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Oslo, 17 October 2024 - Rental income was 770 million in Q3 2024 compared to 833
million in Q3 2023. Adjusted for divestments the underlying rental income growth
was 4.4 per cent. Net income from property management was 318 million, stable
from the corresponding quarter in 2023 (319 million) as the reduction in rental
income due to divestments is largely offset by lower interest expenses. Value
changes on the property portfolio were positive by 37 million. Profit before tax
was 156 million (-1 894 million) in the quarter.
Entra’s letting activity has been high in recent quarters, with positive net
letting of 41 million in the first half of 2024. Due to a combination of a
slower letting market and termination of three larger contracts, net letting
came in at -76 million in the third quarter. Entra signed new and renegotiated
leases with annual rent totalling 28 million (13 000 sqm) in the quarter. Lease
contracts with an annual rent of 86 million (127 0700 sqm) were terminated. As
of 30 September 2024, the portfolio occupancy was 94.4 per cent (95.6 per cent)
and the average unexpired lease term of contracts was 6.4 (6.2) years.
During the quarter, Entra finalised the newbuild project in Malmskriverveien 16
in Sandvika.
The Board’s focus is currently to strengthen the company’s balance sheet.
Consequently, the Board has decided to not use the authorisation to pay out
semi-annual dividend for the first half of 2024. Entra’s dividend policy remains
unchanged.
(NOK million) | Q3-24 | Q3-23 | YTD-24 | YTD-23 | 2023
Rental income | 770 | 833 | 2 500 | 2 559 | 3 418
Net operating income | 706 | 763 | 2 290 | 2 347 | 3 136
Net income from property management | 318 | 319 | 991 | 1 060 | 1 356
Net value changes | -164 | -2 197 | -1 789 | -4 712 | -8 152
Profit/loss before tax | 156 | -1 894 | -813 | -3 703 | -6 868
| | | | |
Cash Earnings per share | 1.73 | 1.74 | 5.38 | 5.77 | 7.37
EPRA NRV per share | 160 | 181 | 160 | 181 | 167
EPRA NTA per share | 158 | 179 | 158 | 179 | 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.
Oslo, 17 October 2024
Entra ASA
For further queries please contact: Sonja Horn, CEO, tel: +47 905 68 456, email:
sh@entra.no or Ole Anton Gulsvik, CFO, tel: + 47 995 68 520, email: oag@entra.no
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
ABOUT ENTRA ASA
Entra is a leading owner, manager and developer of office properties in Norway.
Entra owns and manages around 80 properties totalling approximately 1.3 million
square meters, located in Oslo and the surrounding region, Bergen and Stavanger.
Entra has a solid customer portfolio with a high proportion of public tenants.
The company’s strategy is focused on delivering profitable growth, high customer
satisfaction and environmental leadership
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/16126567/18284315/5118/Download%20announce
ment%20as%20PDF.pdf
Entra quarterly report Q3-24.pdf -
https://kommunikasjon.ntb.no/ir-files/16126567/18284315/5117/Entra%20quarterly%2
0report%20Q3-24.pdf
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