NPRO: 2Q 2024 - New lease contract at Fornebu in Snarøyveien 30
· Revenues for the second quarter were MNOK 359, an increase from MNOK 354 inthe same quarter last year. · Operating profit before value adjustments and JVs was MNOK 294 for thesecond quarter. Unchanged from the same quarter last year. · Profit before income tax and value adjustments was MNOK 88.9 for thesecondquarter. · Positive fair-value adjustments for the properties of NOK 137 million · The net profit was NOK 182 million for the second quarter, whichcorrespondsto an earnings per share (EPS) of NOK 0.27. · EPRA NRV (Long-term net reinstatement value) is NOK 21.51 per share.
Bent Oustad, CEO, says about the quarter:
"We have signed a new lease contract for 8 250 square meters with a tenant inthe education sector at Snarøyveien 30 at Fornebu. The agreement is subject toan approved change of purpose. The work on refurbishing the premises willbeginin Q3 2027. We are very satisfied to attract different types of tenants to ourproperties at Fornebu. We are finishing another quarter where we signed leasecontracts in all three of our core areas at good rental levels. On average,therenegotiations of leases in the last quarter have had an increase in rent justabove 10%. This shows that we have attractive properties to offer the market,atthe same time the areas attract new potential tenants.
We also see a healthy financing market with good liquidity in differentfinancial sources. The credit margins are dropping slightly, which will beincorporated in our financing costs in the following quarters. NPRO hasenteredinto new agreements in both the banking market and the bond market during thequarter. We have credit facilities in place that cover all maturities in bondloans for 2025."
Webcast with presentation in Norwegian of the results is availablehere: https://channel.royalcast.com/landingpage/hegnarmedia/20250704_2/ (https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalcast.com%2Flandingpage%2Fhegnarmedia%2F20250704_2%2F&data=05%7C02%7C%7Ca8b8bbe2fab843459a6c08ddb48e21f6%7Ca9eb7f9c68964d749d2ff874d2646d8e%7C0%7C0%7C638865244758158314%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=hTgMNjSgaKQE7Z2LAK%2F2htmE9Y8icHZ48Gg4%2FoD4i3I%3D&reserved=0)
For further information, please contact:Bent Oustad, CEO, mob: +47 4801 6082, e-mail: bo@npro.noHaavard Rønning, CFO, mob. +47 400 200 19, e-mail: hr@npro.no
This information is subject to the disclosure requirements pursuant to section5-12 of the Norwegian Securities Trading Act.
Norwegian Property is a focused and fully integrated office property companywith properties located mainly in the Oslo area in Norway. The portfolio ischaracterized by central location and attractive premises with high qualitytenants. The group's properties consist largely of office premises, associatedwarehousing and car parking, as well as retail and catering space. The companyhas identified four value drivers for long-term value creation; Marketing &letting, Property management, Property development and Transactions & finance.www.npro.no
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