NPRO 2Q 2014: GROWING RENTAL INCOME FROM PHASING IN LEASES
A number of premises were completed and occupied by new tenants during the second quarter of 2014, and overall rental income rose from NOK 181.1 million in the first quarter to NOK 187.8 million. Operating profit before fair-value adjustments came to NOK 141.9 million. After realised financial items, profit before tax and fair-value adjustments came to NOK 43.2 million.
Positive fair-value adjustments for investment properties totalled NOK 180.2 million, while negative fair-value adjustments for financial derivatives came to NOK 114.9 million. After NOK 25.1 million in tax expense, net profit for the period came to NOK 83.4 million. This yielded ordinary earnings per share (EPS) of NOK 0.15 for the second quarter. Carried equity per share came to NOK 9.25 per share at 30 June, up from NOK 9.09 per share at 31 March (Epra: NOK 10.35 at 30 June).
The quarterly report for the second quarter 2014 is attached. Please also find attached the presentation material relating to the quarterly report.
Webcast link: http://webtv.hegnar.no/presentation.php?webcastId=19370770
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
Email: ol@npro.no
Svein Hov Skjelle, CFO
Telephone: +47 930 55 566
Email: shs@npro.no
Norwegian Property is a focused and fully integrated office property company with 41 properties located in the Oslo area and Stavanger in Norway. The portfolio, which has a total fair value of NOK 15.8 billion, is characterized by central location and attractive premises 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.
www.npro.no