Q4-22/FY-22: Strong income development, proposing semi-annual dividend of 2.50 per share

10 Feb 2023 07:00 CET

10.2.2023 07:00:00 CET | Entra ASA | Half yearly financial reports and audit
reports / limited reviews

Oslo, 10 February 2023 - Rental income was up by 19 per cent from Q4 2021 to 806
million in Q4 2022, and by 26 per cent from 2021 to 3,158 million in 2022,
strongly influenced by the acquisition of Oslo Areal in Q1 2022. Results were
impacted by higher financing costs from more debt and higher interest costs. Net
income from property management was 320 million in the quarter and 1,603 million
for 2022. Net value changes came in at -511 million in the quarter and -2,046
million for 2022, and profit before tax was -206 million in the quarter and -467
million for 2021.

Entra has signed new and renegotiated leases with annual rent totalling 131
million (58,200 sqm) during Q4 and 412 million (168,500 sqm) in 2022. As of
31.12.22 the occupancy in the management portfolio was 96.5 % and the average
unexpired lease term of contracts was 6.3 years.

November CPI used to adjust most of Entra's leases was 5.1 per cent in 2021 with
effect from 1 January 2022 and came in at 6.5 per cent in 2022 with effect from
1 January 2023.

In Q4 2022, Entra finalised a new-build project of 11,900 in Nygårdsgaten 91-92
in Bergen, a redevelopment project of 13,000 sqm in Tordenskiolds gate 12 in
Oslo, and a redevelopment project of 14,200 sqm in Møllendalsveien 6-8 in
Bergen. Entra's project portfolio as of 31.12.22 consist of 87,600 sqm to be
finalised during 2023-2024.

Entra also announced the divestment of the properties Konggata 51, Karenslyst
Allé 8A, Karenslyst Allé 8B and Sørkedalsveien 6 for a total transaction value
of 1.9 billion, which was less than two per cent below book values as of
30.09.22. The three first transactions closed in December 2022, and the sale of
Sørkedalsveien 6 will be closed during Q2 2023. The proceeds are used to
strengthen Entra's balance sheet

In line with the dividend policy of distributing approximately 60 per cent of
Cash Earnings, the board of Entra will propose to the AGM to distribute a
semi-annual dividend of NOK 2.50 per share for the second half of 2022, expected
to be paid on 4 May 2023. Entra's total dividend for 2022 will then be NOK 5.10
per share compared to NOK 5.10 per share for 2021.

| Q422 | Q421 | 2022 | 2021
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Rental income | 806 | 677 | 3 158 | 2 508
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Net operating income | 732 | 614 | 2 895 | 2 274
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Net income from property management | 320 | 392 | 1 603 | 1 534
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Net value changes | -511 | 2 832 | -2 046 | 5 264
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Profit before tax | -206 | 3 216 | -467 | 6 825
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| | | |
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Cash Earnings per share | 1.74 | 2.11 | 8.63 | 8.32
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EPRA NRV per share | 207 | 218 | 207 | 218
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EPRA NTA per share | 205 | 216 | 205 | 216

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.

Oslo, 10 February 2023

Entra ASA

For further queries please contact: Sonja Horn, CEO, tel: +47 90568456, email:
sh@entra.no or Anders Olstad, CFO, tel + 47 900 22559, email:ao@entra.no

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

ABOUT ENTRA ASA

Entra is a leading owner, manager and developer of office properties in Norway.
Entra owns and manages around 102 properties totalling approximately 1.6 million
square meters, located in Oslo and the surrounding region, Bergen, Trondheim and
Stavanger. Entra has a solid customer portfolio with a high proportion of public
tenants. The company's strategy is focused on delivering profitable growth, high
customer satisfaction and environmental leadership

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/16126567/2095/2795/Download%20announcement
%20as%20PDF.pdf

Q4 2022 report.pdf -
https://kommunikasjon.ntb.no/ir-files/16126567/2095/2794/Q4%202022%20report.pdf

More information:
Access the news on Oslo Bors NewsWeb site

581949_en_Q4 2022 report.pdf
581949_en_Download announcement as PDF.pdf