Oslo, 28 April 2016 - Entra ASA recorded rental income of 454 million in Q1 2016 (440 million). Net operating income was 429 million (406 million) and net income from property management was 278 million (210 million). The property values increased by 182 million (716 million) but the effect was partly offset by negative value changes on the financial instruments of -162 million (79 million). Profit before tax was 284 million (1 016 million) in the quarter.
Entra signed new and renegotiated leases with an annual rent totalling 78 million (38,000 sqm) in the quarter. The portfolio occupancy was 94.7 % (94.6 %) at 31.03.16 and the management portfolio WAULT was 7.5 (7.4) years. Public sector tenants represented 73 % of the customer portfolio as of 31.03.16.
During Q1 Entra has started up two new projects; in Trondheim Entra is building Trondheimsporten, a 28 600 sqm new office/education building. In Cort Adelers gate 30 in Oslo Entra is refurbishing a 4 750 sqm school/office. The two projects are 77 % and 100 % pre-let to public tenants. During the quarter Entra also finalised the 7 400 sqm renovation project in Fredrik Selmers vei 4 where the Norwegian Tax Authority will move into about 52 % of the premises.
|Q1 - 16||Q1 - 15||2015|
|Rental income||454||440||1 760|
|Net operating income||429||406||1 574|
|Net income from property management||278||210||799|
|Profit before tax||284||1 016||3 075|
|Cash Earnings per share*||1.5||1.1||5.0|
|EPRA Earnings per share*||1.1||0.8||3.2|
|EPRA NAV per share*||90||81||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, 28 April 2016
For further queries please contact: Arve Regland, CEO, tel: +47 479 07700, email: email@example.com or Anders Olstad, CFO, tel + 47 900 22559, email:firstname.lastname@example.org
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 96 buildings totalling approximately 1.2 million square meters, primarily located in Oslo and the surrounding region, Bergen, Stavanger and Trondheim. The market value of the property portfolio is approximately NOK 30 billion.---