Oslo, 8 February 2019 - Rental income was up by 8 per cent from 526 million in Q4 2017 to 569 million in Q4 2018, and by 8 per cent from 2,075 million in 2017 to 2,243 million in 2018. Net income from property management was 352 million (314 million) in the quarter and 1,434 million (1,259 million) for 2018, representing a year-on-year increase of 12 per cent in the quarter and 14 per cent for 2018. Net value changes came in at 331 million (865 million) in the quarter and 1,486 million (3,547 million) for 2018. Profit before tax was 714 million (1,251 million) in the quarter and 3,073 million (5,030 million) for 2018.
Entra has signed new and renegotiated leases with annual rent totalling 166 million (71,000 sqm) during Q4 and 311 million (138,400sqm) in 2018. As of 31.12.18 the portfolio occupancy was 96.5 per cent (97.0 per cent) and the average unexpired lease term of contracts was 7.4 (7.4) years.
During the quarter Entra started up two new development projects. Universitetsgata 7-9 is a 22,300 sqm new-build project located in Tullinkvartalet in central Oslo and Brattørkaia 12 is a 1,900 sqm new-build project located in Trondheim
Entra also acquired St. Olavs plass 5, a 16,500 sqm office property located adjacent to Tullinkvartalet in Oslo for 850 million. Furthermore, Entra sold four properties in Oslo totalling 25,000 sqm for a total consideration of 1.2 bn.
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 2.30 per share for the second half of 2018. Entra's total dividend for 2018 will then be NOK 4.50 per share compared to NOK 4.10 per share for 2017.
| Q418 | Q417 | 2018 | 2017 | ||||
| Rental income | 569 | 526 | 2 243 | 2 075 | |||
| Net operating income | 515 | 480 | 2 058 | 1 913 | |||
| Net income from property management | 352 | 314 | 1 434 | 1 259 | |||
| Profit before tax | 714 | 1 251 | 3 073 | 5 030 | |||
| Cash Earnings per share | 1.90 | 1.70 | 7.74 | 6.81 | |||
| EPRA NAV per share | 141 | 127 | 141 | 127 | |||
| EPRA NNNAV per share | 131 | 118 | 131 | 118 | |||
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, 8 February 2019 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 buildings 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 47.2 billion.---
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