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NPRO: 2Q 2024 – Successful refinancing in the bond market

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  • Revenues for the second quarter were MNOK 354, an increase of 29 percent from MNOK 275 in the same quarter last year.

  • Operating profit before value adjustments and JVs was MNOK 316 for the second quarter. This is up 51% compared with same quarter last year.

  • Profit before income tax and value adjustments was MNOK 135 for the second quarter, corresponding to NOK 0.21 per share for the quarter.

  • Positive fair-value adjustments for the properties of NOK 78 million (0.3 %) and negative changes for the derivatives of NOK 1.7 million.

  • The net profit was NOK 148 million for the second quarter which corresponds to an earnings per share (EPS) of NOK 0.23.

  • The net amount of rent for all new, renegotiated and terminated rental contracts was unchanged.

  • EPRA NRV (Long-term net reinstatement value) is NOK 20.5 per share.

Bent Oustad, CEO, says about the quarter:

“Rental income has increased approximately NOK 80 million compared to the same period last year, while costs have remained at about the same level. Simultaneously, we see that demand for premises in attractive areas remains good. This gives us an underlying good operation and good momentum in the company, which we also believe will continue into second half of the year.

We continue to operate in a turbulent market with some uncertainty, higher interest rates and high credit margins. In the second quarter, the capital market has shown a positive development, which has resulted in lower credit margins. The bond market has become more attractive again and may represent an alternative to bank financing. We have taken advantage of the situation to raise NOK 1.4 billion during the quarter for refinancing of bonds. The new issues have achieved a BBB rating.”

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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