Q1 2025 Entra ASA Earnings Call Transcript
Key Points
- Entra ASA (LTS:0R3Y) reported a net asset value increase to NOK163 per share in the quarter.
- The company successfully placed bonds of NOK3.1 billion and closed bank financing of NOK17 billion, extending debt maturity to 4 years.
- Entra ASA (LTS:0R3Y) has a high-quality tenant base, with 50% of revenues from the public sector, providing stable cash flow.
- The company has a disciplined approach to capital allocation, prioritizing projects that enhance letting in the management portfolio.
- Entra ASA (LTS:0R3Y) reported that 100% of its revenues and CapEx are taxonomy eligible, aligning with EU sustainability frameworks.
- Rental income of NOK774 million was NOK104 million below the same quarter last year, after adjusting for divestments.
- Net letting was negative at NOK73 million for the quarter, with terminations offsetting gross letting.
- Occupancy is currently at 93.8%, below the company's target of 95%.
- The YARA deal will have a negative net letting effect of NOK25 million in the second quarter.
- The company has experienced three consecutive quarters of negative net leasing, impacting rental income trends.
Good morning all and welcome to our first quarter presentation. Let's start, directly with the highlight's rental income of NOK774 million in the quarter. That is NOK104 million below same quarter last year when, adjusting for, divestments, the underlying rental income growth was 2.6% profit before sorry net income from property management of NOK320 million in the quarter and that means that the lower interest costs have more or less offset the negative effects of rental income. Value changes were minus NOK32 million in the quarter, mainly from financial instruments, leaving us then with a profit before tax of NOK280 million in the first quarter.
Our net asset value increased to 163 per share in the quarter, and the debt metrics continued to improve this quarter with our ICR now above 2.0 in the quarter. We were also very pleased to see that we have had a very active quarter in respect of financing and placed bonds of NOK3.1 billion in the quarter and closed also bank financing of NOK17 billion enabling us then to extend the debt maturity to 4 years
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