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Entra Eiendom Q1 2014: Solid growth in rental income and improved result from property management

In the first quarter of 2014 rental income rose to NOK 410.5 million (NOK
373.4 million), an increase of 10 per cent compared to the same period in
2013. NOK 13.4 million of the increase in rental income relates to the
purchase of 50 % of Hinna Park Eiendom AS with effect from 1 February 2014.
The profit from property management amounted to NOK 320.9 million compared to
NOK 289.9 million in the first quarter of 2013.
The valuation of the property portfolio resulted in an unrealised negative
change of NOK -6.8 million, compared with NOK -74.8 million in the first
quarter last year.

The net unrealised value change on financial instruments was NOK -113.7
million (NOK -13.9 million) in the quarter. The negative development is
mainly due to an increase in liabilities relating to the Group's fixed rate
loans as a result of a reduction in market valued credit margins in the
quarter. Net financial expenses amounted to NOK -161.8 million (NOK -173.6
million) and net financial income, mainly related to IFRIC 12 properties,
amounted to NOK 29.0 million (NOK 22.4 million).

The profit before tax was NOK 85.1 million (NOK 42.9 million). The profit for
the period after tax was NOK 65.9 million (NOK 29.3 million).

"We are pleased to be able to show solid growth in rental income over the last
12 months. In particular the completion of the projects Brattørkaia 15 in
Trondheim and Fredrik Selmers vei 4 in Oslo, together with the purchase of
Vahlsgate 1-3 and 50 per cent of Hinna Park Eiendom in Stavanger, have
contributed to the positive development in rental income. The opening of
Powerhouse Kjørbo in Sandvika represents an important milestone in the
quarter. Powerhouse Kjørbo is the first refurbishment project in Norway to
achieve the BREEAM-NOR certification Outstanding," comments Klaus-Anders
Nysteen, CEO.

During the first quarter Entra signed new and renegotiated leases for with a
total annual lease of NOK 73.9 million (35 982 square metres), of which the
largest was a new lease to Wintershall for around 13 800 square metres in the
planned Gullfaks building at Hinna Park in Stavanger. In the same period
Entra received notices of termination on leases with a total value of NOK 4.3
million (2 978 square metres), so that net letting in the quarter was NOK
69.6 million (approximately 33 000 square metres).

Six larger development projects are ongoing as at 31.03.14, of which the
largest is the construction of an "Education Centre" for Bærum Municipality
and Oslo and Akershus University College at Otto Sverdrupsplass 4 (formerly
Øvre Torg 1) in Sandvika. Powerhouse Kjørbo in Bærum was completed in the
first quarter and the tenant Asplan Viak moved in on 31 March 2014.

For further information, please contact
Klaus-Anders Nysteen, CEO. Mob. + 47 992 65 691, Mail: kan@entra.no
Arve Regland, CFO. Mob. +47 479 07 700 Mail: ar@entra.no

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

Q1 2014 report


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Entra Eiendom via Globenewswire


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