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NPRO: 3Q 2026 - New major lease contract in Nydalen at Gjerdrums vei 8
- Rental income of NOK 364 million increased from NOK 353 million last year
- Annual rental income (run rate) totalled NOK 1,464 million, up from NOK 1,458 million in the previous quarter, with a contracted future increase of NOK 114 million from ongoing projects and lease incentives
- Positive net letting of NOK 14 million, vacancy reduced to 7.4% and WAULT extended up to 7.5 years
- Retail and F&B turnover at Aker Brygge increased by 5 per cent compared with the third quarter last year
- Negative fair value adjustment for investment properties of NOK 191 million (0.7 per cent), reflecting increased market yield levels
- Market value of the property portfolio of NOK 28.7 billion, a reduction from NOK 28.8 billion last quarter
- Share of profit from associates and joint ventures was NOK 26 million (NOK 2 million last year)
- Financing:
- Norwegian Property received a Baa2 issuer rating with a stable outlook from Moody's.
- Issued NOK 1.3 billion and SEK 200 million in senior secured green bonds with a Baa1 rating from Moody's, as well as a NOK 300 million tap issue
- Profit/loss for the period:
- Operating profit before value adjustment was NOK 325 million, up 9.3% from last year.
- Profit/loss for the period was negative at NOK 40 million (NOK 386 million profit last year)
- Earnings per share (EPS) were negative at NOK 0.03 (positive NOK 0.58 last year)
- Net LTV of 41.3 per cent, up from 40.9 per cent last quarter
- EPRA NTA of NOK 19.38 per share, down from NOK 20.08 last quarter
Ellen Cathrine Kobro (Deputy CEO - Commercial) comments on letting this quarter:
"The leasing market remains active, with tenants continuing to prioritise quality, flexibility and efficient use of space. During the quarter, we secured a long-term lease with a new tenant for approximately 4,000 square metres in Nydalen.
We also saw a strong development in our street-level offering, with record turnover and the opening of new concepts at Aker Brygge. This supports our ambition to create attractive destinations with a compelling mix of workplaces, services and experiences."
Haavard Rønning (Acting CEO and CFO) comments:
"This was an active quarter in the capital markets. We have issued our first bond in the Swedish market of SEK 200 million alongside NOK 1.3 billion in new NOK bonds. All the bonds received a Baa1 rating from Moody's, which is one notch up from the issuer rating. We are pleased with the strong interest and aim to become a frequent issuer in the Swedish market.
We have several ongoing refurbishment projects which will contribute to NPRO's long-term value creation. In August, CORA opened, which is a new conference and events venue at Aker Brygge with conference and meeting facilities as well as a restaurant and golf simulators.»
For further information, please contact:
Haavard Rønning, Acting CEO and CFO, mob. +47 400 200 19, e-mail: [email protected]
This information is subject to the disclosure requirements according to §5-12 of the Norwegian Securities Trading Act (`Verdipapirhandelloven').