NPRO 3Q 2014: Positive results and fair-value adjustments for investment properties increase equity per share by NOK 0.38
A number of premises were completed and occupied by new tenants during the third quarter of 2014, and overall rental income rose from NOK 172 million in the same period of last year to NOK 187 million. Rental income rose by 11.5 per cent when the sale of Finnestadveien 44 and Maridalsveien 323 is taken into account. Operating profit before fair-value adjustments came to NOK 139.5 million. Profit before tax and fair-value adjustments was NOK 40.3 million.
Positive fair-value adjustments for investment properties totalled NOK 89.8 million, while negative fair-value adjustments for financial derivatives came to NOK 24.1 million. After NOK 101.6 million in negative tax expense, net profit for the period came to NOK 207.6 million. This yielded ordinary earnings per share (EPS) of NOK 0.38 for the third quarter. Carried equity per share came to NOK 9.62 at 30 September, up from NOK 9.25 at 30 June (Epra NAV: NOK 10.70 and Epra NNNAV: 10.05 at 30 September 2014).
Webcast link: http://webtv.hegnar.no/presentation.php?webcastId=19429182
This information is subject of the disclosure requirements according to §5-12 of the Norwegian Securities Trading Act (’Verdipapirhandelloven’).
For further information, please contact:
Olav Line, CEO
Telephone: +47 482 54 149
Email: ol@npro.no
Svein Hov Skjelle, CFO
Telephone: +47 930 55 566
Email: shs@npro.no
Norwegian Property is a focused and fully integrated office property company with 39 properties located in the Oslo area and Stavanger in Norway. The portfolio, which has a total fair value of NOK 15.2 billion, is characterized by central location and attractive premises high quality tenants. The group’s properties consist largely of office premises, associated warehousing and car parking, as well as retail and catering space. The company has identified four value drivers for long-term value creation; Marketing & letting, Property management, Property development and Transactions & finance.
Norwegian Property is listed on Oslo Stock Exchange with the ticker NPRO.
www.npro.no