14/07-2016 07:00:00: (ENTRA, E-ENTRAO.BTSE, ENTRAO.ST) Entra ASA : Significant income and value growth in Q2-16. Semi-annual dividend of NOK 1.70 per share
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 quarter. "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 October 2016. 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 management 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 Entra ASA 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.--- Q216 Report: http://hugin.info/164151/R/2028484/754135.pdf This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (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 [HUG#2028484]
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