Rental income was up by 26 % to 177 million in the fourth quarter of 2024 compared to 141 million in the fourth quarter last year, and by 15 % to 662 million (575 million) in 2024. Net operating income was 161 million (110 million) in the quarter and 598 million (501 million) in 2024. Net income from property management was 61 million (36 million) in the quarter and 270 million (223 million) in 2024, and profit (loss) before tax came in at 246 million (-374 million) in the quarter and 73 million (-969 million) for the year 2024. 

PPI renewed leases for 13,713 sqm in the quarter and as of 31.12.2024 the portfolio occupancy was 97 %. As of the same date, PPI owned 72 properties with a total value of NOK 10.8 billion, an average lease term of 5.1 years (WAULT) and an average net yield of 6.5 %. The value of PPI’s investment properties increased by NOK 220 million in the fourth quarter (+2.1 %) and EPRA NRV per share increased from 26.2 to 27.2. 

During the fourth quarter PPI obtained a BBB Investment Grade rating, established a EUR 2 billion EMTN program, issued a EUR 300 million bond and refinanced a substantial part of its outstanding bank loan. As a result, the average interest rate of the debt portfolio decreased from 6.04 % to 5.18 % as of end of Q3 vs Q4 2024. PPI has a solid balance sheet with a loan to value ratio of 42.6 % and a Net debt/Run rate EBITDA multiple of 8.0 as of 31.12.2024. 

During the fourth quarter PPI closed acquisitions of the properties Jærveien 33 in Sandnes, Rigedalen 5 in Kristiansand, Strandgaten 229 in Bergen and a pre-school portfolio of eight properties. In total, these properties have added around 26,500 sqm to the portfolio and NOK 58.5 million in annual rental income. 

As a result of the above, PPI’s Run rate Net Income from Property Managment per share increased by 10 % from the third to the fourth quarter, to 1.59 per share as of 31.12.2024 

In line with the communicated dividend strategy, the Board of PPI will propose to the AGM 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. 

The Board has furthermore decided to initiate process for a secondary listing of PPI’s shares on Nasdaq Stockholm, with an aim to list the shares by the end of the second quarter 2025. 

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.