Aurora Eiendom (AURA) Q4 2024 earnings summary

Executive summary

• Q4 2024 rental income reached NOK 148 million, up 2% year-over-year; full-year rental income was NOK 587 million, also up 2% mainly due to CPI growth.

• Net income from property management was NOK 121 million in Q4 and NOK 477 million for the year, flat compared to 2023.

• Occupancy at year-end was 97.6%, with 7,206 sqm of new leases started and 4,786 sqm expired in Q4.

• Gross tenant turnover in fully owned centers grew 1.0% in Q4 and 1.4% for the year.

• Visitor numbers increased by 1.7% in 2024, with December footfall up 2.6%.

Financial highlights

• Investment properties valued at NOK 8,575 million at year-end, up from NOK 8,418 million last year.

• Loan to value (LTV) improved to 52.7% from 53.9% at the end of 2023.

• Profit before tax, including fair value adjustments, was NOK 258 million for 2024, compared to NOK -214 million in 2023.

• Basic diluted EPS for 2024 was NOK 6.57, up from NOK -5.36 in 2023.

• Cash and cash equivalents at year-end were NOK 119 million, down from NOK 179 million, reflecting significant investments.

Outlook and guidance

• Anticipates continued growth in 2025, supported by expected real wage increases and lower living costs.

• Ongoing enhancements to the shopping center portfolio and strong market for new establishments expected to drive further performance.