Entra

Quarterly Report • Jul 13, 2022

Central, flexible and environment friendly office properties

Highlights

• Rental income of 783 million (602 million)
• Net income from property management of 445 million (370 million)
• Net value changes of -857 million (756 million)
• Profit before tax of -413 million (1,126 million)
• Strong letting activity, gross letting of 53,900 sqm

Rental income

+181 mill.

Property management

+75 mill.

EPRA NRV

+16 %

EPRA NRV

Entra second quarter 2022 2

Key figures

All amounts in NOK million	Q2-22	Q2-21	YTD Q2-22	YTD Q2-21	2021	2020	2019
Rental income	783	602	1 564	1 193	2 508	2 353	2 338
Change period-on-period	30 %	3 %	31 %	2 %	7 %	1 %	4 %
Net operating income	723	539	1 440	1 079	2 274	2 142	2 149
Change period-on-period	34 %	3 %	34 %	1 %	6 %	0 %	4 %
Net income from property management1)	445	370	877	740	1 534	1 451	1 471
Change period-on-period	20 %	6 %	19 %	5 %	6 %	-1 %	3 %
Net value changes1)	-857	756	2 288	1 637	5 264	5 705	1 955
Change period-on-period	-213 %	28 %	40 %	545 %	-8 %	192 %	32 %
Profit before tax	-413	1 126	3 170	2 417	6 825	7 274	3 735
Change period-on-period	-137 %	20 %	31 %	142 %	-6 %	95 %	22 %
Profit after tax	-327	877	2 488	1 900	5 373	5 696	3 225
Change period-on-period	-137 %	20 %	31 %	143 %	-6 %	77 %	18 %
Market value of the property portfolio1)	82 229	62 568	82 229	62 568	67 547	56 746	48 964
Net nominal interest bearing debt1)	40 172	25 106	40 172	25 106	26 594	20 930	19 585
EPRA LTV1) 2)	49.1 %	40.4 %	49.1 %	40.4 %	39.7 %	37.0 %	40.2 %
Interest coverage ratio1)	2.7	3.5	2.8	3.5	3.5	3.4	3.3
Average outstanding shares (million)	182.1	182.1	182.1	182.1	182.1	182.1	182.4
All amounts in NOK per share	Q2-22	Q2-21	YTD Q2-22	YTD Q2-21	2021	2020	2019
EPRA NRV1)	230	198	230	198	218	189	154
Change period-on-period	16 %	25 %	16%	25 %	15%	23 %	7 %
EPRA NTA1)	227	196	227	196	216	187	153
Change period-on-period	16 %	25 %	16%	25 %	15%	23 %	8 %
EPRA Earnings1)	1.80	1.46	3.55	2.92	6.07	5.73	5.81
Change period-on-period	24 %	6 %	22 %	-1 %	6 %	-1 %	4 %
Cash Earnings1)	2.33	2.01	4.68	4.02	8.32	7.83	8.01
Change period-on-period	16 %	7 %	16 %	5 %	6 %	-2 %	3 %
Dividend3)		2.50		2.50	5.10	4.90	4.70
Change period-on-period		4 %		4 %	4 %	4 %	4 %

Reference

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

2) From Q1-22, Entra has presented EPRA LTV as its Loan-to-Value key figure, replacing the previous Loan-to-Value measured by effective leverage. Refer to page 34 for further information on EPRA LTV.

3) Entra pays semi-annual dividends. Dividend for 2020 of 5.10 per share constitute dividend of 2.50 for the first half 2021 and dividend of 2.60 for the second half of 2021. Entra will resolve and communicate dividend for the first half of 2022 in October 2022.

Financial development

Results

Rental income

Rental income was up 30 per cent from 602 million in Q2 2021 to 783 million in Q2 2022, and 31 per cent from 1,193 to 1,564 for the first six months of 2022. The changes in rental income are explained by the factors in the income bridge below.

All amounts in NOK million	Q2-21 Q2-22	YTD Q2-21 YTD Q2-22
Rental income previous period	602	1 193
Finalised development projects	49	87
Vacated properties for redevelopment	-5	-7
Acquisitions	139	282
Divestments	-23	-33
CPI growth	28	56
Like-for-like growth above CPI	-6	-8
Other	-2	-6
Rental income	783	1 564

The acquisition of the Oslo Areal portfolio contributed with 109 million in the quarter compared to the same quarter last year. Combined with the acquisitions of Møllendalsveien 1A and Lars Hilles gate 19 in Bergen, and Fyrstikkalléen 1 and Universitetsgata 11 (Hotel Savoy) in Oslo, acquisitions contributed with rental income of 139 million compared to the same quarter last year. In the same period the divestment of Borkenveien 1-3 in Sandvika and the Hinna Park portfolio in Stavanger reduced rental income in the quarter by 23 million.

Net contribution from development projects was 49 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, Grønland 32 and the first part of Møllendalsveien 6-8, contributing a total of 49 million on rental income compared to the same quarter last year. However, Brattørkaia 13B in Trondheim and Vahls gate 1-3 in Oslo have been vacated in the same period for redevelopment and has thus reduced the rental income by 5 million in the quarter.

Compared to last year, rental income has been positively affected by an underlying like-for-like growth of 3.9 per cent (22 million) for the quarter, and 4.4 per cent (49 million) for the first six months. The underlying CPI adjustment was 5.1 per cent (28 million). Near all of Entra's lease contracts are 100 per cent linked to positive changes in CPI. The annual adjustment is mostly made on a November to November basis.

Other effects in the quarter stems from an administrative fee 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 of 2 milllon in Q2 2022.

Average 12 months rolling rent per square meter was 2,274 (2,151) as of 30.06.22. 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 40 basis points to 97.0 per cent. The market rental income of vacant space as of 30.06.22 was approximately 100 million on an annualised basis.

RENT (12M ROLLING) PER SQM AND OCCUPANCY RATE

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 estimated CPI adjustments. CPI adjustment with effect for 2023 is estimated to 4.0 per cent. The graph does not reflect any letting targets on the vacant areas in the portfolio or on contracts that will expire, but 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.

Operating costs

Total operating costs amounted to 60 million (63 million) in the quarter and 124 million (114 million) in the first six months of 2022, and is split as follows:

All amounts in NOK million	Q2-22	Q2-21	YTD Q2-22	YTD Q2-21
Maintenance	5	7	10	15
Tax, leasehold, insurance	18	16	35	30
Letting and prop. adm.	21	26	46	43
Direct property costs	16	13	32	26
Operating costs	60	63	124	114

The acquisition of the Oslo Areal portfolio in January 2022 accounted for an increase of 8 million, of which 4 million is classified as letting and property administration expenses. Year to date, the acquisition of the Oslo Areal portfolio accounted for an increase of 15 million, of which 7 million is classified as letting and property administration expenses.

Net operating income

As a consequence of the effects explained above, net operating income came in at 723 million (539 million) in the quarter and 1,440 million (1,079 million) for the first six months of 2022.

Other revenues and other costs

Other revenues were 26 million (21 million) in the quarter and 47 million (37 million) for the first six months of 2022, while other costs were 22 million (17 million) in the quarter and 41 million (26 million) for the first six months of 2022. 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 is expected to be zoned for residential development and subsequently sold to a third party at a predetermined price).

Administrative costs

Administrative costs amounted to 44 million (47 million) in the quarter and 109 million (96 million) for the first six months of

1. The increase for the first six months is mainly driven by one-off effects due to the acquisition of Oslo Areal incurred in the first quarter.

Share of profit from associates and JVs

All amounts in NOK million	Q2-22	Q2-21	YTD Q2-22	YTD Q2-21
Income from property management	-1	2	-8	1
Other income and costs	-6	0	-8	40
Changes in market value	-1	0	5	0
Gain on sale of JV	6	0	6	0
Tax	1	0	1	0
Share of profit from associates and JVs	-2	1	-3	41

Share of profit from associates and JVs in the quarter is negative in the quarter, mainly due to negative result in OSU due to no deliveries of residential apartments and commercial assets in the quarter, 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	Q2-22	Q2-21	YTD Q2-22	YTD Q2-21
Interest and other finance income	3	2	5	3
Interest and other finance expense	-240	-130	-457	-257
Net realised financials	-238	-128	-452	-255

Net realised financials have increased in the second quarter and first half of 2022 due to higher interest-bearing debt and higher average Nibor interest rates on floating rate debt. The increase in interest-bearing debt is mainly driven by the acquisition of the Oslo Areal portfolio in January 2022.

Net income and net income from property management

Net income came in at 444 million (370 million) in the quarter and 882 million (780 million) for the first six months of 2022. Net income from property management was 445 million (370 million) in the quarter and 877 million (740 million) in the first half of 2022. This represents an increase of 20 per cent from the second quarter in 2021 and 19 per cent from the first six months of 2021. 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 -857 million (756 million) in the quarter, and 2,288 million (1,637 million) for the first six months of 2022.

The quarterly valuation of the property portfolio by the two external appraisers, resulted in net negative value changes of 1,040 million (724 million) in the quarter. Yield effects, primarily driven by the appraisers' adjustments of required rate of return, accounted for a reduction of 982 million, although not yet evidenced in the transaction market. In addition, other effects such as increased CAPEX expectations at contract expiration accounted for a reduction of 200 million. These negative effects are partly offset by 56 million attributable to increased market rent expectations mainly in Oslo, 49 million related to projects, mainly explained by reduced risk as each project is moving towards completion in combination with improved market conditions, and 37 million as a net result of new and terminated contracts in the quarter.

Changes in value of financial instruments were 183 million (33 million) in the quarter, mainly explained by higher longterm interest rates.

Tax

Tax payable amounted to 21 million (4 million) in the second quarter and 25 million (7 million) in the first half of 2022. 18 million of the tax payable in the second quarter is related to a one-off reassessment of a tax statement for 2019, which cannot be offset by tax loss carry forward accrued in 2021 and 2022. The remaining tax payable is related to the partly owned entity Papirbredden in Drammen. The change in deferred tax was 107 million (-245 million) in the quarter and -658 million (- 510 million) in the first half of 2022.

Profit

Profit before tax was -413 million (1,126 million) in the quarter and 3,170 million (2,417 million) for the first six months of 2022. Profit after tax was -327 million (877 million) in the quarter and 2,488 million (1,900 million) year to date 2022, which also equals the comprehensive income for the period.

EPRA Earnings

EPRA Earnings amounted to 327 million (265 million) in the quarter.

Balance sheet

The Group's assets amounted to 85,703 million (64,828 million) as of 30.06.22. Of this, investment properties amounted to 82,294 million (62,682 million), an increase from 67,568 million as of 31.12.21 mainly driven by the acquisition of Oslo Areal, which was recognised as an asset acquisition.

Investments in associates and JVs were 904 million (565 million) at the end of the quarter, an increase of 32 million from 31.12.21 as the acquisition of a JV included in the Oslo Areal portfolio was partly offset by the distribution of dividends from OSU.

Long-term receivables and other assets increased to 670 million (280 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 half of 2022.

Inventory properties of 474 million (465 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.

Interest bearing debt were 40,008 million (25,143 million) as of 30.06.22, of which 20,636 million were bank financing, 18,422 million were bonds outstanding and 950 million were commercial papers.

Book equity totalled 35,225 million (30,608 million) at 30.06.22. EPRA NRV per share was 230 (198) and EPRA NTA 227 (196).

Cash flow statement

Net cash flows from operating activities came in at 315 million (235 million) in the quarter and 779 million (615 million) for the first six months of 2022. The increase year to date is mainly driven by acquisitions which has led to increased net income from property management.

The net cash flows from investment activities were -702 million (-3,792 million) in the quarter and -13,840 million (-4,293 million) for the first six months of 2022. The cash effect from investment in and upgrades of investment properties was -754 million (-547 million) in the second quarter and -1,522 million (939 million) in the first half of 2022. Year to date, the purchase of investment properties of -13,464 million and investments in associates and JVs of -154 million is related to the acquisition of the Oslo Areal portfolio in the first quarter. Proceeds from property transactions of 1,215 million (41 million) year to date is related to the divestment of Hinna Park Eiendom in the first quarter and Borkenveien 1-3 in the second quarter.

Net cash flows from financing acitivites were 366 million (3,438 million) in the quarter and 12,900 million (3,566 million) year to date 2022. During the quarter, Entra had a net increase in bank financing of 2,364 million and a decrease in bond and commercial paper financing of 1,182 million and 300 million, respectively. During the first six months of 2022, Entra had a net increase in bank financing of 15,048 million and a decrease in bond and commercial paper financing of 1,182 million and 450 million, respectively. In addition, the Group paid dividend of 474 million (455 million) to the shareholders of Entra ASA in the second quarter.

The net change in cash and cash equivalents was -21 million (-119 million) in the quarter and -161 million (-113 million) for the first six months of 2022.

Financing

During the second quarter, Entra's nominal interest bearing debt increased by 882 million to 40,319 million. The increase in interest bearing debt was mainly due to project investments and dividend payment. The change in interest bearing debt came from a net increase in bank financing of 2,364 million and a decrease in bond and commercial paper financing of 1,182 million and 300 million, respectively.

In the quarter, Entra extended a bank credit facility of 2,500 million with twelve months to a new maturity of 12.07.2024. Further, Entra issued commercial paper loans of 600 million.

As of 30.06.22, net nominal interest bearing debt after deduction of liquid assets of 147 million (104 million) was 40,172 million (25,106 million).

The average remaining term for the Group's debt portfolio was 4.2 years at 30.06.22 (5.0 years as of 30.06.21 and 4.5 years as of 31.03.22). 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 30.06.22, 49 per cent (72 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)	950	0	0	0	0	950	2
Bonds (NOKm)	2 058	1 608	600	1 579	12 859	18 704	46
Bank loans (NOKm)	0	1 716	6 300	7 500	5 149	20 665	51
Total (NOKm)	3 008	3 324	6 900	9 079	18 008	40 319	100
Unutilised credit facilities (NOKm)	0	550	700	0	2 000	3 250
Unutilised credit facilities (%)	0	17	22	0	62	100

Financing policy and status

All amounts in NOK millions	30.06.2022	Finance policy
EPRA LTV (Loan-to-value)	49.1 %	Below 50 per cent over time
Interest coverage ratio (ICR)	2.7	Min. 1.8x
Debt maturities <12 months	7 %	Max 30%
Maturity of hedges <12 months	50 %	Max 60%
Average time to maturity (hedges)	2.8	2-6 years
Back-stop of short-term interest bearing debt	108 %	Min. 100%
Average time to maturity (debt)	4.2	Min. 3 years

1) From 2022, Entra will report EPRA LTV as its LTV. Refer to page 34 for further information on EPRA LTV.

Interest rates and maturity structure

The average nominal interest rate1) of the debt portfolio was 2.49 per cent (2.12 per cent) as at 30.06.22. The change in average interest rate mainly stems from higher market interest rates. The average effective interest rate of the debt portfolio was 2.63 per cent as of 30.06.22, higher than the nominal interest rate due to bond issuances below par value.

As of 30.06.2022, Entra's portfolio of fixed interest rate hedges had a total volume of 22,634 million (14,360 million) and an average term to maturity of 5.0 years (4.3 years). 50 per cent (46 per cent) of the Group's debt financing was hedged at a fixed interest rate as at 30.06.2022 with a weighted average maturity of 2.8 years (2.5 years).

As of 30.06.2022, credit margins for the debt portfolio had an weighted average fixed term of 2.6 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	895	2.14	7 000	2.22	6.4	15 723	1.11
1-2 years	250	3.66	200	1.75	7.0	3 058	0.94
2-3 years	2 900	2.73	1 400	2.51	7.0	600	0.64
3-4 years	3 479	1.90				5 579	0.93
4-5 years	3 410	1.88				5 544	0.79
5-6 years	1 200	1.13				2 000	0.84
6-7 years	0	0.00				1 500	0.84
7-8 years	1 800	2.42				4 000	0.65
8-9 years	100	1.75				1 815	0.91
9-10 years	0	0.00				500	0.85
>10 years	0	0.00				0	0.00
Total	14 034	2.11	8 600	2.26	6.5	40 319	0.94

1) Average reference rate (Nibor) is 1.25 per cent as at the reporting 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 30.06.22, the management portfolio had a market value of 73.6 billion. The occupancy rate was 97.0 per cent (97.4 per cent). The weighted average lease term for the Group's leases was 6.2 years (6.7 years) for the management portfolio and 6.5 years (6.9 years) when the project portfolio is included. For the management portfolio, the public sector represents approximately 57 per cent (60 per cent) of the total rental income. The entire property portfolio consists of 106 properties with a market value of 82.2 billion.

Entra's properties are valued by two external appraisers (Akershus Eiendom/JLL and Newsec) on a quarterly basis. 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 is valued based on the same principles, but with deduction for remaining investments and perceived risk as of valuation date. The development sites are valued based on actually zoned land. 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 decreased from 4.33 per cent to 3.92 per cent. 12 months rolling rent per square meter increased from 2,151 to 2,274, mainly driven by acquisitions and projects that are finalized in Central Oslo.

The market rent per square meter has increased by 10.3 per cent from the second quarter of 2021, from 2,246 to 2,476.

	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	53	823 693	97.0	6.2	53 019	64 368	2 067	2 509	3.66	2 303	2 796
Trondheim	10	152 190	97.1	5.9	5 754	37 806	301	1 981	4.93	290	1 908
Sandvika	10	134 260	98.4	6.3	4 748	35 364	242	1 806	4.85	233	1 734
Bergen	8	115 694	98.2	4.5	5 617	48 550	246	2 129	4.03	297	2 563
Drammen	8	72 237	90.0	9.0	2 864	39 646	129	1 785	4.24	137	1 903
Stavanger	2	54 216	99.5	8.1	1 614	29 771	89	1 643	5.06	88	1 631
Management portfolio	91	1 352 290	97.0	6.2	73 616	54 438	3 075	2 274	3.92	3 349	2 476
Project portfolio	11	150 630		9.5	7 814	51 879
Development sites	4	102 542		0.0	799	7 787
Property portfolio	106	1 605 462		6.5	82 229	51 218

1) See the section "Definitions". The calculation of net yield is based on the appraisers' assumption of ownership costs, which at 30.06.22 is 6.2 per cent of market rent.

Letting activity

During the second quarter, Entra signed new and renegotiated leases with an annual rent totaling 134 million (53,900 sqm), of which 62 million is attributable to the project portfolio. Lease contracts with an annual rent of 35 million (13,600 square meters) were terminated in the quarter. Net letting came in at 64 million (13 million) in the quarter.

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. Please see the project development section for further information regarding project completion.

Significant contracts in the quarter

• New 8-year lease contract with Amedia for 8,550 sqm in Schweigaards gate 15 in Oslo
• New 10-year lease contract with a private tenant for 5,900 sqm in Nedre Vollgate 11 in Oslo
• Renegotiated 5-year lease contract with a Manpower for 4,900 sqm in Lakkegata 51 in Oslo
• Renegotiated 7-year lease contract with SATS for 2,700 sqm in Akersgata 51 / Apotekergata 6 in Oslo
• Renegotiated 18-year lease contract with the Municipality of Bærum for 2,250 sqm in Malmskriverveien 18 in Oslo

MATURITY PROFILE:

Investments and divestments

Entra has invested a total of 709 million (3,807 million) in the portfolio of investment properties in the second quarter, and 14,881 million (4,345 million) in the first six months of 2022. The decomposition of the investments is as follows:

All amounts in NOK million	Q2-22	Q2-21	YTD Q2-22	YTD Q2-21	2021
Acquisitions	16	3 232	13 530	3 369	3 500
Developments	645	434	1 243	758	1 837
- Newbuild projects	169	98	371	138	455
- Redevelopment projects1)	396	245	739	484	1 090
- Refurbishment1)	80	90	133	136	294
Investment properties	36	128	88	194	387
- No incremental lettable space and tenant incentives	29	100	68	154	260
- Other material non-allocated types of expenditure	7	27	20	40	127
Capitalised interest	12	13	19	24	42
Total Capital Expenditure	709	3 807	14 881	4 345	5 766
Conversion from accrual to cash basis	63	-18	411	-31	-149
Total Capital Expenditure on cash basis	772	3 789	15 292	4 314	5 617

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 50 million is presented below.

	Ownership (%)	Location	Expected completion	Project area (sqm)	Occupancy (%)	Estimated total project cost 1) (NOKm)	Of which accrued1) (NOKm)	Yield on cost2) (%)
Redevelopment
St. Olavs plass 5	100	Oslo	Q3-22	16 500	95	1 147	1 071	4.9
Tordenskiolds gate 12	100	Oslo	Q4-22	13 000	92	1 182	984	4.6
Stenersgata 1	100	Oslo	Q2-23	15 800	79	1 316	897	4.3
Schweigaards gate 15	100	Oslo	Q2-23 / Q1-24	22 900	73	1 422	937	4.7
Møllendalsveien 6-8	100	Bergen	Q4-21 / Q4-22	14 200	95	673	590	5.0
Kongens gate 87	100	Trondheim	Q2-23	7 100	22	235	149	5.6
Newbuild
Nygårdsgaten 91-93	100	Bergen	Q4-22	11 900	58	619	502	5.5
Holtermanns veg 1-13 phase 2	100	Trondheim	Q2-23	20 900	29	703	468	5.7
Refurbishment
Vahls gate 1-3	100	Oslo	Q2-23	14 900	100	775	572	4.0
Total				137 200	76 3)	8 072	6 170

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

At St. Olavs plass 5, near Tullinkvartalet in Oslo, Entra is redeveloping a 16,500 sqm office property. The project is scheduled for completion in Q3 2022 with occupancy currently at 95 per cent. The project is planned with a BREEAM-NOR Very Good classification.

In the middle of Oslo's Central Business District, Entra is redeveloping Tordenskiolds gate 12 for completion in Q4 2022. The property is 13,000 sqm and is 92 per cent pre-let. The project aims for a BREEAM-NOR Excellent classification.

Entra is also 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. The project is expected to be completed in Q2 2023 with a BREEAM-NOR Very Good classification.

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 73 per cent pre-let.

Entra is further redeveloping the 14,200 sqm property in Møllendalsveien 6-8 in Bergen. The project is 95 per cent prelet to two public tenants on 10-year contracts. The property is redeveloped in two phases. The first phase was completed in Q4 2021, and the second phase will be completed in Q4 2022. The project aims for a BREEAM-NOR Excellent classification.

Entra is building a new 11,900 sqm office building at Nygårdsgaten 91-93 in Central Bergen. The project is planned for completion in Q4 2022, and the project is 58 per cent prelet. The project aims for a BREEAM-NOR Excellent classification.

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 29 per cent pre-let. Expected completion is in Q2 2023. The project aims for a BREEAM-NOR Excellent classification.

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. The project aims for a BREEAM-In-Use Excellent classification.

In Trondheim, Entra is redeveloping Kongens gate 87 for completion in Q2 2023. The property is 7,100 sqm and is 22 per cent pre-let. The project aims for a BREEAM-In-Use Very Good classification.

Transactions

Entra actively seeks to improve the quality of its property portfolio and focuses on acquisitions of 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. 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.

Transactions 2021–2022

Acquired properties	Area	Transaction quarter	No of sqm	Transaction value (NOKm)	Closing 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 company 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 company Hinna Park Eiendom)	Stavanger	Q2 2021	5 150	92	Q2 2021
Tollbodallmenningen 2A	Bergen	Q1 2021	1 800	40	Q1 2021
Total			129 620	1 516

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 ("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	28	38	66	0	2	33	1	37
Net income	20	33	54	-16	1	-6	2	-18
Net value changes	-126	-35	-161	0	-4	0	0	-4
Profit before tax	-105	-2	-107	-16	-3	-6	2	-22
Tax	23	0	24	3	1	1	0	5
Profit for the period	-82	-1	-84	-12	-2	-5	1	-17
Non-controlling interests	-33	-1	-34
Entra's share of profit 1) / 2)				-6	-1	-2	6	-2
Book value				718	168	0	18	904

1) Recognised as Share of profit from associates and JVs

2) Includes a gain on sale of a JV of 6 million in the column "Other"

Market development

The transaction market for commercial real estate has been active in the first half of 2022, including during the recent months, despite the market volatility caused by geopolitical tension, high inflation and increasing interest rates. Total transaction value for the first half of 2022 has been around 50 billion, compared to the record high level of 160 billion in fullyear 2021. There is currently concern among investors due to high inflation and increasing interest rates. The effects are however still to be evidenced in the transaction market in terms of yields expansion. According to Entra's consensus report, Norwegian market specialists expect prime yields to expand slightly towards pre-pandemic levels whereas the pressure on secondary yields are expected to be stronger. The underlying interest for centrally located office properties particularly with value-add potential remains strong.

The construction volumes in 2022 is expected to be limited due to significant price pressure on energy and raw materials, and hence on construction costs.

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 is expected to be strong also in 2022.

The activity level in the Oslo letting market continue to be very high. According to Entra's Consensus report, the Oslo office vacancy is expected to decrease towards 5.9 per cent as economic activity and employment growth continues. Newbuild volumes for the coming years is limited, particularly in the City Centre of Oslo. Combined with strong underlying CPI growth, there are expectations for solid market rental growth in the years to come.

Bergen has also proven to be robust during the pandemic. Overall office vacancy is currently around eight per cent and seven per cent in the city centre. There is limited supply and solid demand for modern premises in the city centre.

In Trondheim, vacancy in the city centre is around seven per cent and around eight per cent overall. Vacancy is highest in the fringe areas of the city. Rent levels in Central Trondheim have increased by around 10 per cent over the last two years.

Source: Entra Consensus report, Q2 2022

Transaction volume Norway

Market data Oslo

	2019	2020	2021	2022e	2023e	2024e
Vacancy Oslo, incl. Fornebu and Lysaker (%)	5.5	6.8	6.8	5.9	5.9	5.9
Rent per sqm, high standard Oslo office	3 610	3 544	3 600	3 899	4 010	4 085
Prime yield (%)	3.7	3.3	3.3	3.6	3.8	3.8

Source: Entra Consensus report, Q2 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 a number of the operational ESG metrics in 2020 and 2021 are impacted by Covid-19.

	Q2 2022	2021	2020	2019	2018
Resource efficiency in property management portfolio
Energy consumption (kWh/sqm/L12M)	128	131	123	136	145
Change in energy consumption year on year, like for like	0.4%	5.6%	-10.1%	-2.8%	2.9%
Energy consumption – temperature adjusted (kWh/sqm/L12M)	na	123	118	135	142
Fossil free energy in property management portfolio
Share of produced green energy in % of energy consumption	1.4%	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)	2.6	2.5	2.7	3.6	3.7
Waste sorting in % property management	69%	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 portfolio
Certified properties, % of sqm	51%	51%	51%	29%	21%
Certified properties, number of properties	36	28	24	18	12
Certified properties, % of rental income	62%	59%	54%	35%	27%
Certified properties, % of property values	55%	52%	52%	38%	31%
ESG BENCHMARKS
GRESB points / stars awarded (out of 5 possible)		92/5	87/5	84/4	81/4
EPRA Sustainability Benchmark		GOLD	GOLD	GOLD	GOLD
Environment Lighthouse award ("Miljøfyrtårn")		Yes	Yes	Yes	Yes
MSCI ESG Rating		AAA	NA	NA	NA
EU Taxonomy eligible	100%
Share of green financing (green bonds or bank loans)	46%	69%	48%	32%	10%
Social
Number of full-time employees	196	174	186	174	152
Diversity (% women/men)	37/63	37/63	38/62	38/62	30/70
Sick leave (% of total days L12M)	2.7%	2.6%	3.1%	2.6%	4.2%
Injuries with long term absence ongoing projects	2	1	0	0	3
Accidents with lost time ongoing projects (per mill. hrs. L12M)	8.4	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 4 July 2022, Entra had 4,808 shareholders. Norwegian investors held approximately 10 per cent of the share capital. The 10 largest shareholders (of which most are nominee accounts) as registered in VPS on 4 July 2022 were:

Shareholder	% holding
Danske Bank (Nominee)	36.6 %
Castellum AB (publ)	33.3 %
Skandinaviska Enskilda Banken (Nominee)	3.0 %
State Street Bank and Trust (Nominee)	1.6 %
The Bank of New York Mellon (Nominee)	1.3 %
J.P. Morgan (Nominee)	1.2 %
Danske Invest Norske	0.9 %
Verdipapirfondet Alfred Berg Gambak	0.8 %
Folketrygdfondet	0.7 %
State Street Bank and Trust (Nominee)	0.7 %
SUM 10 LARGEST SHAREHOLDERS	80.1 %

Dividends

Entra's dividend policy is to pay out approximately 60 per cent of Cash Earnings in cash dividends on a semi-annual basis during the second and fourth quarter. The Board will resolve and communicate the dividend for the first half of each year in connection with the financial results for the third quarter the same year. The General Assembly will resolve the dividend for the second half of each year, and thus dividends for the full year, in the Annual General Meeting in the subsequent year.

The Board was on the Annual General Meeting on 22 April 2022 authorised to resolve distributions of semi-annual dividend for the first half year of 2022 based on the company's annual accounts for 2021. The Board will thus resolve and communicate the dividend for the first half of 2022 in October 2022.

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.

Events after the balance sheet date

There have been no significant events after the balance sheet date.

Outlook

The war on Ukraine and the following international sanctions and geopolitical uncertainty has, in addition to the human tragedy, added momentum to already high inflation levels, including elevated construction costs. Central banks, trying to mitigate the inflation, have accelerated the pace in the hikes in key policy rates, and we experience notably higher long-term interest rates compared to only few months ago. Whilst it is difficult to make meaningful assessments of the actual impact on the global economy, higher energy prices have provided further stimulus to an already exceptionally strong Norwegian economy. Economic activity in Norway has picked up quickly following the decline caused by the Covid wave in winter, and employment has continued to rise. 12-month CPI inflation was 6.3 per cent in June and would have been 8.2 per cent without temporary government support to compensate for higher electricity prices. In the most recent monetary policy report, the Central Bank of Norway projects employment growth of 3.3 per cent and CPI inflation of 4.6 per cent in 2022.

Following the Covid pandemic, a shift to hybrid work seems abundantly clear for office and knowledge workers. However, both market data and Entra's experience suggest only marginal impact on demand for office space, primarily driven by three factors. Firstly, high density at the office is uncomfortable, and employees in general want more room around their desks than previously. Secondly, the office of the future must be more inviting to attract talent, and many tenants plan to implement more spacious, lounge-style, open seating plans and meeting rooms that accommodate a mix of in-person and remote participants. Thirdly, many employees want to work from home on Mondays and Fridays. As such, the need to facilitate for simultaneity in the office means that the shift towards hybrid office solutions might only offer meagre opportunities to economize on office space. In short, 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 landlords like Entra.

The demand for offices particularly in Oslo is strong, driven by a combination of positive employee growth and limited supply of new office capacity, the latter following limited start of new office projects during the last two 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.

Long-term interest rates and credit margins have during the recent months moved significantly 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, and is expected to further increase in the next quarters. But Entra's high credit quality and strong and longlasting relationship with its five Nordic partner banks is expected to contribute to competitive access to funding also going forward.

Strong CPI growth, that is 98 per cent implemented into Entra's tenant contracts, and an expected very positive rental market particularly in Oslo in the next year 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, and we experience that the investment market is still active, albeit with increased 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.

With the acquisition of Oslo Areal in January, Entra has strengthened its market position in existing clusters, significantly increased its exposure to Oslo, and enhanced and expanded Entra's attractive project development pipeline for the years to come.

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. Going forward, Entra will optimize and grow its high-quality portfolio and continue to build and progress the development pipeline. Entra will focus on its 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 extensive project pipeline for future growth, has a proven and resilient business profile that is well positioned for the future.

Oslo, 12 July 2022 The Board of Entra ASA

Financial statements

Statement of comprehensive income

All amounts in NOK million	Q2-22	Q2-21	YTD Q2-22	YTD Q2-21	2021
Rental income	783	602	1 564	1 193	2 508
Operating costs	-60	-63	-124	-114	-234
Net operating income	723	539	1 440	1 079	2 274
Other revenues	26	21	47	37	73
Other costs	-22	-17	-41	-26	-43
Administrative costs	-44	-47	-109	-96	-210
Share of profit from associates and JVs	-2	1	-3	41	19
Net realised financials	-238	-128	-452	-255	-551
Net income	444	370	882	780	1 561
- of which net income from property management	445	370	877	740	1 534
Changes in value of investment properties	-1 040	724	1 796	1 505	5 057
Changes in value of financial instruments	183	33	492	132	206
Profit before tax	-413	1 126	3 170	2 417	6 825
Tax payable	-21	-4	-25	-7	-19
Change in deferred tax	107	-245	-658	-510	-1 433
Profit for period/year	-327	877	2 488	1 900	5 373
Actuarial gains and losses	0	0	0	0	-29
Change in deferred tax on comprehensive income	0	0	0	0	6
Total comprehensive income for the period/year	-327	877	2 488	1 900	5 351
Profit attributable to:
Equity holders of the Company	-293	827	2 373	1 802	5 064
Non-controlling interest	-34	50	115	98	309
Total comprehensive income attributable to:
Equity holders of the Company
	-293	827	2 373	1 802	5 042

Balance sheet

All amounts in NOK million	30.06.2022	30.06.2021	31.12.2021
Intangible assets	0	109	109
Investment properties	82 294	62 682	67 568
Other operating assets	15	16	28
Investments in associates and JVs	904	565	872
Financial derivatives	723	274	254
Long-term receivables and other assets	670	280	225
Total non-current assets	84 608	63 926	69 056
Inventory properties	474	465	469
Trade receivables	93	43	77
Other receivables and other current assets	380	290	295
Cash and bank deposits	147	104	309
Total current assets	1 095	902	1 149
Investment properties held for sale	0	0	87
Total assets	85 703	64 828	70 292
Shareholders' equity	33 161	28 478	31 263
Non-controlling interests	2 064	2 129	2 308
Total equity	35 225	30 608	33 571
Interest bearing debt	36 975	22 697	22 788
Deferred tax liability	8 794	7 423	8 307
Financial derivatives	331	485	355
Other non-current liabilities	653	593	650
Total non-current liabilities	46 753	31 199	32 099
Interest bearing debt	3 032	2 446	3 791
Trade payables	361	293	465
Other current liabilities	331	284	367
Total current liabilities	3 724	3 022	4 622
Total liabilities	50 478	34 221	36 722
Total equity and liabilities	85 703	64 828	70 292

Changes in equity

			Other		Non
	Share	Treasury	paid-in	Retained	controlling	Total
All amounts in NOK million	capital	shares	capital	earnings	interests	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				2 373	115	2 488
Dividend				-474	-40	-514
Divestment of subsidiary with non-controlling interests					-318	-318
Net equity effect of LTI & employee share saving schemes		0	0	-1		-1
Equity 30.06.2022	182	0	3 524	29 455	2 064	35 225

Statement of cash flows

All amounts in NOK million	Q2-22	Q2-21	YTD Q2-22	YTD Q2-21	2021
Profit before tax	-413	1 126	3 170	2 417	6 825
Income tax paid	-27	-5	-58	-11	-11
Net expensed interest and fees on loans and leases	240	128	452	255	551
Net interest and fees paid on loans and leases	-243	-250	-390	-357	-603
Share of profit from associates and jointly controlled entities	2	-1	3	-41	-19
Depreciation and amortisation	1	1	2	2	5
Changes in value of investment properties	1 040	-724	-1 796	-1 505	-5 057
Changes in value of financial instruments	-183	-33	-492	-132	-206
Change in working capital	-102	-7	-112	-13	3
Net cash flows from operating activities	315	235	779	615	1 488
Proceeds from property transactions	94	5	1 215	41	42
Acquisition of investment properties	-18	-3 242	-13 464	-3 376	-3 540
Investment in and upgrades of investment properties	-754	-547	-1 522	-939	-2 078
Investment in inventory properties	-1	-2	-4	-4	-7
Acquisition other non-current assets	-1	-3	-4	-6	-13
Net payment financial assets	-33	2	-33	3	70
Net payment of loans to associates and JVs	0	-8	-1	-16	-16
Investments in associates and JVs	11	0	-154	0	-476
Dividends from associates and JVs	0	2	128	2	152
Net cash flows from investment activities	-702	-3 792	-13 840	-4 293	-5 865
Proceeds interest bearing debt	5 960	8 652	20 770	11 382	23 348
Repayment interest bearing debt	-5 078	-4 718	-7 354	-7 318	-17 888
Repayment of lease liabilities	-2	-3	-3	-5	-10
Dividends paid	-474	-455	-474	-455	-911
Dividends paid to non-controlling interests	-40	-38	-40	-38	-70
Net cash flows from financing activities	366	3 438	12 900	3 566	4 469
Change in cash and cash equivalents	-21	-119	-161	-113	92
Cash and cash equivalents at beginning of period	168	223	309	217	217
Cash and cash equivalents at end of period	147	104	147	104	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/digitalisation, 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 Q2–22

	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	53	823 693	97.0	6.2	53 019	64 368	2 067	2 509	3.66	2 303	2 796
Trondheim	10	152 190	97.1	5.9	5 754	37 806	301	1 981	4.93	290	1 908
Sandvika	10	134 260	98.4	6.3	4 748	35 364	242	1 806	4.85	233	1 734
Bergen	8	115 694	98.2	4.5	5 617	48 550	246	2 129	4.03	297	2 563
Drammen	8	72 237	90.0	9.0	2 864	39 646	129	1 785	4.24	137	1 903
Stavanger	2	54 216	99.5	8.1	1 614	29 771	89	1 643	5.06	88	1 631
Management portfolio	91	1 352 290	97.0	6.2	73 616	54 438	3 075	2 274	3.92	3 349	2 476
Project portfolio	11	150 630		9.5	7 814	51 879
Development sites	4	102 542		0.0	799	7 787
Property portfolio	106	1 605 462		6.5	82 229	51 218

1) See the section "Definitions". The calculation of net yield is based on the appraisers' assumption of ownership costs, which at 30.06.22 is 6.2 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	36	595 592	98.1	6.7	34 059	57 186	1 493	2 506	4.07	1 553	2 608
Trondheim	11	158 695	96.4	6.7	5 313	33 478	282	1 779	4.99	283	1 781
Bergen	8	114 931	97.6	5.4	5 319	46 280	236	2 051	4.07	288	2 503
Sandvika	9	98 990	97.5	7.1	3 178	32 107	171	1 730	5.10	155	1 564
Stavanger	7	119 366	91.9	6.0	2 973	24 907	171	1 429	5.21	189	1 579
Drammen	8	69 470	98.4	9.0	2 584	37 193	136	1 959	4.98	131	1 889
Management portfolio	79	1 157 043	97.4	6.7	53 426	46 175	2 489	2 151	4.33	2 598	2 246
Project portfolio	11	182 742		9.4	8 254	45 169
Development sites	5	109 847		0.2	887	8 078
Property portfolio	95	1 449 631		6.9	62 568	43 161

Operating segments Q2–21

NOTE 3 – INVESTMENT PROPERTIES

All amounts in NOK million	Q2-22	Q2-21	YTD Q2-22	YTD Q2-21	2021
Closing balance previous period	82 713	58 149	67 655	56 867	56 867
Acquisition of investment properties	16	3 232	13 530	3 369	3 500
Investment in the property portfolio	681	561	1 331	952	2 224
Capitalised borrowing costs	12	13	19	24	42
Divestment of investment properties	-88	3	-2 038	-35	-35
Changes in value of investment properties	-1 040	724	1 796	1 505	5 057
Closing balance	82 294	62 682	82 294	62 682	67 655
Investment properties held for sale	0	0	0	0	87
Investment properties	82 294	62 682	82 294	62 682	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 8A, Karenslyst allé 8B, Nedre Vollgate 11, Pilestredet 33, Schweigaards gate 6-14, Storgata 51, Sørkedalsveien 6, Tordenskiolds gate 6, Tullins gate 2 in Oslo, and Løkketangen 2-14B and Vestfjordgaten 4 in Sandvika.

Divestment of investment properties is related to the divestments of Borkenveien 1-3 in Sandvika, as the tenant exercised the option to acquire the property, and Hinna Park Eiendom in Stavanger. 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.

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

All amounts in NOK million	Fair value level	30.06.2022	30.06.2021	31.12.2021
Assets measured at fair value:
Assets measured at fair value through profit or loss
- Investment properties	Level 3	82 294	62 682	67 568
- Investment properties held for sale	Level 3	0	0	87
- Derivatives	Level 2	723	274	254
- Equity instruments	Level 3	365	35	32
Total		83 383	62 990	67 941
Liabilities measured at fair value:
Financial liabilities measured at fair value through profit or loss
- Derivatives	Level 2	331	485	355

Total 331 485 355

DECLARATION OF THE BOARD AND CHIEF EXECUTIVE OFFICER

Pursuant to Section 5-6 of the Securities Trading Act, we declare to the best of our knowledge that the half-year financial statements for the period 1 January to 30 June 2022 have been prepared in accordance with IAS 34 – Interim reporting, and that the information in the financial statements gives a true and fair view of the Group's assets, liabilities, financial situation and result as a whole. We also declare, to the best of our knowledge, that the half-year report gives a true and fair presentation of important events during the accounting period and their influence on the half-year financial statements, the most important risk and uncertainty factors that the business faces over the next accounting period, as well as material transactions with connected persons.

Oslo, 12 July 2022

Ottar Ertzeid Hege Toft Karlsen Widar Salbuvik Chair Deputy chair Board member

Camilla AC Tepfers Joacim Sjöberg Erling Nedkvitne Board member Board member Board member

Marit Rasmussen Sonja Horn

Board member Chief executive officer

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
• 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

All amounts in NOK million	Q2-22	Q2-21	YTD Q2-22	YTD Q2-21	2021
Net income	444	370	882	780	1 561
Less:
Net results from residential development in associates and JVs	-6	0	-8	40	0
Value changes in associates and JVs	-1	0	5	0	0
Gain on sale of JV	6	0	6	0	28
Tax from associates and JVs	1	0	1	1	0
Net income from property management	445	370	877	739	1 534
Tax payable	-21	-4	-25	-7	-19
Cash Earnings	424	366	853	732	1 515

NET VALUE CHANGES

All amounts in NOK million	Q2-22	Q2-21	YTD Q2-22	YTD Q2-21	2021
Changes in value of investment properties	-1 040	724	1 796	1 505	5 057
Changes in value of financial instruments	183	33	492	132	206
Net value changes	-857	756	2 288	1 637	5 264

MARKET VALUE OF THE PROPERTY PORTFOLIO

Market value of the property portfolio	82 229	62 568	67 547
Other	-66	-114	-108
Investment properties held for sale	0	0	87
Investment properties	82 294	62 682	67 568
All amounts in NOK million	30.06.2022	30.06.2021	31.12.2021

NET NOMINAL INTEREST BEARING DEBT

Net nominal interest bearing debt	40 172	25 106	26 594
Cash and bank deposits	-147	-104	-309
Nominal value of interest bearing debt	40 319	25 210	26 903
Unamortised borrowing costs	311	67	325
Carrying amount of interest bearing debt	40 008	25 143	26 579
All amounts in NOK million	30.06.2022	30.06.2021	31.12.2021

INTEREST COVERAGE RATIO (ICR)

All amounts in NOK million except ratio	Q2-22	Q2-21	YTD Q2-22	YTD Q2-21	2021
Net income	444	370	882	780	1 561
Depreciation	1	1	2	2	5
Results from associates and joint ventures	2	-1	3	-41	-19
Net realised financials	238	128	452	255	551
EBITDA adjusted	684	498	1 339	995	2 098
Interest cost	231	135	431	265	552
Other finance expense	21	8	46	16	49
Applicable net interest cost	252	143	477	281	600
Interest Coverage Ratio (ICR)	2.7	3.5	2.8	3.5	3.5

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. For further information about EPRA, see www.epra.com.

	Summary table EPRA performance measures	Unit	Q2-22 / 30.06.2022	Q2-21 / 30.06.2021
A	EPRA Earnings per share	NOK	1.80	1.46
B	EPRA NRV per share	NOK	230	198
	EPRA NTA per share	NOK	227	196
	EPRA NDV per share	NOK	191	157
C	EPRA Net Initial Yield (NIY)	%	3.76	4.30
	EPRA, "topped-up" NIY	%	3.76	4.30
D	EPRA Vacancy Rate	%	2.9	2.3
E	EPRA Cost Ratio (including direct vacancy costs)	%	12.8	18.1
	EPRA Cost Ratio (excluding direct vacancy costs)	%	11.1	16.2
F	EPRA LTV	%	49.1	40.4

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 is 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	Q2-22	Q2-22	Q2-22 Non	Q2-22	Q2-21	Q2-21	Q2-21 Non	Q2-21
	IFRS	EPRA	controlling	EPRA	IFRS	EPRA	controlling	EPRA
	reported	adjustments	Interests1)	Earnings	reported	adjustments	Interests1)	Earnings
Rental income	783	0	-30	753	602	0	41	561
Operating costs	-60	0	3	-57	-63	0	-4	-58
Net operating income	723	0	-27	696	539	0	37	503
Other revenues	26	0	0	26	21	0	0	21
Other costs	-22	0	0	-22	-17	0	0	-17
Administrative costs	-44	0	1	-43	-47	0	-2	-46
Share of profit from associates and JVs	-2	1	0	-1	1	1	0	0
Net realised financials	-238	0	2	-236	-128	0	-7	-121
Net income	444	1	-25	420	370	1	28	340
Net value changes	-857	857	0	0	756	756	0	0
Profit before tax/EPRA Earnings before tax	-413	858	-25	420	1 126	758	28	340
Tax payable	-21	0	1	-19	-4	0	-1	-2
Change in deferred tax	107	-185	4	-73	-245	-168	-5	-73
Profit for period/EPRA Earnings	-327	673	-19	327	877	590	22	265
Average outstanding shares (million)				182.1				182.1
EPRA Earnings per share				1.80				1.46

1) Excluding non-controlling interests in relation to EPRA adjustments.

EPRA Earnings – Year to date

All amounts in NOK million	YTD Q2-22	YTD Q2-22	YTD Q2-22 Non	YTD Q2-22	YTD Q2-21	YTD Q2-21	YTD Q2-21 Non	YTD Q2-21
	IFRS	EPRA	controlling	EPRA	IFRS	EPRA	controlling	EPRA
	reported	adjustments	Interests1)	Earnings	reported	adjustments	Interests1)	Earnings
Rental income	1 564	0	-64	1 500	1 193	0	80	1 112
Operating costs	-124	0	5	-118	-114	0	-8	-106
Net operating income	1 440	0	-59	1 381	1 079	0	72	1 007
Other revenue	47	0	0	46	37	0	0	37
Other costs	-41	0	0	-40	-26	0	0	-26
Administrative costs	-109	0	2	-107	-96	0	-4	-92
Share of profit from associates and JVs	-3	-3	0	-6	41	42	0	-1
Net realised financials	-452	0	6	-446	-255	0	-13	-242
Net income	882	-3	-51	828	780	42	56	682
Net value changes	2 288	-2 288	0	0	1 637	1 637	0	0
Profit before tax/EPRA Earnings before tax	3 170	-2 291	-51	828	2 417	1 679	56	682
Tax payable	-25	0	3	-22	-7	0	-3	-5
Change in deferred tax	-658	489	8	-161	-510	-355	-10	-145
Profit for period/EPRA Earnings	2 488	-1 802	-40	646	1 900	1 324	43	532
Average outstanding shares (million)				182.1				182.1
EPRA Earnings per share				3.55				2.92

1) Excluding non-controlling interests in relation to EPRA adjustments.

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	30.06.2022	30.06.2022	30.06.2022	30.06.2021	31.12.2021
		Attributable to	Attributable to	Attributable to	Attributable to
	Total	non-controlling interests	shareholders (EPRA NRV)	shareholders (EPRA NRV)	shareholders (EPRA NRV)
IFRS equity	35 225	-2 064	33 161	28 478	31 263
Revaluation of investments made in JVs	492	0	492	415	426
Net Asset Value (NAV) at fair value	35 716	-2 064	33 652	28 893	31 689
Deferred tax properties and financial instruments	8 945	-399	8 547	7 081	8 053
Net fair value on financial derivatives	-393	-2	-395	200	94
Goodwill as a result of deferred tax	0	0	0	-55	-55
EPRA Net Reinstatement Value (NRV)	44 269	-2 465	41 804	36 120	39 781
Outstanding shares at period end (million)			182.1	182.1	182.1
EPRA NRV per share (NOK)			230	198	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	30.06.2022	30.06.2022	30.06.2022	30.06.2021	31.12.2021
		Attributable to	Attributable to	Attributable to	Attributable to
	Total	non-controlling interests	shareholders (EPRA NTA)	shareholders (EPRA NTA)	shareholders (EPRA NTA)
IFRS equity	35 225	-2 064	33 161	28 478	31 263
Revaluation of investments made in JVs	492	0	492	415	426
Net Asset Value (NAV) at fair value	35 716	-2 064	33 652	28 893	31 689
Reversal deferred tax liability as per balance sheet	8 794	-331	8 463	7 092	7 921
Adjustment estimated real tax liability1)	-323	-46	-369	-391	-301
Net fair value on financial derivatives	-393	-2	-395	200	94
Goodwill as a result of deferred tax	0	0	0	-55	-55
EPRA Net Tangible Assets (NTA)	43 794	-2 444	41 351	35 740	39 349
Outstanding shares at period end (million)			182.1	182.1	182.1
EPRA NTA per share (NOK)			227	196	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	30.06.2022	30.06.2022	30.06.2022	30.06.2021	31.12.2021
		Attributable to non-controlling	Attributable to shareholders	Attributable to shareholders	Attributable to shareholders
	Total	interests	(EPRA NDV)	(EPRA NDV)	(EPRA NDV)
IFRS equity	35 225	-2 064	33 161	28 478	31 263
Revaluation of investments made in JVs	492	0	492	415	426
Net Asset Value (NAV) at fair value	35 716	-2 064	33 652	28 893	31 689
Fair value adjustment fixed interest rate debt, net of tax	1 057	0	1 057	-262	-5
Goodwill as a result of deferred tax	0	0	0	-55	-55
EPRA Net Disposal Value (NDV)	36 773	-2 064	34 709	28 576	31 629
Outstanding shares at period end (million)			182.1	182.1	182.1
EPRA NDV per share (NOK)			191	157	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	Trondheim	Sandvika	Stavanger	Drammen	Bergen	Total
Investment property - wholly owned	59 152	6 649	4 811	1 668	404	3 737	76 421
Investment property - share of JVs	0	0	0	0	2 460	3 348	5 808
Total property portfolio	59 152	6 649	4 811	1 668	2 864	7 085	82 229
Less projects and land and developments	-6 133	-895	-63	-54	0	-1 468	-8 613
Completed management portfolio	53 019	5 754	4 748	1 614	2 864	5 617	73 616
Allowance for estimated purchasers' cost	78	17	12	3	6	11	127
Gross up completed management portfolio valuation	53 097	5 771	4 760	1 617	2 870	5 628	73 743
12 months rolling rent	2 067	301	242	89	87	174	2 960
Estimated ownership cost	128	18	12	7	5	15	185
Annualised net rents	1 939	284	230	82	82	158	2 775
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	1 939	284	230	82	82	158	2 775
EPRA NIY	3.65%	4.92%	4.84%	5.05%	2.85%	2.81%	3.76%
EPRA "topped-up" NIY	3.65%	4.92%	4.84%	5.05%	2.85%	2.81%	3.76%

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	Trondheim	Sandvika	Stavanger	Drammen	Bergen	Total
Market rent vacant areas	68	8	4	0	8	4	93
Total market rent	2 303	290	233	88	91	217	3 223
EPRA vacancy rate	3.0%	2.9%	1.6%	0.5%	9.3%	1.8%	2.9%

E. EPRA COST RATIO

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

All amounts in NOK million	Q2-22	Q2-21	YTD Q2-22	YTD Q2-21	2021
Operating costs	-60	-63	-124	-114	-234
Administrative costs	-44	-47	-109	-96	-210
Less: Ground rent cost	4	1	7	2	8
EPRA cost (including direct vacancy cost)	-100	-109	-225	-208	-437
Direct vacancy cost	-14	-11	-22	-23	-44
EPRA cost (excluding direct vacancy cost)	-87	-98	-203	-185	-393
Gross rental income less ground rent	783	602	1 564	1 193	2 508
Total gross rental income less ground rent	783	602	1 564	1 193	2 508
EPRA cost ratio (including direct vacancy cost)	12.8%	18.1%	14.4%	17.4%	17.4%

E. 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	30.06.2022	Proportionate consolidation		30.06.2022	30.06.2021	31.12.2021
	Group as	Share of joint	Non-contr.	Combined	Combined	Combined
	reported	ventures	interests	EPRA LTV	EPRA LTV	EPRA LTV
Bond loans	18 704	0	0	18 704	16 950	19 886
Bank loans	20 665	470	-266	20 870	6 317	4 978
Commercial papers	950	0	0	950	1 200	1 400
Net payables1)	219	63	-2	280	290	451
Cash and bank deposits	-147	-59	7	-200	-195	-325
Net debt	40 391	474	-261	40 604	24 563	26 391
Investment properties	82 294	172	-2 658	79 808	59 399	64 045
Investment properties held for sale	0	0	0	0	0	87
Inventory properties	474	1 986	0	2 461	1 306	2 239
Other financial assets (equity instruments)	365	0	0	365	35	32
Total property value	83 134	2 158	-2 658	82 634	60 739	66 404
EPRA LTV (Net debt/Total property value)	48.6 %			49.1 %	40.4 %	39.7 %

1) Net payables include trade payables, other current liabilities, trade receivables, and other receivables and other current assets.

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
Back-stop of short-term interest bearing debt	portfolio in the investment properties rollforward, while the two other categories ties to separate line items in the rollforward. - Unutilised credit facilities divided by short-term interest bearing debt.
Cash Earnings	- Net income from property management less tax payable
Contractual rent	- Annual cash rental income being received as of relevant date
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
Gross yield	financial instruments, and (ii) goodwill and intangible assets as per the balance sheet. - 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, divided by net interest on
	interest bearing nominal debt and fees and commitment fees related to investment activities
Independent Appraisers	- Akershus Eiendom/JLL and Newsec
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	- Net income from property management is calculated as Net Income less value changes, tax effects and other income and other
management	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.

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

Third quarter 2022 18.10.2022

Fourth quarter 2022 09.02.2023

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