Net operating income increased with 47.7 % to NOK 189 million (NOK 128
million) and net income from property management increased with 78 % to NOK 92
million (NOK 52 million) in the first quarter of 2025 compared to the same
quarter last year. Profit (loss) before tax came in at NOK 210 million in the
first quarter compared to (NOK 215) million in the first quarter of 2024.
PPI signed new and renewed leases for a total of 15,000 sqm in the quarter and
as of 31.03.2025 the portfolio occupancy was 97.3 %. As of the same date, PPI
owned 77 properties with a total market value of NOK 11,682 million, an
average lease term of 5.6 years (WAULT) and an average net yield of 6.4 %. The
value of PPI's investment properties increased by NOK 71 million in the first
quarter and EPRA NRV per share increased from NOK 27.2 to NOK 28.0 in the
quarter.
During the first quarter PPI acquired five properties of which one government
tenant property in Bergen in Norway, a pre-school in Trelleborg in Sweden, two
school properties in Espoo and one school property under redevelopment in
Helsinki in Finland. In total, these properties have added around 20,875 sqm
to the portfolio.
As a result, PPI's estimated run rate rental income increased by 6.3 % from
NOK 774 million to NOK 823 million while run rate net income from property
management per share increased by 9.4 %, from 1.59 per share as of 31.12.2024
to 1.74 per share as of 31.03.2025
PPI maintains a solid balance sheet with a loan to value ratio of 46.6 % and a
Net debt/Run rate EBITDA multiple of 8.6 as of 31.03.2025.
Events after the balance sheet date:
On 13 May 2025, PPI announced a large milestone transaction involving the
acquisition of a portfolio of eight mission critical industrial infrastructure
assets, while also getting a new strategic, long-term investor in the Aker
Group. The portfolio will be acquired for a total equity value of NOK 2.325
billion, based on a net property value of approximately NOK 1.525 billion and
a net cash level of approximately NOK 800 million in exchange for 124.4
million new ordinary shares in PPI. The shares will be issued at a price of
NOK 18.69 per share. Approximately 39.8 million of the PPI shares will be
transferred to Samhällsbyggnadsbolaget i Norden AB in a separate transaction.
Following completion, Aker Property Group will own approximately 24.6 % of the
outstanding shares in PPI ASA. Reference is made to the detailed stock
exchange announcements for more information on the transaction.
So far in Q2 2025, PPI has also signed five additional transactions involving
three government tenant properties in Norway, a portfolio of assisted living
service properties in Norway and a life science property under development in
Aalto University campus in Espoo in Finland. In total the transactions
announced so far in Q2 2025 will add almost 190,000 sqm to the portfolio
In line with the communicated dividend strategy, the Board of PPI has proposed
to the AGM to be held later today to distribute a dividend of a total of NOK
0.5 per share for 2024. The dividend will be split in quarterly installments
of which NOK 0.10 per share is proposed to be paid out in July and October
2025 and NOK 0.15 is proposed to be paid out in January and April 2026.
Management will present the results in a webcast, followed by a Q&A session
today at 10:00 CET. The webcast may be followed
from: https://publicproperty.no/en/investor-relation.
Questions may be submitted by sending an email to IR@publicproperty.no.