English

NPRO: 4Q 2022 –Rental income for the year exceeded NOK 1 billion, good underlying operations and successful refinancing

Report this content

Norwegian Property presents the results for Q4-2022 on 3rd February at 08:30. The presentation will be held in the restaurant on the 5th floor of Kaibygg 1 at Aker Brygge, entrance from Bryggegata 6. It will also be possible to follow the presentation on the webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20230203_1/

  • Rental income for the fourth quarter was MNOK 258, up from MNOK 236 in the same quarter last year. Income for the full year was MNOK 1,014, up from MNOK 920 last year.
  • Profit before fair-value adjustments was MNOK 485 million for 2022 and NOK 76 million for the fourth quarter, corresponding to NOK 0.12 per share for the quarter and NOK 0.75 per share for the year.
  • Negative fair-value adjustments in the quarter were MNOK 403 for real estate and MNOK 34 for derivatives.
  • Loss for the period was MNOK 381 for the fourth quarter, while profit for the full year was MNOK 296. This corresponds to a negative earnings per share (EPS) of NOK 0.59 for the fourth quarter and a positive EPS of NOK 0.46 for the year.
  • Net amount of new rental contracts for the quarter was MNOK 27.
  • Long-term net reinstatement value (EPRA NRV) was NOK 24.26 per share, a reduction of 3 per cent from last quarter.

Bent Oustad, CEO, says about the quarter:

"In 2022, we have seen growth in rental income in all three of our core areas, Oslo CBD, Nydalen and Fornebu. The underlying operations of the company are very good. It is particularly pleasing to see that our renegotiations are being carried out at significantly higher levels than previously. Uplift in rent has been increasing throughout the year, and thus also reflects external market reports.

We are very pleased to have secured two new bilateral bank loans in the quarter of NOK 500 million and NOK 435 million, respectively. In addition, we have extended a credit facility of NOK 600 million. Maturity on loans in 2023 is limited for us, and with good and long-term banking relationships, strong owners, a financial market that is gradually working better and good underlying operations, we are well positioned to exploit any new opportunities that may arise.”

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

Subscribe

Documents & Links