Oslo, 1 November 2016 - Entra ASA recorded rental income of 477 million in the third quarter 2016, up from 459 million in Q3 2015 (429 million when adjusting for an extraordinary lease buy-out in Q3-15). Net operating income was 435 million (411 million), and net income from property management was 260 million (258 million). Property values increased by 374 million (522 million) . P rofit before tax was 757 million (681 million) in the quarter.
"We continue to deliver on our focused strategy and are pleased with an underlying income growth of 11 % year on year, combined with an EPRA NAV growth of 13 % when adjusting for dividends. Net letting has been strong also in this quarter and we are very satisfied to see our occupancy ratio above 96 %, said Arve Regland, Entra's CEO.
Entra has signed new and renegotiated leases with annual rent totalling 118 million (60,000 sqm) during Q3 2016. As of 30.09.16 the management portfolio occupancy was 96.1 % (94.5 %) and the average unexpired lease term of contracts was 6.8 (7.4) years. Public sector tenants represented 70 % of the customer portfolio.
During the quarter Entra finalised the project Gullfaks at Hinna Park in Stavanger according to plan, and the main tenant Wintershall took over the premises. The property was forward sold to Wintershall in Q3 2015 and the transaction closed on 31 October 2016.
|Rental income||477||459||1 393||1 322||1 760|
|Net operating income||435||411||1 285||1 198||1 574|
|Net income from property management||260||258||797||579||799|
|Profit before tax||757||681||1 831||2 358||3 075|
|Cash Earnings per share*||1.4||1.4||4.3||3.8||5.0|
|EPRA NAV per share*||93||85||93||85||89|
* 183.7 million shares ** Cash earnings in 2015 has been adjusted by NOK 115 million due to termination of swap contracts in Q2-2015. The termination fee was defined as a one-off item and did not reduce cash earnings as a basis for dividend for 2015
Entra ASA will present its financial and operating results today at 08:30 CET in Biskop Gunnerus' gate 14 in Oslo. A live webcast of the presentation as well as the full quarterly report is available on the company website www.entra.no
Oslo, 1 November 2016
For further queries please contact: Arve Regland, CEO, tel: +47 479 07700, email: firstname.lastname@example.org or Anders Olstad, CFO, tel + 47 900 22559, email:email@example.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
--- Entra is a leading owner, manager and developer of office properties in Norway. Entra owns and manages 98 buildings totalling approximately 1.3 million square meters, primarily located in Oslo and the surrounding region, Bergen, Stavanger and Trondheim. The market value of the portfolio (incl.ownership in associates and JVs) is approximately NOK 37.3 billion.---