Entra

Earnings Release • Oct 30, 2014

Entra ASA: Third quarter 2014 - Significant rental growth and positive value changes

Entra ASA: Third quarter 2014 - Significant rental growth and positive value changes

Rental income increased to NOK 425 million against NOK 375 million in the same

quarter last year. Net income from property management was NOK 344 million

compared to NOK 286 million in the third quarter of 2013. Positive value changes

in the property portfolio amounted to NOK 354 million (NOK -102 millon). Profit

before tax was NOK 520 million (NOK 107 million), while profit after tax was NOK

368 million (NOK 79 million) in the quarter.

Highlights:

* Rental income of 425 NOKm  (+ 13 % on Q3 2013)

* Net income from property management of 344 NOKm (+ 20 % on Q3 2013)

* Positive value changes of 354 NOKm (-102 NOKm)

* Net letting of 29 NOKm (~ 14,200 sqm)

* Two new projects started

* Successful IPO

"We are pleased to have achieved 13 % growth in rental income and 20 % growth in

net income from property management", says Klaus-Anders Nysteen, CEO in Entra.

The increase has been driven by completion of several development projects, net

property acquisitions and an underlying  like-for-like growth of 2.7 %.

"I am proud that we have delivered on our profitable growth strategy, at the

same time as the privatisation process has taken place. We are pleased with the

successful outcome of the IPO and I will use this opportunity to welcome close

to 6,700 new shareholders in the company," adds Klaus-Anders Nysteen

Letting

Entra signed new and renegotiated leases with an annual rent totalling NOK 30

million (15,063 square metres) and received notices of termination on leases

with an annual rent of NOK 2 million (852 square metres). The increase in rent

on the renegotiated contracts was on average 14 %.

Project development

Entra has started new projects both in Sundtkvartalet in Oslo and at Hinna Park

in Stavanger during the quarter. In Sundtkvartalet, a new flexible multi-tenant

office building of approximately 31,000 square metres is currently under

construction. The project is a 50/50 joint-venture with Skanska. At Hinna Park

the construction of Gullfaks, a 17,400 square metre office building has started.

Both projects have high ambitions in terms of environmental standards and are

aiming for BREEAM Excellent classifications.

The new "Knowledge centre" at Otto Sverdrups plass 4 in Sandvika was opened in

August, representing an important urban development project with a high

environmental standard.  The new school building at Kongsgård Alle 20 in

Kristiansand was also finalised in the quarter.

Link to presentation webcast:

http://embed.smartcomtv.no/35ECEF3D-911B-4051-9C7A-80A2D5D68543

For further information, please contact:

Klaus-Anders Nysteen, CEO. Mobile: + 47 992 65 691, Mail: kan@entra.no

Arve Regland, CFO. Mobile: +47 479 07 700, Mail: ar@entra.no

About Entra

Entra is a leading owner, manager and developer of office properties in Norway.

Entra owns and manages 108 buildings totalling approximately 1.3 million square

metres, primarily located in Oslo and the surrounding region, Bergen, Stavanger

and Trondheim. As of 30 September 2014, the market value of the property

portfolio was approximately NOK 28 billion.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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