Norwegian Property achieved stable operation in its on-going business during the first quarter. At the same time, conversion projects under way in the portfolio continue to lead to an increase in vacant space and a transitory decline in rental income for certain large properties. Total rental income accordingly amounted to NOK 224.8 million, yielding an operating profit before fair-value adjustments of NOK 181.6 million. That gave Norwegian Property a profit before tax and fair-value adjustments of NOK 76.7 million.

Fair value adjustment for the investment property portfolio was negative with NOK 443.1 million and positive value change for financial derivatives was positive with NOK 16.2 million. After non payable tax income of NOK 79.2 the loss for the period was NOK 271.1 million. Ordinary earnings per share (EPS) in the first quarter were negative with NOK 0.49. Book value per share was NOK 9.35 as of 31 Marc 2013, a reduction from NOK 9.83 per share at the end of the fourth quarter 2012 (EPRA: NOK 10.41 at the end of the first quarter 2013).

In the most recent period several new and extended lease contracts were signed. The largest contract was signed with TV2 for 4 000 squaremeters in Nydalen. Other large new tenants are the consultancy company Arkwright and the financial institution Gjensidigestiftelsen, both entering new lease contracts in the refurbished property Stranden 3 on Aker Brygge.

Based on the positive rental markets the board of directors has approved the initiation of the projects Stranden 1 and Stranden 5 at Aker Brygge.

CEO Olav Line says in a comment: “Our main focus is project execution and leasing. The demand for offices in the Oslo market is healthy and there is limited new build activity. With a positive market outlook, a high level of rental activity and good operation, the work of developing the potential in the portfolio is continuing.”

Please find attached the financial report for the fourth quarter 2012 as well as the presentation material used in today’s presentation.

Webcast link:

This information is subject of the disclosure requirements according to §5-12 of the Norwegian Securities Trading Act (’Verdipapirhandelloven’).

For further information, please contact:

Olav Line, CEO

Telephone: +47 482 54 149


Svein Hov Skjelle, CFO

Telephone: +47 930 55 566


Norwegian Property is a focused and fully integrated office property company with 42 properties located in the Oslo area and Stavanger in Norway. The portfolio, which has a total fair value of NOK 14.5 billion, is characterized by central location and attractive premises with low vacancy and 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.

Norwegian Property is listed on Oslo Stock Exchange with the ticker NPRO.