Net operating income was up by 41 % to NOK 213 million (NOK 151 million) in
the second quarter and by 44 % to NOK 402 million (NOK 279 million) in the
first six months of 2025, compared to the same period last year. Net income
from property management was up by 51 % to NOK 116 million (NOK 77 million) in
the second quarter and by 61 % to NOK 208 million (NOK 129 million) for the
first six months of 2025. Positive changes in fair value of investment
properties came in at NOK 203 million in the second quarter and NOK 273
million year to date and profit (loss) before tax was NOK 221 million (13
million) in the second quarter and NOK 430 million (-203 million) year to
date.
"PPI is a growth company with a stated ambition of being a leading
consolidator and we have grown net cash flow from operating activities from
NOK 162 million in H1 2024 to NOK 384 million in H1 2025. Our strong balance
sheet and proven access to both debt and equity markets gives us a solid
platform to continue our growth journey" says André Gaden, CEO.
PPI signed new and renewed leases for a total of 22,900 sqm in the quarter. As
of 31.03.2025, the occupancy in the management portfolio was 97.9 %. Per the
same date, PPI owned 96 properties, with a total market value of NOK 14,938
million, with an average lease term of 6.8 years (WAULT) and an average net
yield of 6.5 % in the management portfolio.
During the second quarter, PPI acquired 19 properties of which 16 are located
in Norway and three in Finland. In total, these properties have added around
197,000 sqm to the portfolio. As a result, PPI's estimated run rate rental
income increased by 25.5 % from NOK 823 million as of 31.03.25 to NOK 1,033
million as of 30.06.25.
PPI maintains a solid balance sheet with an EPRA LTV of 44.1 % and a Net
debt/Run rate EBITDA multiple of 7.8 as of 30.06.2025. During the quarter, PPI
issued a new EUR 350 million long 7-year senior unsecured bond with a fixed
coupon of 4.375 %. PPI has also issued approximately NOK 2.4 bn in new equity
through transactions, of which approximately NOK 2.3 bn in the transaction
with Aker, as announced on 13 May 2025. As a result of this transaction, Aker
Property Group is now PPI's second largest shareholder, holding 24.6 % of the
outstanding shares.
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 email to IR@publicproperty.no.
This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2025-07-11 07:00 CEST.