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Oslo, 14 July 2016 - Entra ASA recorded rental income of 463 million in the
second quarter 2016 (up from 423 million in the same quarter 2015). Net
operating income was 421 million (381 million) and net income from property
management was 258 million (110 million). Property values increased by 567
million (178 million), representing a net uplift of approximately 2 % from the
previous quarter. Profit before tax was 790 million (661 million) in the
"We continue to deliver on our strategy with acquisitions of high quality office
properties close to public transport hubs and disposal of smaller properties
outside our focus area. Rental income shows a strong nine per cent increase from
the same quarter last year and I am also very pleased with the results from our
letting activities in the quarter", said Arve Regland, Entra's CEO.
Entra's board has decided a semi-annual dividend of NOK 1.70 per share to be
paid to all shareholders as of 5 October 2016. The payment date will be 13
During Q2 2016 Entra has signed new and renegotiated leases with an annual rent
totalling 110 million (37,000 sqm). The largest new lease contract was with the
University of Oslo for a new Faculty of Law in a 21,000 sqm new build project in
Tullinkvartalet in Oslo.
As of 30.06.16 the management portfolio occupancy was 95.4% (94.6%) and the
average unexpired lease term of contracts was 7.1 (7.4) years. Public sector
tenants represented 73% of the customer portfolio.
On 1 June Entra announced the agreement to buy three high quality office
properties at Skøyen in Oslo from Norwegian Property ASA. The portfolio
comprises about 61,000 sqm gross area, of which around 43,100 sqm office and
2,700 sqm retail. Total transaction price is approximately 2.5 billion and
closing is expected to take place on 1 September 2016. Entra has also sold three
smaller properties with a total consideration of 149 million.
Entra has started the renovation of a new Powerhouse at Kjørbo in Sandvika
during the quarter, where Asplan Viak will be the main tenant.
Q216 Q215 H116 H115 2015
Rental income 463 423 916 864 1 760
Net operating income 421 381 850 787 1 574
Net income from property 258 110 536 321 799
Profit before tax 790 661 1 074 1 677 3 075
Cash Earnings per share* 1.4 0.6 2.9 1.7 5.0
EPRA NAV per share* 91 81 91 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, 14 July 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 portfolio (incl.ownership in
associates and JVs) is approximately NOK 34 billion.---
This announcement is distributed by GlobeNewswire on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Entra ASA via GlobeNewswire
Nyheten er levert av GlobeNewswire.