NPRO: 2Q 2022 – Record quarter for the rental business, including a new 15-year lease at Fornebu and increased credit lines

• Revenues for the second quarter were MNOK 256, up from MNOK 229 in the same quarter last year
• Operating profit before fair-value adjustments was MNOK 176, corresponding to NOK 0.27 per share
• Positive fair-value adjustments in the quarter were MNOK 347 for real estate and MNOK 56 for derivatives
• Profit for the period was MNOK 511, which gives a profit per share (EPS) of NOK 0.79 for the second quarter
• Net amount of new rental contracts for the quarter was MNOK 87
• Long-term net reinstatement value (EPRA NRV) was NOK 26.2 per share, an increase of 2%.

Bent Oustad, CEO, comments on the quarter:

"The quarter was very busy for us, and we set a new record in letting areas. Net rentals of MNOK 87 reflect a good market, and this has significantly reduced the vacancy.

In June, a new 15-year lease was entered into with a public tenant in Snarøyveien 36. The contract covers approximately 12,000 sq.m. with options for additional area and extensions. This is an important step forward for NPRO in the work of developing Fornebu into an attractive area. In this context, we are also pleased that the construction of the Fornebu line continues, which will contribute to sustainable transportation of visitors to and from our properties at Fornebu.

New loan agreements have been entered into with three banks for bilateral credit facilities totaling MNOK 1,890. The new facilities replace previous limits of MNOK 1,200. Term Loan of MNOK 530 has been extended by one year.

NPRO is very pleased that there is a good interest among Nordic banks in financing the company, even at a time when financing is not as readily available as it has been. We work constantly to maintain good and long-term relationships with our financing partners"

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