Earnings Release • Apr 23, 2024
Earnings Release
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23.4.2024 07:00:00 CEST | Entra ASA | Additional regulated information required to be disclosed under the laws of a member state
Oslo, 23 April 2024 – Rental income was up by one per cent to 878 million in Q1 2024 compared to 872 million in Q1 2023. Adjusted for divestments and one-offs the underlying rental income growth was 6.5 per cent. Net income from property management was negatively impacted by higher financing costs and came in at 325 million (391 million) in the quarter. Net value changes were -1 627 million (-451 million) in the quarter, predominantly because of a further 10 bp adjustment of the external appraiser's discount rates. As a result, loss before tax was -1 313 million (-70 million) in the quarter.
The activity in the letting market continue to be strong and Entra signed new and renegotiated leases with annual rent totaling 162 million (52 200 sqm) in the quarter. The market is characterised by low newbuild activity and limited supply side, particularly for large lease contracts. As of 31.03.24, the portfolio occupancy was 95.3 per cent (96.0 per cent) and the average unexpired lease term of contracts was 6.4 (6.3) years.
During the quarter, Entra signed the agreement to sell the Trondheim portfolio for 6.45 billion. The transaction will close in Q2 2024.
| (NOK million) | Q1-24* | Q1-23 | 2023 |
|---|---|---|---|
| Rental income | 878 | 872 | 3 418 |
| Net operating income | 799 | 798 | 3 136 |
| Net income from property management | 325 | 391 | 1 356 |
| Net value changes | -1 627 | -451 | -8 152 |
| Profit/loss before tax | -1 313 | -70 | -6 868 |
| Cash Earnings per share | 1.77 | 2.13 | 7.37 |
| EPRA NRV per share | 158 | 207 | 167 |
| EPRA NTA per share | 157 | 204 | 165 |
* Including continuing and discontinued operations
Entra ASA will present its financial and operating results today at 08:30 CET through a live webcast. The webcast can be followed from: https://entra.no/investor-relations. The presentation as well as the full quarterly report is available on the company's website.
Entra's newly appointed CFO, Ole Anton Gulsvik, will join the company on 1 August 2024. From today and until that day Knut Sørngård, Head of Group Accounting, will serve as Interim CFO.
Oslo, 23 April 2023
Entra ASA
For further queries please contact: Sonja Horn, CEO, tel: +47 905 68 456, email: [email protected] or Knut Sørngård,Interim CFO, tel + 47 909 74 579, email: [email protected]
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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