NPRO: 3Q 2022 – Stable increase of rental income and opening of a recycling park

• Revenues for the second quarter were MNOK 258, up from MNOK 229 in the same quarter last year
• Profit before fair-value adjustments was MNOK 115, corresponding to NOK 0.18 per share
• Negative fair-value adjustments in the quarter were MNOK 658 for real estate and positive fair-value adjustments of MNOK 27 for derivatives
• Loss for the period was MNOK 470, which gives a negative earnings per share (EPS) of NOK 0.73 for the third quarter
• Net amount of new rental contracts for the quarter was MNOK 13
• Long-term net reinstatement value (EPRA NRV) was NOK 25 per share, a reduction of 4% from last quarter.

Bent Oustad, CEO, comments on the quarter:

“There is good activity in the rental market in our core areas. We have few vacant premises. When rents are renegotiated, they end at a significantly higher price per BTA than before. With increasing construction costs and construction stops in some projects, we see that there are few new properties coming to the market. Thus, we believe the rental market will remain strong in the coming quarter.

The official opening of our recycling park in Nydalen took place in the quarter, where we have converted a car park into a 1000 square meter park in the middle of an urban office area. The collaboration with Asplan Viak, Agaia, Agency for Urban Environment in Oslo (Bymiljøetaten) and Statsbygg has provided good materials and useful knowledge for future projects. The development of the park is according to our sustainability strategy, and in line with our vision of creating engaging meeting places.

This is the eleventh consecutive quarter with growth in the rental income. NPRO’s LTV is at 41.9%, the duration of the loan portfolio is 3.9 years, the hedging ratio is 71%, and the weighted duration of the interest rate hedging is 5.9 years. So, we are well prepared to look at potential opportunities when they arise in today's market ".

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