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14/02-2017 07:00:08: (ENTRA) Entra ASA: Strong income and value development, proposing semi-annual dividend of 1.75 per share

Entra ASA: Strong income and value development, proposing semi-annual dividend of 1.75 per share












Oslo, 14 February 2017 - Rental income was up by 16 per cent from 437 million in Q4 2015 to 506 million in Q4 2016, and by 8 per cent from 1,760 million in 2015 to 1,899 million in 2016. Net income from property management was 273 million (220 million) in the quarter and 1,070 million (799 million) for 2016, representing a year-on-year increase of 24 per cent in the quarter and 34 per cent for 2016.  Net value changes came in at 1,128 million (482 million) in the quarter and 2,116 million (2,235 million) for 2016 and profit before tax was 1,475 million (717 million) in the quarter and 3,306 million (3,075 million) for 2016

Entra has signed new and renegotiated leases with annual rent totalling 127 million (57,000 sqm) during Q4 and 434 million (193,000 sqm) in 2016. As of 31.12.16 the management portfolio occupancy was 96.8 % (95.0 %) and the average unexpired lease term of contracts was 7.0 (7.6) years.

During the quarter Entra finalised the new-build project Sundtkvartalet and the renovation projects Strømsveien 96 and Cort Adelers gate 30, all located in Oslo. The properties are now 91 %, 100 % and 100 % let. Entra also started up three large new-build projects in Tullinkvartalet in Oslo and at Brattørkaia 16 and 17 in Trondheim respectively.  

In line with the dividend policy of distributing approximately 60 per cent of Cash Earnings, the board of Entra propose to distribute a semi-annual dividend of NOK 1.75 per share for the second half of 2016. Entra's total dividend for 2016 will then be NOK 3.45 per share compared to NOK 3 per share for 2015.

      Q416 Q415 2016 2015
             
Rental income     506 437 1 899 1 760
Net operating income     455 376 1 740 1 574
Net income from property management   273 220 1 070 799
Profit before tax     1 475 717 3 306 3 075
             
Cash Earnings per share     1.5 1.2 5.8 5.0
EPRA NAV per share     101 89 101 89
EPRA NNNAV per share     93 81 93 81
             

* Cash earnings in 2015 has been adjusted by NOK 115 million due to termination of swap contracts in Q2-2015.

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 February 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 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 36 billion.---

 





This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that 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.

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