Key figures

Amounts in NOK million Q3 2019 Q3 2018 30.09.19 30.09.18 31.12.18
           
Net rental income 654 599 2 005 1 855 2 487
Fair value adjustments in investment properties and interest rate derivatives 1) -278 314 -93 849 1 022
Profit before taxes 741 747 1 369 2 223 2 880
Profit before tax and fair value adjustments 1) 463 433 1 462 1 374 1 857
           
Equity per share (NOK)     256 241 249
Equity ratio     45 % 45 % 46 %
Non-current net asset value per share (NOK) 2)     306 290 297
           
Net cash flow from operations 
423 398 1 344 1 259 1 665
Cash reserves 3)     7 916 6 450 7 168
Amortisation next 12 months     5 457 6 640 6 137
           
Interest-bearing debt 4)     21 879 21 394 21 597
Interest rate as at 30.06     3,08 % 3,06 % 3,04 %
Loan to value ratio 5)     39 % 40 % 40 %
           
Net investments 6) 9) 145 251 356 907 1 287
Market value properties 7)     54 058 52 411 53 367
Annual rental income 8)     3 170 2 980 3 100
Yield     5,13 % 5,16 % 5,10 %
Sales, owned shopping centres 12 229 11 701 34 828 33 881 51 669
Sales, managed shopping centres 2 262 1 836 6 434 6 660 9 603
           
Share price as at 30.09 (NOK)     144,0 149,4 140,0

Please note that as a result of rounding differences and reclassifications, figures and percentages will not always match the total sum.

1) Including value adjustments in joint ventures and associated companies. 
2) (Majority share of equity + deferred tax liabilities -fair value of debt (deferred tax 6%)) / Number of shares.
3) Bank deposits etc. + Undrawn borrowing facilities.
4) Unsecured part of interest-bearing debt NOK 6,385 million (30.09.19), NOK 5,144 million (30.09.18) and 4,864 million (31.12.18), respectively.
5) (Interest bearing debt -Bank deposits etc) / Market value properties.
6) Net supply of investment properties with addition for activated upgrades.
7) Includes market value of investment properties and owner-occupiedproperties. In addition, the Group owns through jointly controlledcompanies/associated companies withmarket value (Group's share) MNOK 4,428 (30.09.19), 4,739 (30.09.18) and 4,729 (31.12.18).8) Includes market rent for vacant premises.
9) The amount reported for Q3-19 is based on a corrected figure for accumulated investments as per 30.06.19. Net investments in Q2-19 was reported as mnok 270 for the quater and mnok 531 accumulated. The correct figures should have been mnok -49 and mnok 211 respectively as per 30.06.19. The portfolio changes within the Amfi shopping centres, commented in the second quater report, were not taken into account.