NPRO 4Q 2014: PHASING-IN OF COMPLETED PROJECTS BOOSTS RENTAL INCOME
A number of premises were completed and occupied by new tenants during the fourth quarter of 2014, and overall rental income rose from NOK 169.5 million in the same period of last year to NOK 182.6 million. Rental income rose by 16.9 per cent when the sale of Finnestadveien 44 and Maridalsveien 323 is taken into account. Operating profit before fair-value adjustments came to NOK 123.2 million. Profit before tax and fair-value adjustments was NOK 32.1 million.
Positive fair-value adjustments for investment properties totalled NOK 155.2 million, while negative fair-value adjustments for financial derivatives came to NOK 193 million. After NOK 15.3 million in tax income, net profit for the period came to NOK 9.5 million. This yielded ordinary earnings per share (EPS) of NOK 0.02 for the fourth quarter. Carried equity per share came to NOK 9.65 at 31 December, up from NOK 9.62 at 30 September (Epra NAV: NOK 10.97 and Epra NNNAV: NOK 10.08 at 31 December 2014).
Webcast link:
http://webtv.hegnar.no/presentation.php?webcastId=19994901
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
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 39 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