Trade Estates REIC announces net profit of 13.4 million euros for First Half of 2023

Trade Estates REIC announces net profit of 13.4 million euros for First Half of 2023

Athens, September 6, 2023

Trade Estates REIC announces net profit of 13.4 million euros for First Half of 2023

  • Rental income €10.8m vs €8.6m in H1 2022 (increase by 24.6%)
  • Net Profit €13.4m vs €13.1m in H1 2022 (increase by 2.3%)
  • Adjusted Earnings before Taxes, Interest and Depreciation (adjusted-EBITDA) €8.6m compared to €7.0m in H1 2021 (increased by 24.1%)
  • Total Assets €382.3m compared to €333.9m in June 30, 2022 (increased by of 14.5%)
  • Gross Asset Value (excluding long-term right of use of land and advances for investment properties) at €329.9m on June 30 2023 vs €288.8m on June 30, 2022 (increased by 12.5%).

Following the release of the interim financial statements for the period 1/1/2023-30/6/2023, Trade Estates REIC informs that Rental Income for the first half of 2023 amounted to €10.8m, compared to €8.6m in the first half of 2022, marking an increase of 24.6%. This increase is recorded due to the inclusion of rental income from new investments, such as in the FLORIDA1 Retail Park, Piraeus Retail Park and Chalandri Retail Park as well as the positive performance of its tenants at its retail assets during the first semester of 2023.

Net Profit for the first half of 2023 amounted at €13.4 million euros, compared to €13.1m in first half of 2022, as a result of the increase of operating profitability the increase in gains from the revaluation of investment properties at fair values.

Adjusted Earnings before Taxes, Interest and Depreciation (adjusted EBITDA) for the first half of 2023 amounted at €8.6m, compared to €7.0m in first half of 2022, marking an increase of 24.1%. Gains from the fair value adjustment of the investment properties for the first half of 2023 amounted at €9.0m, compared to €7.4m in first half of 2022.

Gross Yield portfolio index on June 30, 2023 was 7.0%.

Net Asset Value on June 30, 2023 was €225.0m or €2.49 per share, increased by 14.8% compared to June 30, 2022.

 During the first half of 2023, we continued to perform strongly despite significant macroeconomic challenges and our property portfolio has shown remarkable resilience, with our tenant retail turnover continuing to show significant growth“, signifies the CEO of Trade Estates, Dimitris Papoulis, stressing that “for the next four-year period we have secured development projects that will increase the value of our investment asset portfolio to €500 million by 2027 and at the same time  we are evaluating new projects that have the potential to increase the portfolio value to the level of €700 million”.

The Group’s real estate portfolio in Greece, Bulgaria and Cyprus as of 30.06.2023 includes twelve properties with a total area of gross leasable area of 291,557 sq.m. and one property under development with a total fair value of €329.9m, while the fair value of the properties of the three companies in which the Group holds a 50% stake amounts to €10.7m.

During the first half of 2023, the Company made the following investment transactions to strengthen its portfolio:

  • On 29.05.2023, it acquired the remaining 50% of the share capital of POLIKENCO SA and now holds the 100% of its share capital.  The said participation concerns a land plot of total surface area of 20,977.84 sq.m. on which a retail park with a total surface area of 21,615 sq.m. is built in Patras. The acquisition value of the shares amounted to €3.2 million.
  • On 30.06.2023 the Company acquired a property consisting of horizontal properties on a land plot of 246,610 sq.m. plus buildings of 30,359 sq.m. in the municipality of Killeler, in Region of Larissa. It is noted that a future development of up to 32,000 sq.m. gross buildable area is permitted and IKEA and INTERSPORT stores already operate in the existing buildings. The acquisition value of this property amounted to €10.1 million.
  • On 30.06.2023, the Company acquired the remaining horizontal properties of the commercial park already owned by the Company in Ioannina, at the 13th km of the National Road Athens – Ioannina. It is noted that a future development of up to 31,000 sqm gross buildable area is permitted and The Mart and JUMBO stores already operate in the existing buildings. The acquisition value of the property amounted to €3.4 million.
  • On 30.06.2023 the Company acquired through a share capital increase and contribution in kind from AUTOHELLAS a plot of land with a total surface area of 45,408.04 sq.m. and existing industrial warehouse buildings with a total surface area of 16,641.81 sq.m. at the location Lachidia Vamvakia in Elefsina.

The interim financial report of the period 01/01/2023-30/06/2023 is available at https://trade-estates.com/ir (Financial Results section)

-END-

About Trade Estates REIC

Trade Estates REIC, a company with shareholders the Fourlis Group and Autohellas, is the only real estate investment company in Greece that specializes in the development of new generation Retail Parks and Logistics Centers to serve the retail omnichannel strategy, with activity in Greece, Cyprus and Bulgaria. The portfolio of Trade Estates currently consists of 9 Commercial Parks and 3 new generation Logistics Centers. Its investment plan for the next 4 years includes the creation of new retail  parks throughout Greece (with the flagship retail park at “The Ellinikon Park”), but also participations in joint venture companies for the development of retail parks in Crete and Spata, as well as the creation of Logistics Centers.

According to the company’s development plan, in 2027 it will have a total of 18 commercial properties, with a low environmental footprint, with high yields and strong long-term tenants.

For more information please contact:

Trade Estates, Tina Taktikou, tel.: 216 20 22 200, e-mail: tina.taktikou@trade-estates.gr


 
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