Q2 2024 Entra ASA Earnings Call Transcript
Key Points
- Rental income remained stable at NOK853 million, with a 4% growth when adjusted for one-offs and divestments.
- Net income from property management increased by 7% from Q1 and 18% from Q4 of the previous year.
- Successfully closed the Trondheim transaction and sold Hotel Savoy, reducing debt by NOK6.2 billion and improving leverage by 4 percentage points.
- Positive net letting of NOK12 million, with new and renewed leases totaling NOK176 million.
- Occupancy rate remains high at 94.8%, with a significant portion of vacant space being quality assets in good locations.
- Slight increase in vacancy rates, currently at 94.8%, due to a more letting intense portfolio.
- Rental income expected to decrease by 9% in Q3 due to the divestment of the Trondheim portfolio.
- Net value changes of only NOK2 million in the quarter, indicating limited growth in property values.
- Financing costs are up compared to last quarter, despite trending downwards from previous quarters.
- Property net yield is currently at 4.99%, which is relatively low compared to the potential yield if the portfolio was fully leased at market rents.
Yes, I know no directly to the highlights. Our rental income was [NOK853 million] in the quarter. That is fairly stable compared to same quarter last year. However, when adjusted for one-offs and divestments, income growth of 4%, net income from property management of 348 million in the quarter, and that's also stable compared to say same quarter last year, however, up with as much as 7% from the first quarter this year and almost 18% compared to the fourth quarter last year, driven them by CPI feeding into our numbers from the first quarter and now also reduced financing costs in the second quarter.
Net value changes of NOK2 million in the quarter and very happy to once again see that we can report profits before tax this quarter of NOK344 million. We have successfully closed the [Trondheim] transaction in the quarter. And we have also sold a Hotel Savoy, enabling us to repay debt with NOK6.2 billion in the quarter and thereby improving the effective leverage with 4% percentage points this quarter. We have also finalized one redevelopment and
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