NPRO 3Q 2015: GROWTH IN RENTAL INCOME AND INCREASED PROPERTY VALUES
Rental income up by 26.3 per cent
The major development projects are virtually complete, and a number of new tenants moved into their premises during the third quarter of 2015. Overall rental income rose from NOK 187 million in the same period of last year to NOK 220.7 million, an increase of 26.3 per cent when the sale of Finnestadveien 44, Maridalsveien 323 and Lysaker Torg 35 is taken into account. Operating profit before fair-value adjustments came to NOK 170.6 million. Profit before tax and fair-value adjustments was NOK 65.7 million.
Epra NAV up by NOK 0.28 per share in the third quarter
Positive fair-value adjustments for investment properties totalled NOK 118.6 million, while negative fair-value adjustments for financial derivatives came to NOK 107.9 million. After NOK 5.2 million in tax expense, net profit for the period came to NOK 71.2 million. That yielded ordinary earnings per share (EPS) of NOK 0.13 for the third quarter. Carried equity per share came to NOK 10.37 at 30 September, up from NOK 10.24 at 30 June (Epra NAV: NOK 11.70 and Epra NNNAV: NOK 10.95 at 30 September 2015).
The quarterly report and the presentation for the third quarter are attached.
Webcast link:
http://webtv.hegnar.no/presentation.php?webcastId=25254700
For further information, please contact:
Svein Hov Skjelle, CEO
Telephone: +47 930 55 566
Email: shs@npro.no
This information is subject of the disclosure requirements according to §5-12 of the Norwegian Securities Trading Act (’Verdipapirhandelloven’).
Norwegian Property is a focused and fully integrated office property company with 38 properties located in the Oslo area and Stavanger in Norway. The portfolio, which has a total fair value of NOK 16.0 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