NPRO: 2Q 2019 – high activity in the rental market, many rental contracts signed

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Norwegian Property has experienced a very good quarter considering the number of signed rental contracts – both new and renewed. Rental contracts with a total annual rent of NOK 54 million have been signed during second quarter. This underlines the activity in our entire organisation, says Bent Oustad (CEO).

The company has refinanced approximately NOK 1 500 million of its remaining bank debt with three new bond agreements and one new bilateral bank term loan. All loans are secured with a mortgage in Kaibygning 1 at Aker Brygge. This has contributed to reduced loan margins and increased duration of the loan portfolio.

Pre-tax profit came to NOK 304.7 million (NOK 57 million). Net profit for the period came to NOK 240.3 million. That yielded ordinary earnings per share (EPS) of NOK 0.45 for the second quarter. Carried equity per share came to NOK 15.60 at 30 June 2019, up from NOK 14.83 at 31 March.

The board has declared a dividend of NOK 0.07 per share which will be paid to the shareholders on 14 August 2019 (ex-date 15 July 2019).

Webcast link (in Norwegian):

For further information, please contact: 
Bent Oustad, CEO; telephone: +47 48 01 60 82; e-mail: 

Haavard Rønning, CFO, telephone: +47 400 200 19, e-mail:

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 in the Oslo area and Stavanger in Norway. The portfolio 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.