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NPRO: 1Q 2024 – Takeover of the Martin Linges vei 33 property

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  • Revenues for the first quarter were MNOK 310, increasing from MNOK 266 in the same quarter last year.
  • Operating profit before value adjustments and JVs was MNOK 251 for the first quarter.
    This is up 13% compared with same quarter last year.
  • Profit before income tax and value adjustments was MNOK 135 for the first quarter, corresponding to NOK 0.21 per share for the quarter.
  • Positive fair-value adjustments for the properties of NOK 245 million (0.9 %) and positive changes for the derivatives of NOK 32 million.
  • The net profit was NOK 305 million for the first quarter which corresponds to an earnings per share (EPS) of NOK 0.47.
  • The net amount of rent for all new, renegotiated and terminated rental contracts amounted to NOK 2 million.
  • EPRA NRV (Long-term net reinstatement value) is NOK 20.4 per share.

Bent Oustad, CEO, says about the quarter:

“There is a high level of activity in the company and the underlying operations are going well. The company has, for the 5th quarter in a row, a positive net lease. In addition, it is satisfying to see that the company has access to new sources of funding. The proportion of green financing and bilateral loans has increased in the recent quarters.

The takeover of the 88,500 sqm Martin Linges vei 33 in Fornebu in the first quarter was done to protect our assets as a consequence of the default on debts to NPRO. The property's location, its qualities and the building's attractive tenants are in line with Norwegian Property's growth ambitions. Through the takeover, we are strengthening our presence in the defined core area of Fornebu. The property is now being transformed into a multi-tenant property. We are pleased that we have already signed approximately 4,000 sqm with NOV Process & Flow Technologies who will move in during Q4-24."

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

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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