Oslo, 18 October 2018 - Rental income was up by 13 per cent to 570 million in Q3 2018 compared to 507 million in Q3 2017. Net income from property management was up by 20 per cent to 369 million (307 million). Net value changes came in at 204 million (700 million) in the quarter and profit before tax was 660 million (1,031 million) in the quarter.
Entra has signed new and renegotiated leases with annual rent totalling 41 million (17,500 sqm) in the quarter, while net letting in the quarter came in at 1 million. As of 30.09.18 the portfolio occupancy was 96.6 per cent (97.2 per cent) and the average unexpired lease term of contracts was 7.4 (7.5) years.
During the quarter Entra finalised the refurbishment of Block 2 at Kjørbo into a new Powerhouse with BREEAM Excellent classification. The building is 3,950 sqm and is fully let.
| Q3-18 | Q3-17 | ||||
| Rental income | 570 | 507 | |||
| Net operating income | 525 | 468 | |||
| Net income from property management | 369 | 307 | |||
| Profit before tax | 660 | 1,031 | |||
| Cash Earnings per share | 1.99 | 1.66 | |||
| EPRA NAV per share | 137 | 121 | |||
| EPRA NNNAV per share | 127 | 111 | |||
Entra was on 3 October assigned Moody's investment grade rating Baa1 with Stable outlook. The Moody's Baa1 rating will contribute to a significant increase in credit availability for Entra in domestic and international debt capital markets and will enable Entra to further extend its debt maturity profile.
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, 18 October 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 92 properties totalling approximately 1.3 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 47 billion.---
