NPRO: 4Q 2022 -Rental income for the year exceeded NOK 1 billion, good underlying operations and successful refinancing

02 Feb 2023 16:59 CET

Norwegian Property presents the results for Q4-2022 on 3rd February at 08:30.
The presentation will be held in the restaurant on the 5th floor of Kaibygg 1 at
Aker Brygge, entrance from Bryggegata 6. It will also be possible to follow the
presentation on the webcast:
https://channel.royalcast.com/landingpage/hegnarmedia/20230203_1/

· Rental income for the fourth quarter was MNOK 258, up from MNOK 236 in the
same quarter last year. Income for the full year was MNOK 1,014, up from MNOK
920 last year.
· Profit before fair-value adjustments was MNOK 485 million for 2022 and NOK
76 million for the fourth quarter, corresponding to NOK 0.12 per share for the
quarter and NOK 0.75 per share for the year.
· Negative fair-value adjustments in the quarter were MNOK 403 for real estate
and MNOK 34 for derivatives.
· Loss for the period was MNOK 381 for the fourth quarter, while profit for
the full year was MNOK 296. This corresponds to a negative earnings per share
(EPS) of NOK 0.59 for the fourth quarter and a positive EPS of NOK 0.46 for the
year.
· Net amount of new rental contracts for the quarter was MNOK 27.
· Long-term net reinstatement value (EPRA NRV) was NOK 24.26 per share, a
reduction of 3 per cent from last quarter.

Bent Oustad, CEO, says about the quarter:

"In 2022, we have seen growth in rental income in all three of our core areas,
Oslo CBD, Nydalen and Fornebu. The underlying operations of the company are very
good. It is particularly pleasing to see that our renegotiations are being
carried out at significantly higher levels than previously. Uplift in rent has
been increasing throughout the year, and thus also reflects external market
reports.

We are very pleased to have secured two new bilateral bank loans in the quarter
of NOK 500 million and NOK 435 million, respectively. In addition, we have
extended a credit facility of NOK 600 million. Maturity on loans in 2023 is
limited for us, and with good and long-term banking relationships, strong
owners, a financial market that is gradually working better and good underlying
operations, we are well positioned to exploit any new opportunities that may
arise."

For further information, please contact:
Bent Oustad, CEO, mob: +47 4801 6082, e-mail: bo@npro.no
Haavard Rønning, CFO, mob. +47 400 200 19, e-mail: hr@npro.no

This information is subject of the disclosure requirements according to §5-12 of
the Norwegian Securities Trading Act ('Verdipapirhandelloven').

Norwegian Property is a focused and fully integrated office property company
with properties located mainly in the Oslo area in Norway. The portfolio is
characterized by central location and attractive premises with high quality
tenants. The group's properties consist largely of office premises, associated
warehousing and car parking, as well as retail and catering space. The company
has identified four value drivers for long-term value creation; Marketing &
letting, Property management, Property development and Transactions & finance.
www.npro.no

More information:
Access the news on Oslo Bors NewsWeb site

581302_2022_12_31_NPRO_4Q_2022_Presentation_final.pdf
581302_2022_12_31_Interim_Report_4Q22_final.pdf