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Oslo, 23 April 2024 - Rental income was up by one per cent to 878 million in Q1
2024 compared to 872 million in Q1 2023. Adjusted for divestments and one-offs
the underlying rental income growth was 6.5 per cent. Net income from property
management was negatively impacted by higher financing costs and came in at 325
million (391 million) in the quarter. Net value changes were -1 627 million
(-451 million) in the quarter, predominantly because of a further 10 bp
adjustment of the external appraiser’s discount rates. As a result, loss before
tax was -1 313 million (-70 million) in the quarter.
The activity in the letting market continue to be strong and Entra signed new
and renegotiated leases with annual rent totaling 162 million (52 200 sqm) in
the quarter. The market is characterised by low newbuild activity and limited
supply side, particularly for large lease contracts. As of 31.03.24, the
portfolio occupancy was 95.3 per cent (96.0 per cent) and the average unexpired
lease term of contracts was 6.4 (6.3) years.
During the quarter, Entra signed the agreement to sell the Trondheim portfolio
for 6.45 billion. The transaction will close in Q2 2024.
(NOK million) | Q1-24* | Q1-23 | 2023
Rental income | 878 | 872 | 3 418
Net operating income | 799 | 798 | 3 136
Net income from property management | 325 | 391 | 1 356
Net value changes | -1 627 | -451 | -8 152
Profit/loss before tax | -1 313 | -70 | -6 868
| | |
Cash Earnings per share | 1.77 | 2.13 | 7.37
EPRA NRV per share | 158 | 207 | 167
EPRA NTA per share | 157 | 204 | 165
- Including continuing and discontinued operations
Entra ASA will present its financial and operating results today at 08:30 CET
through a live webcast. The webcast can be followed from:
https://entra.no/investor-relations. The presentation as well as the full
quarterly report is available on the company’s website.
Entra’s newly appointed CFO, Ole Anton Gulsvik, will join the company on 1
August 2024. From today and until that day Knut Sørngård, Head of Group
Accounting, will serve as Interim CFO.
Oslo, 23 April 2023
Entra ASA
For further queries please contact: Sonja Horn, CEO, tel: +47 905 68 456, email:
sh@entra.no or Knut Sørngård,Interim CFO, tel + 47 909 74 579, email:
kso@entra.no
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/16126567/3049/4351/Download%20announcement
%20as%20PDF.pdf
Q1 report 2024.pdf -
https://kommunikasjon.ntb.no/ir-files/16126567/3049/4350/Q1%20report%202024.pdf
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