• Revenues for the fourth quarter were MNOK 292, increasing from MNOK 268 in the same quarter last year.

  • Operating profit before value adjustments and JVs was MNOK 232 for the fourth quarter

    • This is up 17% compared with same quarter last year, and an approvement of 9% for the whole year

  • Profit before income tax and value adjustments was MNOK 51 for the fourth quarter, corresponding to NOK 0.08 per share for the quarter.

  • Negative fair-value adjustments for the properties of NOK 895 million (-3.6 %) and negative changes for the derivatives of NOK 86 million.

  • The net loss was NOK 815 million for the fourth quarter which corresponds to an earnings per share (EPS) of NOK -1.27.

  • The net amount of rent for all new, renegotiated and terminated rental contracts amounted to NOK 10 million.

  • EPRA NRV (Long-term net reinstatement value) is NOK 20 per share.

Bent Oustad, CEO, says about the quarter:

" The acquisition of the 25 000 sqm Telegrafen property in central Oslo was completed in the fourth quarter, and is in line with Norwegian Property’s ambition for growth. The property is newly renovated and the offices are fully let. It is BREEAM in use certified as Excellent. The acquisition was financed with a new NOK 1 000 million green bond and new equity from our owners.

It is particularly satisfying to see that the operation of our company is going well. The operating result before value changes and JVs shows a very good improvement of 9% compared to the whole of 2022 and a full 17% improvement compared to the fourth quarter of last year. Strong cost control and a strong rental market with high activity and positive net rental for the whole of 2023 give us strong figures and good but humble faith in the future.

Since the peak, the cap rate has been adjusted up by a full 1.5% points, which has had an isolated negative effect on property values ​​by 34%. Good operations and the strong rental market have had the opposite effect, and the net write-down of our property portfolio has been 16% in the same period.

We finalized and signed new loan agreements with our relationship banks to refinance all 2024 bond maturities. We are optimistic for more opportunities ahead."

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