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NPRO: 2Q 2023 – High activity, increased rental income and refinancing completed

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  • Revenues for the second quarter were MNOK 275, increasing from MNOK 256 in the same quarter last year.
  • Operating profit before value adjustments was MNOK 209 for the second quarter, which corresponds to NOK 0.33 per share.
  • Profit before income tax and value adjustments was MNOK 99 for the second quarter, corresponding to NOK 0.15 per share for the quarter.
  • Negative fair-value adjustments for the properties of NOK 613 million (-2.4%) and positive changes for the derivatives of NOK 85 million.
  • The net loss was NOK 371 million for the second quarter which corresponds to an earnings per share (EPS) of NOK -0.58.
  • The rental market activity has been high, and the net amount of rent for all new, renegotiated and terminated rental contracts amounted to NOK 62 million.
  • EPRA NRV (Long-term net reinstatement value) is NOK 22.92 per share.

Bent Oustad, CEO, says about the quarter:

"Once again, we have had a quarter characterized by high activity in the company. We still experience high demand for the premises and the concepts that we offer. We are also pleased to see that rental contracts have been signed with new tenants or renegotiated with existing tenants in all our core areas: CBD, Fornebu and Nydalen. In total, this will increase our future rental income.

The retail and restaurant areas at Aker Brygge maintain a high level of activity and has passed a record high turnover of MNOK 600 in the quarter. The positive activity in restaurant and retail areas on the ground floor contributes to creating attractive meeting places and office premises. If this trend continues, the turnover-based rent for the year as a whole will be high.

The company has extended a MNOK 680 credit facility by one year and refinanced a MNOK 530 term loan for three years during the quarter. Remaining loans with maturity in 2023 are now limited. Going forward focus will be on refinancing loans with maturity in mid 2024 and beyond. As always, we spend much time on assessing possibilities which will contribute to long term value growth for the company. "

A presentation in Norwegian will be available at 13:00 at:  https://channel.royalcast.com/landingpage/hegnarmedia/20230707_1/

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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