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.


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