Oslo, 9 February 2018 - Rental income was up by 4 per cent from 506 million in Q4 2016 to 526 million in Q4 2017, and by 9 per cent from 1,899 million in 2016 to 2,075 million in 2017. Net income from property management was 314 million (273 million) in the quarter and 1,259 million (1,070 million) for 2017, representing a year-on-year increase of 15 per cent in the quarter and 18 per cent for 2017. Net value changes came in at 865 million (1,128 million) in the quarter and 3,547 million (2,116 million) for 2017. Profit before tax was 1,251 million (1,475 million) in the quarter and 5,030 million (3,306 million) for 2017.
Entra has signed new and renegotiated leases with annual rent totalling 52 million (22,400 sqm) during Q4 and 269 million (115,000 sqm) in 2017. As of 31.12.17 the portfolio occupancy was 97.0 per cent (96.8 per cent) and the average unexpired lease term of contracts was 7.4 (7.7) years.
During the quarter Entra finalised the new-build project Trondheimsporten in Trondheim and the renovation project Powerhouse Kjørbo, block 1. Both properties are fully let on long contracts.
Entra sold the properties Middelthuns gate 29 in Oslo and Tungasletta 2 in Trondheim in the quarter for a total consideration of 1.45 bn. The properties were sold 7 per cent and 9 per cent over book values, 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 2.10 per share for the second half of 2017. Entra's total dividend for 2017 will then be NOK 4.10 per share compared to NOK 3.45 per share for 2016.
| Q417 | Q416 | 2017 | 2016 | ||||
| Rental income | 526 | 506 | 2 075 | 1 899 | |||
| Net operating income | 480 | 455 | 1 913 | 1 740 | |||
| Net income from property management | 314 | 273 | 1 259 | 1 190 | |||
| Profit before tax | 1 251 | 1 475 | 5 030 | 3 306 | |||
| Cash Earnings per share | 1.70 | 1.46 | 6.81 | 5.80 | |||
| EPRA NAV per share | 127 | 101 | 127 | 101 | |||
| EPRA NNNAV per share | 118 | 93 | 118 | 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, 9 February 2018
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 84 buildings totalling approximately 1.2 million square meters, 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 43.4 billion.---
