NPRO; Presentation of financial results for the 2nd quarter 2008
Rental income for Norwegian Property was NOK 474.1 million in the second quarter compared to NOK 243.8 million in the same quarter last year. Profit before tax, value changes and interests on acquisition financing was NOK 128.6 million. After value adjustments derivatives, fair value adjustment properties and interest expenses on acquisition financing, loss before tax was NOK 1,071.8 million.
Market value for the group's portfolio of investment properties was NOK 28.5 bn at the end of June. Net asset value per share was NOK 39.51 (NOK 39.65 based on the EPRA-standard).
Highlights for the quarter:
- Total market value of the property portfolio (before tax adjustments) is NOK 28,512 million.
- Implicit net yield based on current payable rents of 6.1%.
- Implicit net yield if fully adjusting for the rent reversionary potential on the office portfolio is 6.6%.
After completion of the rights issue Norwegian Property is in a better position to work towards long term goals. We will continue to focus actively on strenghening the balance sheet, but can use necessary time and efforts to obtain the market prices in possible sales. At the same time we will continue to focus on renewals of rental contracts and development of the properties, to secure that rental income going forward reflects the current strong rental markets," says President and CEO Petter Jansen in a comment.
The report for the first half year 2008 and the presentation is available on: www.norwegianproperty.no.
For additional information contact:
CEO, Petter Jansen, mobile +47 900 98 728
CFO, Svein Hov Skjelle, mobile +47 930 55 566