Entra

Quarterly Report • Feb 10, 2023

Central, high-quality and environment friendly office properties

Highlights

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• Rental income of 806 million (677 million) in the quarter and 3,158 million (2,508 million) in 2022
• Net income from property management of 320 million (392 million) in the quarter and 1,603 million (1,534 million) in 2022
• Net value changes of -511 million (2,832 million) in the quarter and -2,046 million (5,264 million) in 2022
• Loss before tax of 206 million (profit of 3,216 million) in the quarter and loss before tax of 467 million (profit of 6,825 million) in 2022
• Net letting of 4 million (22 million) in the quarter
• Finalised two redevelopment and one newbuild project
• Proposed semi-annual dividend of NOK 2.50 per share for 2H 2022

Entra fourth quarter 2022 2

Key figures

All amounts in NOK million	Q4-22	Q4-21	2022	2021	2020	2019
Rental income	806	677	3 158	2 508	2 353	2 338
Change period-on-period	19 %	15 %	26 %	7 %	1 %	4 %
Net operating income	732	614	2 895	2 274	2 142	2 149
Change period-on-period	19 %	15 %	27 %	6 %	0 %	4 %
Net income from property management1)	320	392	1 603	1 534	1 451	1 471
Change period-on-period	-18 %	8 %	5 %	6 %	-1 %	3 %
Net value changes1)	-511	2 832	-2 046	5 264	5 705	1 955
Change period-on-period	-118 %	-38 %	-139 %	-8 %	192 %	32 %
Profit/loss before tax	-206	3 216	-467	6 825	7 274	3 735
Change period-on-period	-106 %	-35 %	-107 %	-6 %	95 %	22 %
Profit/loss after tax	-200	2 543	-569	5 373	5 696	3 225
Change period-on-period	-108 %	-34 %	-111 %	-6 %	77 %	18 %
Market value of the property portfolio1)	78 571	67 547	78 571	67 547	56 746	48 964
Net nominal interest bearing debt1)	40 578	26 594	40 578	26 594	20 930	19 585
EPRA LTV1)	52.5 %	40.6 %	52.5 %	40.6 %	37.0 %	40.2 %
Effective leverage1)	50.1 %	38.4 %	50.1 %	38.4 %	36.4 %	39.6 %
Interest coverage ratio – last 4 quarters1)	2.48	3.68	2.48	3.68	3.50	3.35
Average outstanding shares (million)	182.1	182.1	182.1	182.1	182.1	182.4
All amounts in NOK per share	Q4-22	Q4-21	2022	2021	2020	2019
EPRA NRV1)	207	218	207	218	189	154
Change period-on-period	-5 %	15 %	-5 %	15 %	23 %	7 %
EPRA NTA1)	205	216	205	216	187	153
Change period-on-period	-5 %	15 %	-5 %	15 %	23 %	8 %
EPRA Earnings1)	1.26	1.56	6.45	6.07	5.73	5.81
Change period-on-period	-19 %	8 %	6 %	6 %	-1 %	4 %
Cash Earnings1)	1.74	2.11	8.63	8.32	7.83	8.01
Change period-on-period	-18 %	10 %	4 %	6 %	-2 %	3 %
Dividend2)	2.50	2.60	5.10	5.10	4.90	4.70
Change period-on-period	-4 %	4 %	0 %	4 %	4 %	4 %

Reference

1) Refer to section "Alternative performance measures" for calculation of the key figure

2) Entra has a policy of semi-annual dividends. Dividend for 2022 constitute dividend approved and paid for the first half of 2022 and proposed dividend for the second half of 2022.

Financial development

Results

Rental income

Rental income was up 19 per cent from 677 million in Q4 2021 to 806 million in Q4 2022, and 21 per cent from 2,508 to 3,158 during the year. The changes in rental income are explained by the factors in the income bridge below.

Rental income	806	3 158
Other	10	-3
Like-for-like growth above CPI	-14	-19
CPI growth	30	114
Divestments	-26	-89
Acquisitions	110	510
Vacated properties for redevelopment	0	-12
Finalised development projects	19	149
Rental income previous period	677	2 508
All amounts in NOK million	Q4-21 Q4-22	2021 2022

The acquisition of the Oslo Areal portfolio contributed with 110 million in the quarter compared to the same quarter last year. In the same period, the divestment of Borkenveien 1-3 in Sandvika, the Hinna Park portfolio in Stavanger and Konggata 51 in Drammen reduced rental income in the quarter by 26 million and 89 million compared to last year.

Net contribution from development projects was 19 million in the quarter compared to the same quarter last year. During the last 12 months, Entra has finalised the redevelopment of Universitetsgata 7-9, Universitetsgata 2, Kristian Augusts gate 11, Kristian Augusts gate 13, St. Olavs plass 5 and Tordenskiolds gate 12 in Oslo, Møllendalsveien 6-8 and Nygårdsgaten 91 and 93 in Bergen, contributing a total of 149 million on rental income compared to last year.

Compared to last year, rental income has been positively affected by an underlying like-for-like growth of 2.7 per cent (16 million) for the quarter, and 4.3 per cent (95 million) for the

year. The CPI adjustment was 5.1 per cent (30 million compared to the same quarter last year). Near all of Entra's lease contracts are 100 per cent linked to positive changes in CPI. CPI growth came in at 5.1 per cent with effect from 1 January 2022 and 6.5 per cent with effect on rental income from 1 January 2023.

Other effects in the quarter stems from an administrative fee charged to tenants of 3 million per quarter during 2021, 1 million due to the temporary relocation of a tenant to a leased property, with the effect that the lease contract has been classified as a finance lease, and two lease buyout agreements with a positive one-off effect of 14 milllon in Q4 2022.

Average 12 months rolling rent per square meter was 2,450 (2,282) as of 31.12.22. The increase in 12 months rolling rent over the last four quarters is mainly a result of acquisitions and finalised projects with higher income per sqm.

Compared to the same quarter last year, the occupancy rate went down by 130 basis points to 96.5 per cent (96.6 per cent as of 30.09.22), primarily driven by vacancy in the Oslo Areal portfolio. The market rental income assessment of vacant space as of 31.12.22 was estimated to 126 million on an annualised basis.

RENTAL INCOME DEVELOPMENT

The graph above shows the estimated development of contracted rental income based on all reported events, including income effect from acquisitions and divestments, development projects, net letting based on new and terminated contracts in the management portfolio, and other effects such as CPI adjustments of approximately 6.5 per cent for 2023. CPI adjustment with effect for 2024 is estimated to 4.5 per cent. The graph does not reflect any letting targets on the vacant areas in the portfolio or on contracts that will expire, where the outcome of any renegotiation process is not known, i.e., not yet reported in "Net letting". The graph therefore does not constitute a forecast, but rather aims to demonstrate the rental income trend in the existing contract portfolio on the balance sheet date based on all reported events. There is upside in the above graph with regards to letting of vacant space and potential rent uplift on a relatively large share of tenant renegotiations in 2023, but also a possible downside of up to 50 million in rental income for 2023 compared to the graph above if these leases are not renewed.

Operating costs

Total operating costs amounted to 74 million (62 million) in the quarter, and is split as follows:

All amounts in NOK
million	Q4-22	Q4-21	2022	2021
Maintenance	7	7	22	29
Tax, leasehold, insurance	17	17	70	64
Letting and prop. adm.	32	24	101	89
Direct property costs	18	14	69	52
Operating costs	74	62	263	234

The acquisition of the Oslo Areal portfolio in January 2022 accounted for an increase of 9 million compared to the same quarter last year, of which 3 million is classified as letting and property administration expenses. For the full year, the acquisition of the Oslo Areal portfolio accounted for an increase of 31 million, of which 13 million is classified as letting and property administration expenses. The increase in direct

property costs is mainly driven by energy costs in vacant areas where Entra bears the costs. For areas occupied by tenants, the tenants are paying the full energy costs.

Net operating income

As a consequence of the effects explained above, net operating income came in at 732 million (614 million) in the quarter.

Other revenues and other costs

Other revenues were 44 million (21 million) in the quarter and other costs were 29 million (10 million). Other revenue and other costs mainly consists of services provided to tenants and income and costs related to inventory properties (properties in the Bryn portfolio which will be zoned for residential development and subsequently sold to a third party at a predetermined price).

Administrative costs

Administrative costs amounted to 57 million (71 million) in the quarter. The decrease is mainly driven by advisory fees in the fourth quarter of 2021 related to the strategic interest for Entra.

Share of profit from associates and JVs

All amounts in NOK
million	Q4-22	Q4-21	2022	2021
Income from property management	-2	-8	-13	-12
Other income and costs	-15	-11	-31	36
Changes in market value	-3	0	-10	0
Gain on sale of JV	0	0	6	0
Tax	3	4	11	-5
Share of profit from associates and JVs	-17	-15	-37	19

Share of profit from associates and JVs in the quarter is negative in the quarter, mainly due to negative operating results. The full year is further impacted by a negative value change in Galleri Oslo Invest, partly offset by a gain on the sale of the JV Hinna Park Facility Management. See the section Partly owned companies for a detailed breakdown of the results from associates and JVs.

Net realised financials

All amounts in NOK million	Q4-22	Q4-21	2022	2021
Interest and other finance income	5	2	18	7
Interest and other finance expense	-373	-157	-1 113	-558
Net realised financials	-368	-155	-1 095	-551

Net realised financials have increased since the fourth quarter last year due to a combination of higher Nibor interest rates on floating rate debt and higher interest-bearing debt. The increase in interest-bearing debt is mainly driven by the acquisition of the Oslo Areal portfolio that was completed in January 2022.

Net income and net income from property management

Net income came in at 305 million (384 million) in the quarter. When including only the profit from property management in the results from associates and JVs, net income from property management for the Group was 320 million (392 million). For calculation of Net income from property management, see the section Alternative performance measures.

NET INCOME FROM PROPERTY MANAGEMENT PER SHARE

(Annualised, rolling 4 quarters)

Value changes

Net value changes amounted to -511 million (2,832 million) in the quarter.

The quarterly valuation of the property portfolio by the two external appraisers, resulted in negative changes in value of investment properties of 363 million (positive 2,771 million). The negative value change is predominantly due to an adjustment of the appraisers' estimated required rate of return, with some offsetting effects on the value changes from other factors such as higher than estimated CPI adjustments, market rent expectations, reduced risk in the project portfolio and letting effects.

Changes in value of financial instruments were -149 million (61 million) in the quarter, mainly explained by lower long-term interest rates.

Tax

Tax payable of 4 million (8 million) in the quarter is related to the partly owned entity Papirbredden in Drammen. The change in deferred tax was 10 million (-665 million). The effective tax rate in the quarter is less than the Norwegian corporate income tax rate of 22 per cent. No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognized deferred tax liabilities.

Profit/loss

Loss before tax was 206 million (profit of 3,216 million) in the quarter, mainly due to the changes in value of investment properties more than off-setting the healthy operating performance. Loss after tax was 200 million (profit of 2,543

million), and total comprehensive loss was 188 million (income of 2,521 million) in the quarter.

EPRA Earnings

EPRA Earnings amounted to 230 million (283 million) in the quarter.

Balance sheet

The Group's assets amounted to 82,162 million (70,292 million) as of 31.12.22. Of this, investment properties, including investment properties held for sale, amounted to 78,634 million (67,655 million). The increase is mainly driven by the acquisition of Oslo Areal, which was recognised as an asset acquisition.

Investments in associates and JVs were 891 million (872 million) at the end of the quarter, an increase of 19 million from 31.12.21 as the acquisition of a JV included in the Oslo Areal portfolio was partly offset by dividends from OSU.

Long-term receivables and other assets increased to 646 million (225 million) at the end of the quarter, mainly due to Entra receiving 15 per cent of the shares in SVG Property as part settlement for the divestment of Hinna Park Eiendom in the first quarter of 2022.

Inventory properties of 472 million (469 million) at the end of the quarter relates to the properties expected to be zoned for residential development at Bryn in Oslo, and subsequently sold to a third party at a predetermined price.

Carrying amount of interest bearing debt were 40,515 million (26,579 million) as of 31.12.22, of which 22,413 million were bank financing, 17,282 million were bonds outstanding and 820 million were commercial papers.

Book equity totalled 31,671 million (33,571 million) at 31.12.22. EPRA NRV per share was 207 (218) and EPRA NTA 205 (216).

Cash flow statement

Net cash flows from operating activities came in at 325 million (392 million) in the quarter. The decrease mainly relates to the decrease in net income from property management.

The net cash flows from investment activities were -80 million (- 437 million) in the quarter. Proceeds from property transactions of 609 million (1 million) in the quarter is related to the divestment of Konggata 51 and Karenslyst allé 8 A and B. The cash effect from investment in and upgrading of investment properties was -676 million (-653 million).

Net cash flows from financing acitivites were -279 million (98 million) in the quarter. During the quarter, Entra had a net increase in bank financing of 1,524 million, partly offset by a net decrease in bond and commercial paper financing of 1,163 million and 130 million, respectively. Entra paid dividends to the shareholders of 474 million (455 million) in the quarter. In addition, partly owned consolidated companies paid dividends to non-controlling interests of 36 million (33 million).

The net change in cash and cash equivalents was -35 million (53 million) in the quarter.

Financing

In the quarter, Entra has extended bank credit facilities with a total volume of 4,000 million, bringing the weighted average maturity for these facilities to 3.2 years. Further, Entra issued commercial papers of 820 million.

As of 31.12.22, net nominal interest bearing debt after deduction of liquid assets of 226 million (309 million) was 40,578 million (26,594 million).

Effective leverage as of 31.12.22, measured by total interest bearing liabilities divided by total assets, was 50.1 per cent (38.4 per cent).

The average remaining term for the Group's debt portfolio was 4.3 years at 31.12.22 (6.1 years as of 31.12.21 and 4.4 years as of 30.09.22). The calculation takes into account that available long-term credit facilities can replace short-term debt.

Entra's financing is mainly based on negative pledge of the Group's assets, which enables a broad and flexible financing mix. As of 31.12.22, approximately 87 per cent of the Group's assets were non-pledged, and 45 per cent (79 per cent) of the Group's financing came from debt capital markets.

Maturity profile and composition interest bearing debt

Maturity profile	0-1 yrs	1-2 yrs	2-3 yrs	3-4 yrs	4+ yrs	Total	%
Commercial papers (NOKm)	820	0	0	0	0	820	2
Bonds (NOKm)	1 579	924	1 600	4 029	9 409	17 541	43
Bank loans (NOKm)	0	6 580	5 500	7 470	2 893	22 443	55
Total (NOKm)	2 399	7 504	7 100	11 499	12 302	40 804	100
Unutilised credit facilities (NOKm)	0	180	0	6 280	0	6 460
Unutilised credit facilities (%)	0	3	0	97	0	100

		Financing status, policy and financial covenants

31.12.2022	Internal finance policy	Financial covenant
52.5 %	Below 50 per cent over time	Below 75 per cent
2.48x	Min. 1.80x	Min. 1.40x
6 %	Max 30 %	N/A
51 %	Max 60 %	N/A
2.6 years	2-6 years	N/A
269 %	Min. 100 %	N/A
4.3 years	Min. 3 years	N/A

1) From Q4 2022, Entra will report ICR for rolling four quarters in line with the Group's financial covenants.

Interest rates and maturity structure

The average nominal interest rate1) of the debt portfolio was 3.70 per cent (2.25 per cent) as at 31.12.22. The change in average interest rate mainly stems from higher market interest rates. The average effective interest rate of the debt portfolio was 3.83 per cent as of 31.12.22, an increase from 3.31 per cent as of 30.09.22. The effective interest rate is higher than the nominal interest rate mainly due to bond issuances below par value.

As of 31.12.22, Entra's portfolio of fixed interest rate hedges had a total volume of 22,334 million (16,866 million) and an average term to maturity of 4.7 years (4.8 years). 49 per cent (47 per cent) of the Group's debt financing was hedged at a fixed interest rate as at 31.12.22 with a weighted average maturity of 2.6 years (3.1 years).

As of 31.12.22, credit margins for the debt portfolio had an weighted average fixed term of 2.3 years (3.7 years).

The Group manages interest rate risk through floating-to-fixed interest rate swaps and fixed rate bonds. The table below shows the maturity profile and contribution from these fixed rate instruments, as well as the maturity profile for credit margins on debt.

Fixed rate instruments²				Forward starting swaps³	Average credit margin
	Amount (NOKm)	Interest rate (%)	Amount	Interest rate (%)	Tenor (years)	Amount (NOKm)	Credit margin (%)
<1 year	745	2.81	7 000	2.18	6.5	15 402	1.24
1-2 years	1 300	2.40				1 744	0.89
2-3 years	4 100	2.37	1 400	2.51	7.0	5 600	0.91
3-4 years	3 839	1.92				6 149	0.56
4-5 years	1 050	2.10				2 094	0.86
5-6 years	1 000	0.92				2 000	0.84
6-7 years	1 400	1.54				3 400	0.49
7-8 years	400	5.63				3 915	0.58
8-9 years	100	1.75				500	0.85
9-10 years	0	0.00				0	0.00
>10 years	0	0.00				0	0.00
Total	13 934	2.15	8 400	2.23	6.6	40 804	0.91

1) Average floating interest rate (Nibor) is 3.12 per cent as of 31.12.22. It is impacted by Nibor interest rate fixings, both in terms of duration and fixing date

2) Excluding forward starting swaps and credit margins on fixed rate bonds (credit margins are displayed in the table to the right)

3) The table displays future starting point, notional principle amount, average fixed rate and tenor for forward starting swaps

The property portfolio

Entra's management portfolio consists of 91 properties with a total area of approximately 1.4 million square meters. As of 31.12.22, the management portfolio had a market value of 73.9 billion. The occupancy rate was 96.5 per cent (97.8 per cent). The weighted average lease term for the Group's leases was 6.1 years (6.8 years) for the management portfolio and 6.3 years (7.1 years) when the project portfolio is included. For the management portfolio, the public sector represents approximately 56 per cent (56 per cent) of the total rental income. The entire property portfolio consists of 102 properties with a market value of 78.5 billion.

All of Entra's properties have in the fourth quarter been valued by two external appraisers: Newsec and Cushman & Wakefield Realkapital. The market value of the portfolio in Entra's balance sheet is based on the average of the appraisers' valuation. Valuation of the management portfolio is performed on a property-by-property basis, using individual DCF models and taking into account the property's current characteristics combined with the external appraiser's estimated required rate of return and expectations on future market development. The market value is defined as the external appraiser's estimated transaction value of the individual properties on valuation date. The project portfolio and development sites are valued based on the same principles, but with deduction for remaining investments and perceived risk as of valuation date. Unzoned land is valued based on the appraisers' assumptions on the market value of the land using the best estimate on the zoning and development process.

Year-on-year, the portfolio net yield has increased from 4.24 per cent to 4.30 per cent. 12 months rolling rent per square meter increased from 2,282 to 2,450, mainly driven by CPI growth, acquisitions and projects that are finalized in Central Oslo. From the third to the fourth quarter in 2022, the net yield on the management portfolio has increased by 14 basis points and 42 basis points from the first to the fourth quarter.

The market rent per square meter has increased by 9.5 per cent from the fourth quarter of 2021, from 2,332 to 2,555.

	Properties	Area	Occupancy	Wault		Market value		12 months rolling rent	Net yield1)		Market rent
	(#)	(sqm)	(%)	(year)	(NOKm)	(NOK/sqm)	(NOKm)	(NOK/sqm)	(%)	(NOKm)	(NOK/sqm)
Oslo	52	846 196	96.1	6.1	52 683	62 259	2 270	2 683	4.01	2 422	2 862
Bergen	10	141 951	96.4	4.9	6 931	48 824	332	2 336	4.37	368	2 593
Trondheim	10	152 190	97.1	5.6	5 591	36 735	322	2 119	5.39	301	1 979
Sandvika	10	132 785	98.3	6.2	4 612	34 729	264	1 985	5.42	244	1 837
Drammen	7	68 660	95.8	9.3	2 591	37 734	139	2 019	4.97	131	1 901
Stavanger	2	54 216	99.4	7.6	1 567	28 905	94	1 739	5.46	101	1 862
Management portfolio	91	1 395 998	96.5	6.1	73 974	52 990	3 421	2 450	4.30	3 567	2 555
Project portfolio	8	110 040		10.6	4 031	36 636
Development sites	3	89 587		0.5	566	6 315
Property portfolio	102	1 595 625		6.3	78 571	49 242

1) See the section "Definitions". The calculation of net yield is based on the appraisers' assumption of ownership costs, which at 31.12.22 is 6.7 per cent of market rent.

Letting activity

During the fourth quarter, Entra signed new and renegotiated leases with an annual rent totaling 131 million (58,200 sqm), of which 42 million is attributable to the project portfolio. Lease contracts with an annual rent of 76 million (32,600 square meters) were terminated in the quarter. Net letting came in at 4 million (22 million) in the quarter. On an annual basis, Entra signed and renegotiated lease contracts of a total of 412 million, while lease contracts of 202 million was terminated. Net letting was 56 million (8 million).

Net letting is calculated as the annualised rent of new lease contracts plus lease-up on renegotiated contracts less terminated contracts. The timing difference between net letting in the management portfolio in the quarter and its effect on the financial results is normally 6-12 months, while new contracts signed in the project portfolio tend to have an even later impact on the results. Reference is made to the project development section for further information regarding project completion.

Significant contracts in the quarter

• New 20-year lease contract with Norwegian Broadcasting Corporation (NRK) for 9,600 sqm in Holtermanns veg 1-13 phase 3 in Trondheim
• New 10-year lease contract with University of South-Eastern Norway for 2,700 sqm in Grønland 51 in Drammen
• New 10-year lease contract with Studieforbundet AOF for 2,200 sqm in Storgata 51 in Oslo
• New 5-year lease contract with Sopra Steria for 2,100 sqm in Nygårdsgaten 91 and 93 in Bergen
• New and renegotiated 13-year lease contract with Toothfairy Farm for 2,000 sqm in Løkketangen 2-14B in Sandvika
• New 10-year lease contract with Nobina for 1,200 sqm in Schweigaards gate 6-14 in Oslo

MATURITY PROFILE:

Investments and divestments

Entra has invested a total of 683 million (633 million) in the portfolio of investment properties in the fourth quarter, and 15,564 million (5,766 million) in 2022. The decomposition of the investments is as follows:

All amounts in NOK million	Q4-22	Q4-21	2022	2021
Acquisitions	-	-37	13 531	3 500
Developments	604	568	2 384	1 837
- Newbuild projects	126	173	663	455
- Redevelopment projects1)	369	321	1 400	1 090
- Refurbishment1)	110	74	322	294
Investment properties	57	100	179	387
- No incremental lettable space and tenant incentives	45	63	143	260
- Other material non-allocated types of expenditure	12	37	36	127
Capitalised interest	22	3	59	42
Total Capital Expenditure	683	633	16 153	5 766
Conversion from accrual to cash basis	-7	17	56	-148
Total Capital Expenditure on cash basis	676	651	16 210	5 618

1)Also includes tenant alterations and maintenance capex when this is done as a part of asset redevelopment or refurbishment

Project development

The portfolio of ongoing projects with a total investment exceeding 100 million is presented below.

	Location	BREEAM-NOR/ BREEAM In-Use	Completion	Project area (sqm)	Occupancy (%)	Total project cost1) (NOKm)	Of which accrued1) (NOKm)	Yield on cost2) (%)
Redevelopment
Stenersgata 1	Oslo	Very good	Q3-23	15 800	79	1 316	1 020	4.50
Schweigaards gate 15	Oslo	Very good	Q2-23 / Q1-24	22 900	83	1 422	1 088	4.80
Kongens gate 87	Trondheim	Excellent	Q2-23	7 100	86	261	216	5.60
Newbuild
Holtermanns veg 1-13 phase 2	Trondheim	Excellent	Q2-23	20 900	61	703	594	5.80
Refurbishment
Vahls gate 1-3	Oslo	Excellent	Q2-23	14 900	100	753	655	4.30
Brattørkaia 13B	Trondheim	Excellent	Q1-23 / Q2-23	6 000	97	248	139	5.01
Total				87 600	823)	4 703	3 711

1) Total project cost (including book value at date of investment decision/cost of land), excluding capitalized interest cost

2) Estimated net rent (fully let) at completion/total project cost (including cost of land)

3) Weighted average occupancy of the project portfolio

Status ongoing projects

Entra is redeveloping 15,800 sqm in Stenersgata 1 in Oslo. This is the first phase of a redevelopment project comprising the office spaces. The project is 79 per cent pre-let and will be finalised in Q2 2023.

Schweigaards gate 15 is a 22,900 sqm office building located near Oslo Central Station. The redevelopment is estimated for completion in Q2 2023. The project is 83 per cent pre-let.

In Trondheim, Entra is redeveloping Kongens gate 87 for completion in Q2 2023. The property is 7,100 sqm and is 86 per cent pre-let.

In Holtermanns veg 1-13 in Trondheim, Entra is constructing a 20,900 sqm office building. This is the second of three planned buildings totaling 48,000 sqm and is 61 per cent pre-let. Expected completion is in Q2 2023.

In Vahls gate 1-3 nearby Oslo Central Station, Entra is refurbishing a 14,900 sqm office building. The refurbishment is estimated for completion in Q2 2023. The project is 100 per cent pre-let.

In Trondheim, Entra is also redeveloping Brattørkaia 13B. The property is 6,000 sqm, 97 per cent pre-let, and is estimated for completion in Q2 or Q3 2023.

Projects finalised in the quarter

Entra finalized the new-build project in Nygårdsgaten 91 and 93 in Central Bergen. The property is 11,900 sqm and is 85 per cent let.

Entra also finalized the redevelopment of 14,200 sqm in Møllendalsveien 6-8 in Bergen. The project is 95 per cent let and has been redeveloped in two phases. The first phase was completed in Q4 2021.

Finally, Entra finalized the redevelopment of Tordenskiolds gate 12 in Oslo. The property is 13,000 sqm and is 92 per cent let.

Transactions

Entra will continue to optimize its high-quality management and project portfolio through asset rotation to strengthen the balance sheet, and with strong focus on capital discipline and capital allocation. The acquisition and divestment strategy is flexible, allowing Entra to adapt to feedback from customers and market changes, and to create and respond to market opportunities as they arise.

Entra actively seeks to improve the quality of its property portfolio and focuses on selected properties and urban

development projects in specific areas within its three core markets: Oslo and the surrounding region, Bergen, and Trondheim. Targeted locations include both areas in the city centers and selected clusters on public transportation hubs outside the city centers, allowing Entra to offer rental opportunities at a price range that fits its customer base. Entra's experience, financial strength and knowledge of its tenants makes the company well positioned to make acquisitions that meets these criteria.

Transactions 2021–2022

		Transaction	No of	Transaction	Closing
Acquired properties	Area	quarter	sqm	value (NOKm)	quarter
Oslo Areal portfolio	Oslo	Q4 2021	225 100	13 550	Q1 2022
Universitetsgata 11 (Hotel Savoy)	Oslo	Q3 2021	5 550	185	Q3 2021
16.7 % of Oslo S Utvikling	Oslo	Q2 2021	-	475	Q3 2021
Lars Hilles gate 19	Bergen	Q2 2021	5 900	298	Q2 2021
Fyrstikkalléen 1	Oslo	Q2 2021	39 640	2 399	Q2 2021
Kanalpiren (through 50 % owned Hinna Park Eiendom)	Stavanger	Q1 2021	25 900	375	Q2 2021
Møllendalsveien 1A	Bergen	Q1 2021	5 800	208	Q2 2021
Lagårdsveien 6	Stavanger	Q1 2021	13 600	126	Q1 2021
Total			321 490	17 616

Divested properties	Area	Transaction quarter	No of sqm	Transaction value (NOKm)	Closing quarter
Borkenveien 1-3	Sandvika	Q3 2021	6 670	87	Q2 2022
Hinna Park Eiendom	Stavanger	Q1 2022	116 000	1 297	Q1 2022
Nytorget 1 (sold to 50 % owned Hinna Park Eiendom)	Stavanger	Q2 2021	5 150	92	Q2 2021
Tollbodallmenningen 2A	Bergen	Q1 2021	1 800	40	Q1 2021
Karenslyst allé 8 A and B	Oslo	Q4 2022	8 600	530	Q4 2022
Konggata 51	Drammen	Q4 2022	3 600	130	Q4 2022
Sørkedalsveien 6	Oslo	Q4 2022	21 850	1 230	Q2 2023
Total			163 670	3 406

Partly owned companies

Papirbredden Eiendom (60 %)

Entra and Drammen Kommune Eiendomsutvikling own Papirbredden Eiendom. The company owns six properties totalling 61,100 sqm and a future development potential of 60,000 sqm in Drammen.

Entra OPF Utvikling (50 %)

Entra and Oslo Pensjonsforsikring (OPF) own Entra OPF Utvikling. The company owns two office properties totalling 59,800 sqm in Bergen. The company is consolidated in the Group's financial statements as Entra has a controlling vote on the Board of Directors.

Oslo S Utvikling "OSU" (50 %)

Oslo S Utvikling is a property development company that is undertaking primarily residential development in Bjørvika, Oslo's CBD East.

Rebel U2 (50 %)

Rebel U2 is the operator of the technology hub in Universitetsgata 2 in Oslo. The company offers full-service solutions, flexible and short-term leases, co-working facilities as well as conference and event activity.

Galleri Oslo Invest (33.3 %)

Galleri Oslo Invest is a joint venture with the two other owners of Schweigaards gate 6-14 in Oslo ("Galleri Oslo"), owning and managing 10.6 per cent of the property.

Quarterly financial figures for partly owned subsidiaries and JVs (based on 100 % ownership)

All amounts in NOK million	Papirbredden Eiendom	Entra OPF Utvikling	Total consolidated companies	Oslo S Utvikling	Galleri Oslo Invest	Rebel U2	Other	Total associated companies & JVs
Share of ownership (%)	60	50		50	33	50
Revenue	27	39	65	0	3	33	0	36
Net income	18	34	52	-31	2	-6	1	-34
Net value changes	-14	39	25	0	-8	0	0	-8
Profit before tax	4	74	77	-31	-6	-6	1	-42
Tax	-1	-16	-16	5	0	1	0	6
Profit for the period	3	58	61	-25	-6	-5	1	-35
Non-controlling interests	1	29	30
Entra's share of profit 1)				-13	-2	-2	0	-17
Book value				701	157	0	33	891

1) Recognised as Share of profit from associates and JVs

Market development

The recent market volatility caused by geopolitical tension, high inflation and increasing interest rates slowed down the property transaction market, after a relatively active first half of 2022. The underlying interest for centrally located office properties particularly with value-add potential has however remained strong also through the last half of 2022. Total transaction volume in 2022 ended up around 100 billion, compared to the record high level of 160 billion in 2021.

There are signs that the inflation pressure has topped out and started to fall back. If this trend persists, it should reduce uncertainty, take financing costs down and bring back the risk appetite in the transaction market. According to Entra's consensus report, prime yield in Oslo is currently at around 3.9 per cent and is expected to top out at around 4 per cent.

The new construction volume has been, and is expected to be, limited going forward due to market uncertainty combined with increased construction costs during recent years.

Year-on-year growth in the November CPI, used to adjust most of Entra's leases, came in at 5.1 per cent in 2021 and 6.5 per in 2022.

The activity level in the Oslo letting market has been strong and there has been a both broad and robust growth in market rents over the last years. Particularly so in 2022 where market rents grew by more than 10 per cent. According to Entra's Consensus report, the Oslo office vacancy is expected to increase slightly in the coming years, although from low levels. The combination of low vacancy and low new build volumes give room for continued market rental growth in the years to come although at a slower pace than seen over the last years.

In Bergen, the overall office vacancy is currently around eight per cent and six per cent in the city centre. The activity level in the letting market is high and there is limited supply and solid demand for modern premises in the city centre.

The Trondheim market has seen a strong development in the recent years. Vacancy in Trondheim is now around six per cent. Rent levels in Central Trondheim have increased by around 10 per cent over the last two years.

Source: Entra Consensus report, Q4 2022

Transaction volume Norway

Market data Oslo

	2020	2021	2022	2023e	2024e	2025e
Vacancy Oslo, incl. Fornebu and Lysaker (%)	6.8	6.8	5.6	5.8	6.0	6.4
Rent per sqm, high standard Oslo office	3 544	3 600	3 965	4 083	4 167	4 237
Prime yield (%)	3.3	3.3	3.9	4.1	4.0	4.0

Source: Entra Consensus report, Q4 2022

ESG Metrics

It is of key strategic importance to operate our business in a sustainable manner, and it is a prerequisite for the company's long-term results and value creation. Entra has a systematic approach towards understanding and managing the company's impact on the environment and on society, as well as stakeholder requirements and expectations. The below table outlines selected figures and performance indicators in this respect. For further information on Entra's ESG work and performance, reference is made to the annual report for 2021. Please note that several operational ESG metrics in 2020 and 2021 were impacted by Covid-19.

	2022	2021	2020	2019	2018
Resource efficiency in property management portfolio
Energy consumption (kWh/sqm/L12M)	126	131	123	136	145
Change in energy consumption year on year, like for like	-1 %	5.6 %	-10.1 %	-2.8 %	2.9 %
Energy consumption – temperature adjusted (kWh/sqm/L12M)	121	123	118	135	142
Fossil free energy in property management portfolio
Share of produced green energy in % of energy consumption	1.3 %	1.5 %	1.4 %	0.9 %	0.2 %
Guarantees of origin green energy in % of energy consumption	100 %	100 %	100 %	100 %	100 %
Waste management
Waste in property management (kg/sqm/L12M)	3.2	2.5	2.7	3.6	3.7
Waste sorting in % property management	70 %	69 %	71 %	65 %	61 %
Waste sorting in % in project development portfolio	94 %	95 %	92 %	94 %	85 %
Water management
Water consumption (m3/sqm/L12M)	0.2	0.2	0.2	0.3	0.3
BREEAM NOR/BREEAM-In-Use certification of property portfolio1)
Certified properties, % of sqm	60 %	51 %	51 %	29 %	21 %
Certified properties, number of properties	39	28	24	18	12
Certified properties, % of rental income	56 %	60 %	54 %	35 %	27 %
Certified properties, % of property values	58 %	53 %	52 %	38 %	31 %
ESG BENCHMARKS
GRESB points / stars awarded (out of 5 possible)	90	92/5	87/5	84/4	81/4
EPRA Sustainability Benchmark	GOLD	GOLD	GOLD	GOLD	GOLD
Environment Lighthouse award ("Miljøfyrtårn")	Yes	Yes	Yes	Yes	Yes
MSCI ESG Rating	AAA	AAA	NA	NA	NA
EU Taxonomy eligible	100 %
Share of green financing (green bonds or bank loans)	45 %	69 %	48 %	32 %	10 %
Social
Number of full-time employees	208	174	186	174	152
Diversity (% women/men)	36/64	37/63	38/62	38/62	30/70
Sick leave (% of total days L12M)	2.9 %	2.6 %	3.1 %	2.6 %	4.2 %
Injuries with long term absence ongoing projects	5	1	0	0	3
Accidents with lost time ongoing projects (per mill. hrs. L12M)	4.9	8.1	4.7	2.0	6.9

Other information

Share and shareholder information

Entra's share capital is NOK 182,132,055 divided into 182,132,055 shares, each with a par value of NOK 1 per share. Entra has one class of shares, and all shares provide equal rights, including the right to any dividends.

As of 1 February 2023, Entra had 5,115 shareholders. Norwegian investors held approximately 11 per cent of the share capital.

As of 1 February 2023, Fastighets AB Balder held shares, in its own name and through nominees, equaling 39.98 per cent of the shares in Entra ASA and thus had negative control. Castellum AB held shares equaling 33.32 per cent of the shares in Entra.

The 10 largest shareholders (of which most are nominee accounts) as registered in Euronext VPS on 1 February 2023 were:

Shareholder	% holding
Castellum AB	33.3%
Fastighets AB Balder	27.5%
Skandinaviska Enskilda Banken (nominee)	6.9%
Skandinaviska Enskilda Banken	1.6%
Danske Bank (nominee)	1.4%
SEB CMU/SECFIN pooled account	1.4%
State Street Bank (nominee)	1.4%
Goldman Sachs International (nominee)	1.1%
Danske Invest Norske	0.9%
The Bank of New York Mellon (nominee)	0.8%
SUM 10 LARGEST SHAREHOLDERS	76.3%

Risk management

Entra assesses risk on an ongoing basis, primarily through semi-annually comprehensive reviews of the Group's risk maps, which includes assessments of all risk factors in collaboration with all levels of the organisation. Each risk factor is described and presented with the possible negative outcome given an increased probability of a situation to occur. Entra's main risk factors consist of both financial and nonfinancial risk. A thorough description and analysis is included on pages 28-39 in the 2021 annual report.

The Board has assessed that the risks regarding access to and pricing of financing, development in value of property, and project profitability increased during 2022.

Events after the balance sheet date

In line with the dividend policy of distributing approximately 60 per cent of Cash Earnings, the Board of Entra will propose to distribute a semi-annual dividend of NOK 2.50 per share for the second half of 2022. The dividend is subject to approval by the Annual General Meeting on 25 April 2023.

In October 2022, Entra paid out NOK 2.60 per share for the first six months of 2022. For the financial year 2022, Entra will thus, pending approval from the GM, have paid out NOK 5.10 per share, which is the same as in 2021, and 59 per cent of Cash Earnings. Reference is made to the section "Alternative performance measures" for calculation of Cash Earnings.

Outlook

Russia's invasion of Ukraine and the following geopolitical uncertainty has, in addition to the human tragedy, added momentum to already high inflation levels. Central banks, trying to mitigate the inflation, hiked key policy rates, and higher interest rates are making an impact on the economies. Whilst it is difficult to make meaningful assessments of the actual impact on the global economy, higher energy prices, benefitting Norway as a whole, have provided further stimulus to an already strong Norwegian economy, and Norway still stands out on a significantly more positive tangent than almost all other countries.

Both Norwegian market data and Entra's experience suggest only marginal impact from Covid-19 on demand for office space. Employers are seeking attractive, central locations and reshaping offices to become more inviting social spaces that encourage face-to-face collaboration, creativity, and serendipitous interactions, which will benefit office property owners like Entra.

The demand for offices particularly in Oslo is still strong, driven by a combination of positive employment growth and limited supply of new office capacity, the latter following limited start of new office projects during the last two-three years. Entra is thus well positioned in a solid Norwegian economy and a property market with low office vacancy rates and expectations for continued rental growth. And, as proven during the pandemic, Entra's high quality tenants provide a stable and solid fundament for Entra's future revenues and cash flow.

Interest rates and credit margins have during 2022 moved sharply upwards, which impacts capital intensive industries like the real estate industry. Real estate companies with relatively short debt maturities, high volumes of debt maturing in the near future, exotic debt structures and higher gearing are particularly impacted both in terms of availability of funding and increased cost of debt. Even though Entra is in a different situation, our cost of debt has also increased, but is expected to stabilize around current levels in the next quarters. Entra's high credit quality and strong and long-lasting relationship with its five Nordic partner banks, as evidenced by the company's securing another five billion in new bank facilities in the third quarter, new commercial papers issued during the fourth quarter and two bond issues in January, is expected to contribute to competitive access to funding also going forward. The Central Bank of Norway was one of the very first central banks to raise policy rates, and to signal that they are now approaching peak levels in this business cycle. The policy rate was kept unchanged at 2.75 per cent in January and is expected to level out around 3.00 per cent during the first half

of 2023. Long-term interest rates and credit margins have also recently come significantly down.

The value of Entra's property portfolio has decreased by 6 per cent since peak valuations in Q1 2022, with an effective net yield expansion of approximately 45 basis points. CPI growth of 6.5 per cent in 2022, that is 98 per cent implemented into Entra's tenant contracts from 1 January 2023, and an expected continued positive rental market, supported by limited new construction activity, particularly in Oslo, should provide a mitigating force to potentially higher yield levels. The commercial real estate market is one of few asset classes that provide investors with inflation protection.

The NOK 1.9 billion divestment in December of four assets in line with Q3 2022 book values to three different investors indicate that the Norwegian transaction market is still active and that Entra's assets are attractive for several types of buyers. Nevertheless, we note continued uncertainty amongst investors primarily driven by increased financing costs.

Sustainability has been an integrated part of Entra's business model for almost 15 years. Entra is working actively to reduce the CO2 footprint of its property portfolio and has a firm ambition to become a net zero carbon company by 2030. A significant part of the management portfolio is, or in the process of being, BREEAM certified, and Entra with its modern asset portfolio is thus well positioned for the upcoming EU regulations.

Entra has a strong balance sheet, a well staggered debt maturity profile with limited amounts of debt maturing in the near future, and a diversified financing mix with an ample supply of unutilized credit facilities. Entra will continue to optimize its high-quality management and project portfolio through asset rotation, and with strong focus on capital discipline and capital allocation. Entra will focus on its recognized role as an urban developer and leverage its competitive advantages and ESG leadership.

Uncertainty particularly in the financial markets will likely prevail also in the months to come. However, Entra, operating in a strong Norwegian economy with modern, flexible and environmentally friendly assets located in attractive clusters near public transportation hubs, a solid tenant base with long lease contracts, a strong financial position, and an attractive project pipeline for future growth, has a proven and resilient business profile that is well positioned for the future.

Oslo, 9 February 2023

The Board of Entra ASA

Financial statements

Statement of comprehensive income

All amounts in NOK million	Q4-22	Q4-21	2022	2021
Rental income	806	677	3 158	2 508
Operating costs	-74	-62	-263	-234
Net operating income	732	614	2 895	2 274
Other revenues	44	21	112	73
Other costs	-29	-10	-85	-43
Administrative costs	-57	-71	-210	-210
Share of profit from associates and JVs	-17	-15	-37	19
Net realised financials	-368	-155	-1 095	-551
Net income	305	384	1 579	1 561
- of which net income from property management	320	392	1 603	1 534
Changes in value of investment properties	-363	2 771	-2 519	5 057
Changes in value of financial instruments	-149	61	473	206
Profit/loss before tax	-206	3 216	-467	6 825
Tax payable	-4	-8	-31	-19
Change in deferred tax	10	-665	-71	-1 433
Profit/loss for the period	-200	2 543	-569	5 373
Actuarial gains and losses	16	-29	16	-29
Change in deferred tax on comprehensive income	-4	6	-4	6
Total comprehensive income/loss for the period	-188	2 521	-557	5 351
Profit/loss attributable to:
Equity holders of the Company	-230	2 362	-634	5 064
Non-controlling interest	30	182	65	309
Total comprehensive income/loss attributable to:
Equity holders of the Company	-218	2 339	-621	5 042
Non-controlling interest	30	182	65	309

Balance sheet

All amounts in NOK million	31.12.2022	31.12.2021
Intangible assets	0	109
Investment properties	77 404	67 568
Other operating assets	16	28
Investments in associates and JVs	891	872
Financial derivatives	698	254
Long-term receivables and other assets	646	225
Total non-current assets	79 655	69 056
Inventory properties	472	469
Trade receivables	56	77
Other receivables and other current assets	525	295
Cash and bank deposits	226	309
Total current assets	1 278	1 149
Investment properties held for sale	1 230	87
Total assets	82 162	70 292
Shareholders' equity	29 693	31 263
Non-controlling interests	1 978	2 308
Total equity	31 671	33 571
Interest bearing debt	38 091	22 788
Deferred tax liability	8 216	8 307
Financial derivatives	310	355
Other non-current liabilities	673	650
Total non-current liabilities	47 291	32 099
Interest bearing debt	2 423	3 791
Trade payables	355	465
Other current liabilities	421	367
Total current liabilities	3 200	4 622
Total liabilities	50 490	36 722
Total equity and liabilities	82 162	70 292

Changes in equity

			Other		Non
All amounts in NOK million	Share capital	Treasury shares	paid-in capital	Retained earnings	controlling interests	Total equity
Equity 31.12.2020	182	0	3 524	23 430	2 069	29 205
Profit for period				5 064	309	5 373
Other comprehensive income				-23		-23
Dividend				-911	-70	-981
Net equity effect of LTI & employee share saving schemes		0	0	-4		-4
Equity 31.12.2021	182	0	3 524	27 557	2 308	33 571
Profit for period				-634	65	-569
Other comprehensive income				12		12
Dividend				-947	-76	-1 023
Divestment of subsidiary with non-controlling interests					-318	-318
Net equity effect of LTI & employee share saving schemes		0	0	-1		-1
Net equity effect of demerger and merger	0		0	0		0
Equity 31.12.2022	182	0	3 524	25 987	1 978	31 671

Statement of cash flows

All amounts in NOK million	Q4-22	Q4-21	2022	2021
Profit before tax	-206	3 216	-467	6 825
Income tax paid	0	0	-43	-11
Net expensed interest and fees on loans and leases	368	155	1 096	551
Net interest and fees paid on loans and leases	-334	-131	-985	-603
Share of profit from associates and jointly controlled entities	17	15	37	-19
Depreciation and amortization	1	2	4	5
Changes in value of investment properties	363	-2 771	2 519	-5 057
Changes in value of financial instruments	149	-61	-473	-206
Change in working capital	-32	-31	-179	3
Net cash flows from operating activities	325	392	1 509	1 488
Proceeds from property transactions	609	1	1 824	42
Acquisition of investment properties	0	3	-13 465	-3 540
Investment in and upgrading of investment properties	-676	-653	-2 745	-2 078
Investment in inventory properties	0	-2	-4	-7
Acquisition other non-current assets	0	-2	-5	-13
Net payment financial assets	0	67	-23	70
Net payment of loans to associates and JVs	-1	0	-3	-16
Investments in associates and JVs	-12	0	-166	-476
Dividends from associates and JVs	0	150	128	152
Net cash flows from investment activities	-80	-437	-14 459	-5 865
Proceeds interest bearing debt	4 320	2 750	30 900	23 348
Repayment interest bearing debt	-4 089	-2 161	-16 999	-17 888
Repayment of lease liabilities	-1	-2	-5	-10
Dividends paid	-474	-455	-947	-911
Dividends paid to non-controlling interests	-36	-33	-82	-70
Net cash flows from financing activities	-279	98	12 867	4 469
Change in cash and cash equivalents	-35	53	-83	92
Cash and cash equivalents at beginning of period	261	256	309	217
Cash and cash equivalents at end of period	226	309	226	309

NOTE 1 – ACCOUNTING PRINCIPLES

The results for the period have been prepared in accordance with IAS 34 Interim Financial Reporting. The accounting principles that have been used in the preparation of the interim financial statements are in conformity with the principles used in preparation of the annual financial statements for 2021.

The financial reporting covers Entra ASA, subsidiaries, associated companies and jointly controlled entities. The interim financial statements have not been audited.

NOTE 2 – SEGMENT INFORMATION

The Group has one main operational unit, led by the COO. The property portfolio is divided into six different geographic areas in Oslo, Sandvika, Drammen, Stavanger, Bergen and Trondheim, with management teams monitoring and following upon each area. The geographic units are supported by a Market and Property Development division and a Project Development division. In addition, Entra has group and support functions within accounting, finance, legal, investment, ICT, procurement, communication and HR.

The geographic areas do not have their own profit responsibility. The geographical areas are instead followed up on economical and non-economical key figures ("key performance indicators"). These key figures are analysed and reported by geographic area to the chief operating decision maker, that is the board and CEO, for the purpose of resource allocation and assessment of segment performance. Hence, the Group report the segment information based upon these six geographic areas.

Operating segments Q4–22

	Properties	Area	Occupancy	Wault		Market value	12 months rolling rent		Net yield1)	Market rent
	(#)	(sqm)	(%)	(year)	(NOKm)	(NOK/sqm)	(NOKm)	(NOK/sqm)	(%)	(NOKm)	(NOK/sqm)
Oslo	52	846 196	96.1	6.1	52 683	62 259	2 270	2 683	4.01	2 422	2 862
Bergen	10	141 951	96.4	4.6	6 931	48 824	332	2 336	4.37	368	2 593
Trondheim	10	152 190	97.1	5.6	5 591	36 735	322	2 119	5.39	301	1 979
Sandvika	10	132 785	98.3	6.2	4 612	34 729	264	1 985	5.42	244	1 837
Drammen	7	68 660	95.8	9.3	2 591	37 734	139	2 019	4.97	131	1 901
Stavanger	2	54 216	99.4	7.6	1 567	28 905	94	1 739	5.46	101	1 862
Management portfolio	91	1 395 998	96.5	6.1	73 974	52 990	3 421	2 450	4.30	3 567	2 555
Project portfolio	8	110 040		10.0	4 031	36 636
Development sites	3	89 587		0.5	566	6 315
Property portfolio	102	1 595 625		6.3	78 571	49 242

1) See the section "Definitions". The calculation of net yield is based on the appraisers' assumption of ownership costs, which at 31.12.22 is 6.7 per cent of market rent.

	Properties	Area	Occupancy	Wault		Market value	12 months rolling rent		Net yield	Market rent
	(#)	(sqm)	(%)	(year)	(NOKm)	(NOK/sqm)	(NOKm)	(NOK/sqm)	(%)	(NOKm)	(NOK/sqm)
Oslo	38	635 820	97.8	7.2	39 729	62 485	1 683	2 647	3.96	1 732	2 724
Trondheim	10	152 188	98.7	6.3	5 589	36 722	297	1 953	5.01	278	1 826
Bergen	8	115 695	98.0	5.0	5 560	48 056	251	2 168	4.16	292	2 523
Sandvika	9	98 989	99.6	6.8	3 267	33 006	177	1 783	5.14	159	1 608
Stavanger	7	121 404	94.1	6.0	3 249	26 762	175	1 441	4.89	189	1 559
Drammen	8	69 421	99.1	8.5	2 707	38 991	141	2 034	4.94	133	1 923
Management portfolio	80	1 193 517	97.8	6.8	60 101	50 356	2 724	2 282	4.24	2 784	2 332
Project portfolio	11	154 090		9.6	6 463	41 943
Development sites	5	109 847		0.4	984	8 956
Property portfolio	96	1 457 453		7.1	67 547	46 346

Operating segments Q4–21

NOTE 3 – INVESTMENT PROPERTIES

All amounts in NOK million	Q4-22	Q4-21	2022	2021
Closing balance previous period	78 930	64 250	67 655	56 867
Acquisition of investment properties	0	-37	13 531	3 500
Investment in the property portfolio	661	668	2 563	2 224
Capitalised borrowing costs	22	3	59	42
Divestment of investment properties	-617	-1	-2 654	-35
Changes in value of investment properties	-363	2 771	-2 519	5 057
Closing balance	78 634	67 655	78 634	67 655
Investment properties held for sale	1 230	87	1 230	87
Investment properties	77 404	67 568	77 404	67 568

Acquisition of investment properties in 2022 is related to the acquisition of the Oslo Area portfolio, which closed on 12 January 2022. The Oslo Areal portfolio consists of the properties Christian Krohgs gate 2, Christian Krohgs gate 10, Drammensveien 131, Grensesvingen 7, Grenseveien 78, Karenslyst allé 7, Karenslyst allé 8 A and B, Nedre Vollgate 11, Pilestredet 33, Schweigaards gate 6- 14, Storgata 51, Sørkedalsveien 6, Tordenskiolds gate 6, Tullins gate 2 in Oslo, and Løkketangen 2-14 B and Vestfjordgaten 4 in Sandvika.

Divestment of investment properties is related to the divestments of the properties Karenslyst allé 8 A and B in Oslo and Konggata 51 in Drammen in the fourth quarter, in addition to the property Borkenveien 1-3 in Sandvika in the second quarter. Further, the partly owned company Hinna Park Eiendom in Stavanger was divested in the first quarter. As settlement for the divestment Hinna Park Eiendom, Entra received shares in SVG Property with fair value of 300 million, representing 15 per cent of the shares in SVG Property, a seller's credit of 64 million, settlement of loan facilities of 1,022 million and an additional cash consideration of 105 million.

The property Sørkedalsveien 6 in Oslo is classified as held for sale as of 31 December 2022 as an agreement to divest the asset was signed in December with closing in June 2023.

NOTE 4 – INFORMATION ON THE FAIR VALUE OF ASSETS AND LIABILITIES

Total		310	355
- Derivatives	Level 2	310	355
Financial liabilities measured at fair value through profit or loss
Liabilities measured at fair value:
Total		79 676	67 941
- Equity instruments	Level 3	344	32
- Derivatives	Level 2	698	254
- Investment properties held for sale	Level 3	1 230	87
- Investment properties	Level 3	77 404	67 568
Assets measured at fair value through profit or loss
Assets measured at fair value:
All amounts in NOK million	Fair value level	31.12.2022	31.12.2021

NOTE 5 – SUBSEQUENT EVENTS

Refer to the Events after the balance sheet date section on page 17 for information on significant events after period end.

ALTERNATIVE PERFORMANCE MEASURES

Entra's financial information is prepared in accordance with the international financial reporting standards (IFRS). In addition, the company reports alternative performance measures (APMs) that are regularly reviewed by management to enhance the understanding of Entra's performance as a supplement, but not as a substitute, to the financial statements prepared in accordance with IFRS. Financial APMs are intended to enhance comparability of the results and cash flows from period to period, and it is Entra's experience that these are frequently used by analysts, investors and other parties. The financial APMs reported by Entra are the APMs that, in management's view, provide the most relevant supplemental information of a real estate company's financial position and performance. These measures are adjusted IFRS measures defined, calculated and used in a consistent and transparent manner over the years. Operational measures such as, but not limited to, net letting, vacancy and WAULT are not defined as financial APMs according to ESMA's guidelines.

ENTRA'S FINANCIAL APMS:

• Net Income from property management
• Cash Earnings
• Net value changes
• Market value of the property portfolio
• Net nominal interest bearing debt
• Effective leverage
• Interest coverage ratio (ICR)
• EPRA Earnings
• EPRA Net Asset Value metrics EPRA NRV, EPRA NTA and EPRA NDV
• EPRA Net Initial Yield
• EPRA Cost Ratio
• EPRA LTV (Loan-to-Value)

NET INCOME FROM PROPERTY MANAGEMENT & CASH EARNINGS

Q4-22	Q4-21	2022	2021
			1 561
-15	-11	-31	36
-3	0	-10	0
0	0	6	0
3	2	11	-8
320	392	1 603	1 534
-4	-8	-31	-19
316	384	1 572	1 515
182.1	182.1	182.1	182.1
1.74	2.11	8.63	8.32
	305	384	1 579

Net value changes	-511	2 832	-2 046	5 264
Changes in value of financial instruments	-149	61	473	206
Changes in value of investment properties	-363	2 771	-2 519	5 057
All amounts in NOK million	Q4-22	Q4-21	2022	2021
NET VALUE CHANGES

MARKET VALUE OF THE PROPERTY PORTFOLIO

Market value of the property portfolio 78 571	67 547
Other -62	-108
Investment properties held for sale 1 230	87
Investment properties 77 404	67 568
All amounts in NOK million 31.12.2022	31.12.2021

NET NOMINAL INTEREST BEARING DEBT

All amounts in NOK million	31.12.2022	31.12.2021
Carrying amount of interest bearing debt	40 515	26 579
Unamortised borrowing costs	289	325
Nominal value of interest bearing debt	40 804	26 903
Cash and bank deposits	-226	-309
Net nominal interest bearing debt	40 578	26 594

EFFECTIVE LEVERAGE

All amounts in NOK million except ratio	31.12.2022	31.12.2021
Total debt	41 182	26 996
- Carrying amount of interest bearing debt	40 515	26 579
- Other interest bearing liabilities	667	418
Total assets	82 162	70 292
Effective leverage	50.1 %	38.4 %

INTEREST COVERAGE RATIO (ICR)

All amounts in NOK million except ratio	2022	2021
Net income	1 579	1 561
Depreciation	4	5
Results from associates and joint ventures	37	-19
Net realised financials	1 095	551
EBITDA	2 715	2 098
Interest cost	1 079	552
Commitment fees 1)	15	19
Applicable interest cost	1 094	571

Interest Coverage Ratio (ICR) 2.48 3.68 1) From Q4-22, Entra is only including interest cost and commitment fees in the calculation of applicable interest cost, excluding amortization of previously paid borrowing costs.

Comparative figures have been updated to reflect the amended definition. From Q4-22, Entra reports ICR for rolling four quarters in line with the Group's financial covenants.

EPRA REPORTING

The following performance indicators have been prepared in accordance with best practices as defined by EPRA (European Public Real Estate Association) in its latest edition of the Best Practices Recommendations Guidelines. The EPRA Best Practices Recommendations Guidelines focus on making the financial statements of public real estate companies clearer and more comparable across Europe.

	Summary table EPRA performance measures	Unit	Q4-22 / 31.12.2022	Q4-21 / 31.12.2021
A	EPRA Earnings per share	NOK	1.26	1.56
B	EPRA NRV per share	NOK	207	218
	EPRA NTA per share	NOK	205	216
	EPRA NDV per share	NOK	170	174
C	EPRA Net Initial Yield (NIY)	%	4.13	4.21
	EPRA, "topped-up" NIY	%	4.13	4.21
D	EPRA Vacancy Rate	%	3.6	2.0
E	EPRA Cost Ratio (including direct vacancy costs)	%	15.7	19.5
	EPRA Cost Ratio (excluding direct vacancy costs)	%	14.3	17.6
F	EPRA LTV	%	52.5	40.6

The details for the calculation of the performance measures are shown on the following pages.

A. EPRA EARNINGS

EPRA Earnings is a measure of the operational performance of the property portfolio. EPRA Earnings is calculated based on the income statement, adjusted for non-controlling interests, value changes on investment properties, changes in the market value of financial instruments and the associated tax effects. In addition, earnings from the jointly controlled entity OSU are adjusted for as the business of this company is development of residential properties for sale and is not considered relevant for measurement of the underlying operating performance of the property portfolio under management.

EPRA Earnings – Quarterly

All amounts in NOK million	Q4-22 IFRS reported	Q4-22 Non controlling Interests	Q4-22 Other EPRA adjustments	Q4-22 EPRA Earnings	Q4-21 IFRS reported	Q4-21 Non controlling Interests	Q4-21 Other EPRA adjustments	Q4-21 EPRA Earnings
Rental income	806	-30	0	776	677	-42	0	635
Operating costs	-74	2	0	-72	-62	5	0	-57
Net operating income	732	-28	0	704	614	-37	0	577
Other revenues	44	0	0	44	21	-1	0	21
Other costs	-29	0	0	-29	-10	0	0	-10
Administrative costs	-57	1	0	-56	-71	2	0	-70
Share of profit from associates and JVs	-17	0	15	-2	-15	0	8	-7
Net realised financials	-368	3	0	-366	-155	7	0	-148
Net income	305	-24	15	296	384	-28	8	363
Net value changes	-511	-14	525	0	2 832	-204	-2 629	0
Profit/loss before tax	-206	-38	540	296	3 216	-232	-2 621	363
Tax payable	-4	1	0	-2	-8	2	0	-6
Change in deferred tax	10	7	-80	-63	-665	48	541	-74
Profit/loss for period/EPRA Earnings	-200	-30	460	230	2 543	-182	-2 080	283
Average outstanding shares (million)				182.1				182.1
EPRA Earnings per share				1.26				1.56

EPRA Earnings – Financial year

All amounts in NOK million	2022 IFRS reported	2022 Non controlling Interests	2022 Other EPRA adjustments	2022 EPRA Earnings	2021 IFRS reported	2021 Non controlling Interests	2021 Other EPRA adjustments	2021 EPRA Earnings
Rental income	3 158	-123	0	3 035	2 508	-164	0	2 344
Operating costs	-263	10	0	-253	-234	17	0	-217
Net operating income	2 895	-113	0	2 781	2 274	-147	0	2 127
Other revenue	112	-1	0	111	73	-1	0	72
Other costs	-85	0	0	-84	-43	0	0	-43
Administrative costs	-210	3	0	-208	-210	7	0	-203
Share of profit from associates and JVs	-37	0	24	-13	19	0	-32	-13
Net realised financials	-1 095	11	0	-1 084	-551	27	0	-524
Net income	1 579	-99	24	1 505	1 561	-113	-32	1 417
Net value changes	-2 046	19	2 027	0	5 264	-280	-4 983	0
Profit/loss before tax	-467	-80	2 053	1 505	6 825	-394	-5 015	1 417
Tax payable	-31	5	0	-26	-19	6	0	-13
Change in deferred tax	-71	10	-244	-305	-1 433	78	1 051	-299
Profit/loss for period/EPRA Earnings	-569	-65	1 808	1 174	5 373	-310	-3 964	1 105
Average outstanding shares (million)				182.1				182.1
EPRA Earnings per share				6.45				6.07

B. EPRA NET ASSET VALUE METRICS

EPRA NET REINSTATEMENT VALUE (NRV)

The objective of the EPRA NRV measure is to highlight the value of net assets on a long-term basis and assumes that no selling of assets takes place. Assets and liabilities that are not expected to crystallise in normal circumstances such as the fair value movements on financial derivatives and deferred taxes on property valuation surpluses are therefore excluded. Real estate transfer taxes are generally not levied on property transactions in Norway, and such taxes are accordingly not included in Entra's valuation certificates. Consequently, no adjustment is done for real estate transfer taxes in Entra's calculation of EPRA NRV.

All amounts in NOK million	31.12.2022	31.12.2022	31.12.2022	31.12.2021
		Attributable to	Attributable to	Attributable to
	Total	non-controlling interests	shareholders (EPRA NRV)	shareholders (EPRA NRV)
IFRS equity	31 671	-1 978	29 693	31 263
Approved, not paid dividend	0	0	0	0
Revaluation of investments made in JVs	268	0	268	426
Net Asset Value (NAV) at fair value	31 939	-1 978	29 961	31 689
Deferred tax properties and financial instruments	8 508	-376	8 133	8 053
Net fair value on financial derivatives	-388	-2	-390	94
Goodwill as a result of deferred tax	0	0	0	-55
EPRA Net Reinstatement Value (NRV)	40 060	-2 356	37 703	39 781
Outstanding shares at period end (million)			182.1	182.1
EPRA NRV per share (NOK)			207	218

EPRA NET TANGIBLE ASSETS (NTA)

The EPRA NTA is focused on reflecting a company's tangible assets and assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax liability. Entra has adopted the second option in the EPRA BPR guidelines to adjust for deferred tax, estimating the real tax liability based how the company has completed property transactions in recent years.

All amounts in NOK million	31.12.2022	31.12.2022	31.12.2022	31.12.2021
		Attributable to	Attributable to	Attributable to
	Total	non-controlling interests	shareholders (EPRA NTA)	shareholders (EPRA NTA)
IFRS equity	31 671	-1 978	29 693	31 263
Approved, not paid dividend	0	0	0	0
Revaluation of investments made in JVs	268	0	268	426
Net Asset Value (NAV) at fair value	31 939	-1 978	29 961	31 689
Reversal deferred tax liability as per balance sheet	8 217	-314	7 902	7 921
Adjustment estimated real tax liability1)	-160	-41	-201	-301
Net fair value on financial derivatives	-388	-2	-390	94
Goodwill as a result of deferred tax	0	0	0	-55
EPRA Net Tangible Assets (NTA)	39 608	-2 336	37 272	39 349
Outstanding shares at period end (million)			182.1	182.1
EPRA NTA per share (NOK)			205	216

1) Estimated real deferred tax liability related to temporary differences of properties has been calculated to 1.2 per cent of the based on a discount rate of 5.0 per cent and the assumption that 50 per cent of the property portfolio are realized over 50 years in transactions structured as sale of properties in corporate wrappers, with an average tax discount of 6.5 per cent. Further, the real tax liability related to the gains/losses account is estimated by assuming an amortisation of 20 per cent annually and a discount rate of 5.0 per cent.

EPRA NET DISPOSAL VALUE (NDV)

The EPRA NDV measure illustrates a scenario where deferred tax, financial instruments, and certain other adjustments are calculated as to the full extent of their liability. This enables readers of financial reports to understand the full extent of liabilities and resulting shareholder value under an orderly sale of business and/or if liabilities are not held until maturity. The measure should not be viewed as a "liquidation NAV" for Entra, as fair values may not represent liquidation values, and as an immediate realization of Entra's assets may be structured as sale of property-owning companies, resulting in the deferred tax liabilities only partially crystallising.

All amounts in NOK million	31.12.2022	31.12.2022	31.12.2022	31.12.2021
		Attributable to non-controlling	Attributable to shareholders	Attributable to shareholders
	Total	interests	(EPRA NDV)	(EPRA NDV)
IFRS equity	31 671	-1 978	29 693	31 263
Approved, not paid dividend	0	0	0	0
Revaluation of investments made in JVs	268	0	268	426
Net Asset Value (NAV) at fair value	31 939	-1 978	29 961	31 689
Fair value adjustment fixed interest rate debt, net of tax	1 089	0	1 089	-5
Goodwill as a result of deferred tax	0	0	0	-55
EPRA Net Disposal Value (NDV)	33 029	-1 978	31 050	31 629
Outstanding shares at period end (million)			182.1	182.1
EPRA NDV per share (NOK)			170	174

C. EPRA NET INTIAL YIELD

EPRA Net Initial Yield (NIY) measures the annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchasers' costs.

EPRA "topped-up" NIY incorporates an adjustment to the EPRA NIY in respect of the expiration of rent-free periods (or other unexpired lease incentives such as discounted rent periods and step rents).

All amounts in NOK million	Oslo	Bergen	Trondheim	Sandvika	Drammen	Stavanger	Total
Investment property - wholly owned	55 969	3 774	6 704	4 665	285	1 620	73 017
Investment property - share of JVs	0	3 249	0	0	2 306	0	5 555
Total property portfolio	55 969	7 023	6 704	4 665	2 591	1 620	78 571
Less projects, land and developments	-3 286	-92	-1 113	-53	0	-53	-4 597
Completed management portfolio	52 683	6 931	5 591	4 612	2 591	1 567	73 974
Allowance for estimated purchasers' cost	76	11	17	12	5	3	123
Gross up completed management portfolio valuation	52 759	6 942	5 608	4 624	2 595	1 570	74 098
12 months rolling rent	2 270	249	322	264	91	94	3 290
Estimated ownership cost	156	23	21	14	6	9	229
Annualised net rents	2 114	226	301	250	84	86	3 061
Add: Notional rent expiration of rent-free periods or other lease incentives	0	0	0	0	0	0	0
Topped up net annualised net rents	2 114	226	301	250	84	86	3 061
EPRA NIY	4.01%	3.26%	5.37%	5.40%	3.25%	5.45%	4.13%
EPRA "topped-up" NIY	4.01%	3.26%	5.37%	5.40%	3.25%	5.45%	4.13%

D. EPRA VACANCY RATE

Estimated Market Rental Value (ERV) of vacant space divided by the ERV of the whole portfolio. All figures are adjusted for actual share of ownership of each property.

All amounts in NOK million	Oslo	Bergen	Trondheim	Sandvika	Drammen	Stavanger	Total
Market rent vacant areas	94	12	9	4	3	1	123
Total market rent	2 422	287	301	244	84	101	3 440
EPRA vacancy rate	3.9%	4.1%	2.9%	1.7%	4.1%	0.6%	3.6%

E. EPRA COST RATIO

Administrative & operating costs (including & excluding costs of direct vacancy) divided by gross rental income.

All amounts in NOK million	Q4-22	Q4-21	2022	2021
Operating costs	-74	-62	-263	-234
Administrative costs	-57	-71	-210	-210
Less: Ground rent cost	4	2	15	8
EPRA cost (including direct vacancy cost)	-127	-132	-459	-437
Direct vacancy cost	12	13	50	44
EPRA cost (excluding direct vacancy cost)	-115	-119	-409	-393
Gross rental income less ground rent	806	677	3 158	2 508
Total gross rental income less ground rent	806	677	3 158	2 508
EPRA cost ratio (including direct vacancy cost)	15.7%	19.5%	14.5%	17.4%
EPRA cost ratio (excluding direct vacancy cost)	14.3%	17.6%	13.0%	15.7%

F. EPRA LTV

Loan-to-Value (LTV) is an expression of the gearing of a company. In the BPR guidelines released in March 2022, EPRA introduced guidance on recommended LTV disclosure called EPRA LTV. The main overarching concepts in EPRA LTV are: (1) any capital which is not equity (i.e. which value accrues to the shareholders of the company) is considered as debt irrespective of its IFRS classification, (2) assets are included at fair value, net debt at nominal value, and (3) the EPRA LTV is calculated based on proportional consolidation (i.e. include the Group's share in the net debt and net assets of joint ventures and material associates). Entra has included its share of net debt and net assets in all joint ventures. In the periods disclosed below, Entra has no material associated companies.

All amounts in NOK million except ratio	31.12.2022	Proportionate consolidation		31.12.2022	31.12.20213)
	Group as	Share of joint	Non-contr.	Combined	Combined
	reported	ventures	interests	EPRA LTV	EPRA LTV
Bond loans	18 704	0	0	18 704	19 886
Bank loans	20 919	671	-261	21 329	4 978
Commercial papers	950	0	0	950	1 400
Net payables1)	566	219	-9	777	1 025
Cash and bank deposits	-226	-37	15	-248	-325
Net debt	40 914	853	-255	41 512	26 965
Investment properties	77 404	152	-2 547	75 009	64 045
Properties held for sale2)	1 702	1 994	0	3 695	2 326
Other financial assets (equity instruments)	344	0	0	344	32
Total property value	79 449	2 146	-2 547	79 048	66 404
EPRA LTV (Net debt/Total property value)	51.5 %			52.5 %	40.6 %

1) Net payables include trade payables, other current and non-current liabilities, trade receivables, and other receivables and other assets, excluding financial assets

2) Properties held for sale include investment properties held for sale and inventory properties, i.e. properties classified as inventories as they are held with the intent to be sold in the future 3) Net payables as of 31.12.21 is updated to include other non-current liabilities and long-term receivables and other assets, excluding equity instruments, in accordance with updated guidance from EPRA issued in Q3-22. Combined Net payables as of 31.12.21 is consequently increased from 451 million to 1,025 million, increasing the combined EPRA LTV from 39.7 per cent to 40.6 per cent

DEFINITIONS

12 months rolling rent	- The contractual rent of the management properties of the Group for the next 12 months as of a certain date, adjusted for (i) signed new contracts and contracts expiring during such period, (ii) contract based CPI adjustments based on Independent
Capital expenditure	Appraisers' CPI estimates and (iii) the Independent Appraisers' estimates of letting of current and future vacant areas. - Property related capital expenditure, split into four components: (i) Acquisition, (ii) Development, (iii) Like-for-like portfolio and (iv) Other. The components Development and Like-for-like portfolio combined ties to the line item Investment in the property portfolio in the investment properties rollforward, while the two other categories ties to separate line items in the rollforward.
Back-stop of short-term interest	- Unutilised credit facilities divided by short-term interest bearing debt.
bearing debt
Cash Earnings	- Net income from property management less tax payable. Cash Earnings per share is calculated as Cash Earnings divided by the average outstanding shares for the period.
Contractual rent	- Annual cash rental income being received as of relevant date
Effective Leverage	Total interest bearing liabilities, including debt, lease liabilities, pension liabilities and seller's credits, divided by total assets -
EPRA LTV ("Loan-to-value")	- Net debt divided by total property value. Property values are included at fair value, net debt at nominal value. EPRA LTV is calculated based on proportional consolidation for partly-owned subsidiaries, associates and JVs.
EPRA NDV – Net Disposal Value	- EPRA NDV is a NAV metric reflecting the IFRS equity including the full extent of the deferred tax liability as per the balance sheet, including fair value of fixed interest rate debt and excluding goodwill as a result of deferred tax.
EPRA NRV – Net Reinstatement Value	- EPRA NRV is a NAV metric reflecting the IFRS equity excluding (i) deferred tax liability as per the balance sheet in respect of properties and financial instruments, (ii) fair value of financial instruments and (iii) goodwill as a result of deferred tax.
EPRA NTA – Net Tangible Assets	- EPRA NTA is a NAV metric reflecting the IFRS equity including only the estimated real tax liability, and excluding (i) fair value of financial instruments, and (ii) goodwill and intangible assets as per the balance sheet.
Gross yield	12 months rolling rent divided by the market value of the management portfolio -
Interest Coverage Ratio ("ICR")	- Net income from property management excluding depreciation and amortisation for the Group (i.e. the Group's EBITDA – Earnings Before Interest, Taxes, Depreciation and Amortization), divided by net interest on interest bearing nominal debt and commitment fees related to investment activities. ICR is presented for last four quarters in line with Entra's financial covenants.
Independent Appraisers	- Newsec and Cushman & Wakefield Realkapital
Land and dev. properties	- Property / plots of land with planning permission for development
Like-for-like	- The percentage change in rental income from one period to another given the same income generating property portfolio in the portfolio. The figure is thus adjusted for acquisition and divestments of properties and active projects
Management properties	- Properties that are actively managed by the company
Market rent	- The annualised market rent of the management properties, fully let as of the relevant date, expressed as the average of market rents estimated by the Independent Appraisers
Market value of the property portfolio	- The market value of all properties owned by the parent company and subsidiaries. The figure does not include Inventory properties.
Net Asset Value ("NAV")	- Net Asset Value the total equity that the company manages for its owners. Entra presents NAV calculations in line with EPRA recommendation, where the difference mainly is explained by the expected turnover of the property portfolio.
Net income from property management	- Net income from property management is calculated as Net Income less value changes, tax effects and other income and other costs from residential development in associates and JVs
Net letting	- Net letting is calculated as the annualised rent of new lease contracts plus lease-up on renegotiated contracts less terminated contracts
Net nominal interest bearing debt	- Nominal interest bearing debt less cash and bank deposits
Net rent	- 12 months rolling rent less the Independent Appraisers' estimate of ownership costs of the management properties of the Group
Net yield	- Net rent divided by the market value of the management properties of the Group
Newbuild	- A new building on bare land
Occupancy	- Estimated market rent of occupied space of the management properties, divided by the market rent of the total space of the management portfolio.
Outstanding shares	- The number of shares registered less the company's own repurchased shares at a given point in time. EPRA Earnings and Cash Earnings per share amounts are calculated using the weighted average number of ordinary shares outstanding during the period. All other per share amounts are calculated using the number of ordinary shares outstanding at period end.
Period-on-period	- Comparison between one period and the equivalent period the previous year
Property portfolio	- Properties owned by the parent company and subsidiaries, regardless of their classification for accounting purposes. Does not include the market value of properties in associates and jointly controlled entities
Project properties	- Properties where it has been decided to start construction of a new building and/or renovation
Redevelopment	- Extensive projects such as full knock-down and rebuild, and projects where external walls are being materially impacted (e.g. taking a building back to its core or changing brick facades to glass).
Refurbishment	- Projects extensively impacting an existing building, but not knocking it down or materially affecting external walls
Total area	- Total area including the area of management properties, project properties and land / development properties
Total net nominal interest bearing debt	- Net nominal interest bearing debt and other interest bearing liabilities, including seller's credits and lease liabilities for land and parking lots in connection with the property portfolio
WAULT	- Weighted Average Unexpired Lease Term measured as the remaining contractual rent amounts of the current lease contracts of the management properties of the Group, including areas that have been re-let and signed new contracts, adjusted for termination rights and excluding any renewal options, divided by Contractual rent, including renewed and signed new contracts.

Entra fourth quarter 2022 34

Contact info

Sonja Horn CEO Phone: + 47 905 68 456 sh@entra.no

Anders Olstad CFO Phone: + 47 900 22 559 ao@entra.no

Tone K. Omsted Head of IR Phone: + 47 982 28 510 tom@entra.no

Entra ASA Post box 52 Økern 0508 Oslo, Norway Phone: + 47 21 60 51 00 post@entra.no

Financial calendar

First quarter 2023	25.04.2023
Second quarter 2023	14.07.2023
Third quarter 2023	18.10.2023
Fourth quarter 2023	09.02.2024

Head office Biskop Gunnerus' gate 14 A 0185 Oslo, Norway

Postal address Post box 52 Økern 0508 Oslo, Norway

Phone: +47 21 60 51 00 post@entra.no

Customer service centre Phone: +47 800 36 872 service@entra.no

www.entra.no