NPRO 4Q 2015: GROWTH IN RENTAL INCOME AND INCREASED PROPERTY VALUES
Rental income up by 24.9 per cent
The major development projects are virtually complete, and a number of new tenants moved into their premises during the fourth quarter of 2015. Overall rental income rose from NOK 182.6 million in the same period of 2014 to NOK 217.9 million. Taking the sale of Lysaker Torg 35 into account, the increase was 24.9 per cent. Operating profit before fair-value adjustments came to NOK 140.6 million. Profit before tax and fair-value adjustments was NOK 40.7 million.
Epra NAV up by NOK 0.24 per share in the fourth quarter
Positive fair-value adjustments for investment properties totalled NOK 86.2 million, while positive fair-value adjustments for financial derivatives came to NOK 17 million. After NOK 53.9 million in tax expense, net profit for the period came to NOK 90 million. That yielded ordinary earnings per share (EPS) of NOK 0.16 for the fourth quarter. Carried equity per share came to NOK 10.53 at 31 December, up from NOK 10.37 at 30 September (Epra NAV: NOK 11.94 and Epra NNNAV: NOK 11.16 at 31 December 2015).
Vacant space down from 22.9 to 13.7 per cent in fourth quarter
Seventeen new and expanded leases were awarded for offices and retail premises during the quarter, with a total annual rental income of NOK 45.6 million.
Total vacancy (space without rental income) declined from 22.9 to 13.7 per cent during the quarter. For Oslo alone, vacancy is now 4.8 per cent.
Will consider quarterly dividend payments in 2016
At the annual general meeting in April the board will seek a mandate to consider quarterly dividend payments, the first time after the presentation of the interim accounts for the first quarter of 2016.
The quarterly report and the presentation for the fourth quarter are attached.
Webcast link:
http://webtv.hegnar.no/presentation.php?webcastId=29499553
For further information, please contact:
Svein Hov Skjelle, CEO
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 er et rendyrket og fullintegrert kontoreiendomsselskap med 38 eiendommer lokalisert i Oslo-området og Stavanger. Porteføljen, som har en samlet eiendomsverdi på 16 milliarder kroner, kjennetegnes ved sentral beliggenhet og attraktive lokaler med høykvalitetsleietakere. Konsernets eiendommer består hovedsakelig av kontorlokaler, lager og parkering i tilknytning til kontorarealene, samt butikk- og serveringsarealer. Selskapet har identifisert fire verdidrivere for langsiktig verdiskapning; Marked & utleie, Eiendomsdrift & forvaltning, Eiendomsutvikling og Transaksjoner & finans.
Norwegian Property er notert på Oslo Børs med tickeren NPRO.
www.npro.no