Net operating income was up by 56 % to NOK 245 million (NOK 157 million) in
the third quarter and by 48 % to NOK 647 million (NOK 437 million) for the
first nine months of 2025, compared to the same period last year. Net income
from property management was up by 40% to NOK 113 million (NOK 81 million) in
the third quarter and by 53 % to NOK 321 million (NOK 210 million) year to
date in 2025, affected by the large cash position on the balance sheet which
is ready to be deployed.
"PPI is a growth company with a stated ambition of being a leading
consolidator and we have delivered another quarter with solid income and
results growth. We have acquired eight properties in the quarter, and we have
continued to build presence and track record in the debt capital market,
resulting in steadily improving credit margins. PPI now has ample liquidity on
thebalance sheet and are well positioned for continued growth in the time to
come" says André Gaden, CEO.
Positive changes in fair value of investment properties came in at NOK 18
million in the third quarter and NOK 291 million year to date and profit
(loss) before tax was NOK 128 million (30 million) in the third quarter and
NOK 559 million ( -173 million) year to date.
PPI signed new and renewed leases for a total of 2,400 sqm in the quarter. As
of 30.09.2025, the occupancy in the management portfolio was 98 %. Per the
same date, PPI owned 104 properties, with a total market value of NOK 15.6
billion, an average lease term of 7.5 years (WAULT) and an average net yield
of 6.4 % in the management portfolio.
During the third quarter, PPI acquired eight properties located in Norway and
signed an agreement to acquire one property under construction in Finland,
with scheduled closing at completion next year. In total, these properties add
around 25,400 sqm to the portfolio.
PPI maintains a solid balance sheet with an EPRA LTV of 45.3 % and a Net
debt/Run rate EBITDA multiple of 8.3 as of 30.09.2025. During the quarter, PPI
issued a new NOK 300 million, 3-year floating rate bond with a coupon 3m NIBOR
+ 159 bps.
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
2025-10-28 07:00 CET.