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  • NPRO: 1Q 2022 – The end of covid restrictions has resulted in revenue growth, a strong transaction market in core areas has contributed to increased property values and good profit for the company
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NPRO: 1Q 2022 – The end of covid restrictions has resulted in revenue growth, a strong transaction market in core areas has contributed to increased property values and good profit for the company

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  • Revenues for the first quarter were MNOK 242.5, up from MNOK 225.7 in the same quarter last year
  • Operating profit before fair-value adjustments was MNOK 204.2, corresponding to NOK 0.32 per share
  • Positive fair-value adjustments in the quarter were MNOK 560 for real estate and MNOK 123 for derivatives
  • Profit for the period was MNOK 636.2, which gives a profit per share (EPS) of NOK 0.99 for the first quarter
  • Net amount of new rental contracts for the quarter was MNOK 44.4
  • Long-term Net Reinstatement Value (NRV) was NOK 25.76 per share, an increase of 2.3%. The book value of equity per share was NOK 20.49.
  • Scope assigns first time issuer rating of NPRO: BBB-, stable

Bent Oustad, CEO, comments on the quarter:

"I am glad to register that since the COVID-19 restrictions in Norway were largely lifted from 12 February 2022, retail and restaurant turnover at Aker Brygge in Oslo is back to 90 per cent of the turnover for the pre-COVID-19 first quarter of 2019, although half of the quarter had extensive restrictions.

The climate accounts for 2021 were completed in the quarter, and carbon emissions per square meter are down by 35 %. One of the main reasons being the investment in the Snarøyveien 30 property with its energy mix of central heating and cooling. In addition, NPRO’s investment in the new technology in Snarøyveien 36 has contributed to more renewable energy.

The increase in property values of MNOK 560 (2.2%) is strongly influenced by increased optimism related to the city floor at Aker Brygge and represents a partial reversal of the write-downs caused by the pandemic in the second quarter of 2020. In addition, a couple of significant transactions in our submarkets have been completed in the quarter which supports an increase in values. If the current interest rate level persists over a long period of time, it could affect the valuation of commercial properties in the future. With our long-term fixed interest rates, we feel well positioned for the 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.

www.npro.no

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