Oslo, 27 April 2017 - Rental income was up by 16 per cent from 454 million in Q1 2016 to 525 million in Q1 2017. Net income from property management was 311 million (278 million) in the quarter, representing a year-on-year increase of 12 per cent. Net value changes came in at 870 million (20 million) in the quarter and profit before tax was 1,302 million (284 million).
Entra has signed new and renegotiated leases with annual rent totalling 145 million (60,000 sqm) during Q1 2017. As of 31.03.17 the management portfolio occupancy was 97.5 per cent (94.7 per cent) and the average unexpired lease term of contracts was 6.8 (7.5) years.
During the quarter Entra started up a new 3,200 sqm renovation project at Kjørbo in Sandvika, which is 100 per cent pre-let to Norconsult.
Given a positive vote in the AGM today the Entra share will be trading ex the right to a semi-annual dividend of NOK 1.75 per share from tomorrow 28 April 2017.
| Q1-17 | Q1-16 | 2016 | ||||
| Rental income | 525 | 454 | 1 899 | |||
| Net operating income | 489 | 429 | 1 740 | |||
| Net income from property management | 311 | 278 | 1 070 | |||
| Profit before tax | 1 302 | 284 | 3 306 | |||
| Cash Earnings per share | 1.69 | 1.52 | 5.80 | |||
| EPRA NAV per share | 110 | 90 | 101 | |||
| EPRA NNNAV per share | 101 | 82 | 93 | |||
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, 27 April 2017
Entra ASA
For further queries please contact: Arve Regland, CEO, tel: +47 479 07700, email: ar@entra.no or Anders Olstad, CFO, tel + 47 900 22559, email:ao@entra.no
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 93 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 40 billion.---
