News Column

NPRO 1Q 2014: Gradual phase-in of rental income from completed properties

May 8, 2014

A number of premises were completed and occupied by new tenants during the first quarter of 2014, and rental income rose from NOK 169.5 million in the fourth quarter of 2013 to NOK 181.1 million. Operating profit before fair-value adjustments came to NOK 134.5 million. After realised financial items, profit before tax and fair-value adjustments came to NOK 42 million.

Negative fair-value adjustments for investment properties totalled NOK 70.3 million for investment properties, while negative fair-value adjustments for financial derivatives came to NOK 50.7 million. After NOK 3.9 million in tax income, the loss for the period came to NOK 75.1 million. This yielded negative ordinary earnings per share (EPS) of NOK 0.14 for the first quarter. Carried equity per share came to NOK 9.09 at 31 March 2014, down from NOK 9.22 per share at 31 December 2013 (Epra: NOK 9.95 at 31 March 2014).

CEO Olav Line says in a comment: “After a period in 2013 with several refurbishment projects in parallel, it is satisfactory to see gradual completion of projects and increasing revenues. During the first quarter the annual rental run rate increased by NOK 19.5 million to NOK 752.3 million. The run rate will continue to increase in 2014 as projects are finalized, and in 2015 we will see the full revenue effect of the then completed projects.

The quarterly report for the first quarter 2014 is attached. Please also find attached the presentation material relating to the quarterly report.

Webcast link:

This information is subject of the disclosure requirements according to §5-12 of the Norwegian Securities Trading Act (’Verdipapirhandelloven’).

For further information, please contact:

Olav Line, CEO

Telephone: +47 482 54 149


Svein Hov Skjelle, CFO

Telephone: +47 930 55 566

Email: shs@npro.noNorwegian Property is a focused and fully integrated office property company with 41 properties located in the Oslo area and Stavanger in Norway. The portfolio, which has a total fair value of NOK 15 billion, is characterized by central location and attractive premises high quality tenants. The group’s properties consist largely of office premises, associated warehousing and car parking, as well as retail and catering space. The company has identified four value drivers for long -term value creation; Marketing & letting, Property management, Property development and Transactions & finance. Norwegian Property is listed on Oslo Stock Exchange with the ticker NPRO.

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The following files are available for download: 1Q 2014 Presentation final 2014 05 09 DelÅrsrapport Q1 2014 Engelsk

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Source: Cision

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