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

13 Feb 2025 07:00 CET

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
2024.

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.

More information:
Access the news on Oslo Bors NewsWeb site

638506_PPI Q4 24 Presentation.pdf
638506_PPI Q4 24 Report.pdf