Norwegian Property presents the results for Q4 and full year 2020 on February 5 at 08:30 CET. Due to infection control, it will only be possible to follow the presentation on the webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20210205_3/ The presentation will be held in Norwegian.

Net profit for the fourth quarter was NOK 1 605 million after the positive fair-value adjustments for investment properties and interest-rate-derivatives. That meant fourth-quarter earnings per share (EPS) were NOK 2.59. Accordingly, the 2020 full year profit was NOK 1 676 million and EPS were NOK 3.13.

The book value of equity per share at 31 December 2020 was NOK 17.96.

The board has resolved to pay a dividend of NOK 0.10 per share for 2020.

During the quarter, closing of the transaction at Snarøyveien 30 was completed at 1 December 2020. Fornebu is now one of the group's three geographical focus areas, where Oslo CBD and Nydalen make up the other two.

Forusbeen 35 at Forus in Stavanger has been completely re-zoned to a combined residential and commercial property, and the development project will be a joint venture between NPRO and Base Bolig (residential developer based in Stavanger). Sales of residential units are scheduled to start in 2021.

Norwegian Property has completed several transactions in the capital market during the quarter, and the company has experienced good access to capital.

• The company carried out a private placement of NOK 557 million in connection with the purchase of Snarøyveien 30 and a repair issue of NOK 28 million.
• A bond loan of NOK 500 million with a mortgage on the Terminalbygget property at Aker Brygge was settled during the quarter. Further, two bond loans totalling NOK 1 250 million were issued with a mortgage on the Verkstedhallene property at Aker Brygge. A new credit facility of NOK 600 million has also been established with a mortgage on the same property.
• In connection with the purchase of Snarøyveien 30 at Fornebu, a 10-year bilateral bond loan of NOK 3 542 million with a mortgage on the property was issued.

Covid-19 continues to shape society and the world around us. Among NPRO's tenants, it is particularly tenants and activity within retail and restaurant businesses that have been affected by the lock-down. As a result of reduced sales rental income has been reduced by approximately NOK 10 million during the year 2020.

NPRO’s CEO Bent Oustad comments ”It has been a busy and eventful quarter with high activity regarding financing. Unfortunately, the activity in reatil and restaurants has been limited in the pre-Christmas time as a consequence of the country’s infection situation and recommendations from the authorities. The focus in the quarter has been on integrating Snarøyveien 30 into NPRO’s property management , and the result is already showing in the company’s improved P/L. In addition, as some of our competitors have previously reported, we have also experienced significantly increased rates for our central office properties and the Nordr investment.”.

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’).