,061 million compared with ISK 1,129 in the year
before. 

The outlook for 2012 is decent but continued losses are expected due to
financial expenses as in 2011. Reitir II‘s parent, Reitir fasteignafélag hf.,
intends to list it shares on a stock exchange. To prepare for the listing a
debt reorganisation for the group is planned, including the debt of Reitir II. 

Key figures:

  -- Total assets amounted to ISK 20,849 million on 31 December 2011, a decrease
     of ISK 280 million from year-end 2010.
  -- Total equity amounted to ISK 1,902 million at the same time. 
  -- Revenues for the twelve month period amounted to ISK 1,617 million compared
     with revenues of ISK 1,632 million during the same period in the previous
     year.

Reitir II owns and operates 18 properties in Iceland. It is one of 7 companies
wholly owned by Reitir fasteignafélag hf. Further information on the annual
results of the parent company, Reitir fasteignafélag, are available on
www.reitir.is. 

Further information:

Einar Þorsteinsson, CFO

Telefone +354 575 9000

einar@reitir.is

Attachments:

Arsreikningur 2011.pdf