Public Property Invest

Earnings Release • Feb 13, 2025

Q4/FY 2024: Strong growth in rental income and results, proposing quarterly dividends

Q4/FY 2024: Strong growth in rental income and results, proposing quarterly dividends

Rental income was up by 26 % to 177 million in the fourth quarter of 2024

compared to 141 million in the fourth quarter last year, and by 15 % to 662

million (575 million) in 2024. Net operating income was 161 million (110

million) in the quarter and 598 million (501 million) in 2024. Net income from

property management was 61 million (36 million) in the quarter and 270 million

(223 million) in 2024, and profit (loss) before tax came in at 246 million

(-374 million) in the quarter and 73 million (-969 million) for the year

PPI renewed leases for 13,713 sqm in the quarter and as of 31.12.2024 the

portfolio occupancy was 97 %. As of the same date, PPI owned 72 properties

with a total value of NOK 10.8 billion, an average lease term of 5.1 years

(WAULT) and an average net yield of 6.5 %. The value of PPI's investment

properties increased by NOK 220 million in the fourth quarter (+2.1 %) and

EPRA NRV per share increased from 26.2 to 27.2.

During the fourth quarter PPI obtained a BBB Investment Grade rating,

established a EUR 2 billion EMTN program, issued a EUR 300 million bond and

refinanced a substantial part of its outstanding bank loan. As a result, the

average interest rate of the debt portfolio decreased from 6.04 % to 5.18 % as

of end of Q3 vs Q4 2024. PPI has a solid balance sheet with a loan to value

ratio of 42.6 % and a Net debt/Run rate EBITDA multiple of 8.0 as of

31.12.2024.

During the fourth quarter PPI closed acquisitions of the properties Jærveien

33 in Sandnes, Rigedalen 5 in Kristiansand, Strandgaten 229 in Bergen and a

pre-school portfolio of eight properties. In total, these properties have

added around 26,500 sqm to the portfolio and NOK 58.5 million in annual rental

income.

As a result of the above, PPI's Run rate Net Income from Property Managment

per share increased by 10 % from the third to the fourth quarter, to 1.59 per

share as of 31.12.2024

In line with the communicated dividend strategy, the Board of PPI will propose

to the AGM to distribute a dividend of a total of NOK 0.5 per share for 2024.

The dividend will be split in quarterly installments of which NOK 0.10 per

share is proposed to be paid out in July and October 2025 and NOK 0.15 is

proposed to be paid out in January and April 2026.

The Board has furthermore decided to initiate process for a secondary listing

of PPI's shares on Nasdaq Stockholm, with an aim to list the shares by the end

of the second quarter 2025.

Management will present the results in a webcast, followed by a Q&A session

today at 10:00 CET. The webcast may be followed from:

https://publicproperty.no/en/investor-relation.

Questions may be submitted by sending an email to IR@publicproperty.no.

Contacts

André Gaden

CEO

andre@publicproperty.no

+47 93037322

Ylva Gøransson

CFO

ylva@publicproperty.no

+47 93024082

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 17. The information was submitted for publication at

2025-02-13 07:00 CET.