Oslo, 19 October 2017 - Rental income was up by 6 per cent to 507 (477) million in Q3 2017 and net income from property management was up by 18 per cent to 307 million (260 million. Net value changes came in at 700 million (442 million) and profit before tax was 1,031 million (757 million).
Entra has signed new and renegotiated leases with annual rent totalling 27 million (11,000 sqm) during Q3 2017, while net letting in the quarter came in at 20 million. As of 30.09.17 the management portfolio occupancy was 97.2 per cent and the weighted average unexpired lease term of contracts was 6.6 years (7.5 years including the project portfolio).
During the quarter, Entra finalised Media City Bergen according to plan. The project has involved total renovation of approximately 35,000 square meters and an extension of approximately 10,000 square meters in Lars Hilles gate 30 in Bergen. The vision of Media City Bergen is to create an environment for innovation and knowledge development within the media industry, through establishing a cluster of media, technology, education and research companies. The property is now 85 per cent let and tenants include TV2, NRK, Bergensavisen, Bergens Tidende, the Media Faculty of Bergen University, Vizrt, Regus, Deloitte and IBM. The property is 50 per cent owned by Entra through Entra OPF.
In July 2017 Entra announced the acquisition of Skanska's 50 per cent share of Sundtkvartalet based on a property valuation of NOK 1,590 million. The transaction closed on 2 October 2017.
| Q3-17 | Q3-16 | YTD-17 | YTD-16 | 2016 | ||||
| Rental income | 507 | 477 | 1 549 | 1 393 | 1 899 | |||
| Net operating income | 468 | 435 | 1 433 | 1 285 | 1 740 | |||
| Net income from property management | 307 | 260 | 945 | 797 | 1 070 | |||
| Profit before tax | 1031 | 757 | 3 779 | 1 831 | 3 306 | |||
| Cash Earnings per share | 1.66 | 1.42 | 5.11 | 4.34 | 5.80 | |||
| EPRA NAV per share | 121 | 93 | 121 | 93 | 101 | |||
| EPRA NNNAV per share | 111 | 85 | 111 | 85 | 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, 19 October 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 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 42.5 billion.---
