NPRO: 1Q 2021 – Sharp increase in rental income in the quarter

Norwegian Property presents the results for Q1 2021 on April 29th at 08:30 CET. Due to infection control, it will only be possible to follow the presentation on the webcast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210429_3

The overall rental income for the first quarter of 2021 showed significant growth compared with the same period last year. The rental income amounted to NOK 225.7 million for the first quarter, up from NOK 167.7 million in the corresponding period of 2020.

Net profit for the first quarter was NOK 334.6 million after positive fair-value adjustments for investment properties and financial derivatives, which is NOK 435.4 million better than the same period last year. This resulted in first-quarter earnings per share (EPS) of NOK 0.52. The book value of equity per share as at 31 March 2021 was NOK 18.38.

The board has resolved to pay a dividend of NOK 0.10 per share for the first quarter of 2021.

Norwegian Property bought Gjerdrums vei 1 in Nydalen in the first quarter for NOK 18 million, and has initiated planning work to further develop Gjerdrums vei 1-5 for commercial property purposes. An architectural competition will be held.

CEO Bent Oustad says; “NPRO has experienced a stable quarter with good demand for premises in our core markets. The city floor at Aker Brygge has shown its attractiveness for new tenants despite the pandemic and we have used the time well to make upgrades and renewals. Now the focus is on the future for our tenants, visitors and society in general, and we have ambitions for an infection-control friendly opening for and with our tenants in trade, service and catering in the near future.”

For further information, please contact:

Bent Oustad, CEO, mob: +47 4801 6082, e-mail: bo@npro.no

Haavard Rønning, CFO, mob. +47 400 200 19, e-mail: hr@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 properties located mainly in the Oslo area in Norway. The portfolio is characterized by central location and attractive premises with 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