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Friday, 9 February 2018

Entra ASA : Q4-17/FY-17 Continued income and value growth, proposing semi-annual dividend of 2.10 per share

Entra ASA    

Published: 07:00 CET 09-02-2018 /GlobeNewswire /Source: Entra ASA / : ENTRA /ISIN: NO0010716418

Entra ASA : Q4-17/FY-17 Continued income and value growth, proposing semi-annual dividend of 2.10 per share

Oslo, 9 February 2018 - Rental income was up by 4 per cent from 506 million in Q4 2016 to 526 million in Q4 2017, and by 9 per cent from 1,899 million in 2016 to 2,075 million in 2017. Net income from property management was 314 million (273 million) in the quarter and 1,259 million (1,070 million) for 2017, representing a year-on-year increase of 15 per cent in the quarter and 18 per cent for 2017.  Net value changes came in at 865 million (1,128 million) in the quarter and 3,547 million (2,116 million) for 2017. Profit before tax was 1,251 million (1,475 million) in the quarter and 5,030 million (3,306 million) for 2017.

Entra has signed new and renegotiated leases with annual rent totalling 52 million (22,400 sqm) during Q4 and 269 million (115,000 sqm) in 2017. As of 31.12.17 the portfolio occupancy was 97.0 per cent (96.8 per cent) and the average unexpired lease term of contracts was 7.4 (7.7) years.

During the quarter Entra finalised the new-build project Trondheimsporten in Trondheim and the renovation project Powerhouse Kjørbo, block 1. Both properties are fully let on long contracts.

Entra sold the properties Middelthuns gate 29 in Oslo and Tungasletta 2 in Trondheim in the quarter for a total consideration of 1.45 bn. The properties were sold 7 per cent and 9 per cent over book values, respectively.

In line with the dividend policy of distributing approximately 60 per cent of Cash Earnings, the board of Entra propose to distribute a semi-annual dividend of NOK 2.10 per share for the second half of 2017. Entra's total dividend for 2017 will then be NOK 4.10 per share compared to NOK 3.45 per share for 2016.

 

 

 

 

Q417

Q416

2017

2016

 

 

 

 

 

 

 

Rental income

 

 

526

506

2 075

1 899

Net operating income

 

 

480

455

1 913

1 740

Net income from property management

 

314

273

1 259

1 190

Profit before tax

 

 

1 251

1 475

5 030

3 306

 

 

 

 

 

 

 

Cash Earnings per share

 

 

1.70

1.46

6.81

5.80

EPRA NAV per share

 

 

127

101

127

101

EPRA NNNAV per share

 

 

118

93

118

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, 9 February 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 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 43.4 billion.---

 


Q4 2017 report



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Entra ASA, Biskop Gunnerus gate 14, Oslo 0185, Norway
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