Trade Estates REIC announces net profit of 24.0 million euros for 2022
- Rental income €18.9m vs €6.7m (increase by 184.2%) compared to FY2021
- Net Profit 24.0 million euros compared to 7.8 million euros compared to the fiscal year 2021 (increase by 207.8%)
- Adjusted Earnings before Taxes, Interest and Depreciation (adjusted-EBITDA) 14.8 million euros compared to 5.9 million in 2021 (increased by 149.8%)
- Total Assets 344.3 million euros compared to 248.0 million euros in December 31, 2021 (increased by of 38.8%)
- Gross Asset Value (including long-term right of use of land and advances for investment properties) €303.6 million on 31 December 2022 vs €224.6 million on 31 December 2021 (up 35.2%)
- Proposed Dividend per share for the year 2022 at 0.11 euros
Trade Estates REIC announces that rental income for the year ended December 31, 2022 amounted to 18.9 million euros, compared to 6.7 million euros in the year 2021, marking an increase of 184.2%. The increase is recorded firstly from the company's operation on a twelve-month basis (compared to six-month operation in 2021) and secondly from the addition of rental income from new investments, such as in the FLORIDA1 Commercial Park and the Piraeus Street Commercial Park.
Net Profit for the year ended on 31 December 2022 amounted at 24.0 million euros, compared to 7.8 million euros for the period ended on 31 December 2021, as a result of the increase of operating profitability as well as due to the increase in profit from revaluation of investment properties at fair values.
Adjusted Earnings before Taxes, Interest and Depreciation (adjusted EBITDA) for the financial year 2022 amounted at 14.8 million euros, compared to 5.9 million euros in 2021, marking an annual increase of 149.8%. Gains from fair value adjustment of the investment properties for the 2022 amounted at 13.6 million euros, compared to 3.0 million euros in 2021.
For 2022, the Gross Yield Index was 7.3%.
Net Asset Value on December 31, 2022 was €210.9 million or €2.41 per share, an increase of 14.1% compared to December 31, 2021.
Following the Financial Results of the year 2022, the Board of Directors of Trade Estates REIC, during its meeting on March 9, 2023, decided to propose to the Annual Ordinary General Meeting of the Shareholders the distribution of a dividend of 0.11 euros per share for the year 2022.
“We are pleased to announce a particularly positive performance for 2022. Despite significant macroeconomic challenges, our company's property portfolio has demonstrated remarkable resilience, with our tenant retail turnover approaching or exceeding pre-pandemic levels. We remain committed to the strategy that ensures that our retail parks will continue to be a top choice for consumers for years to come", signifies the CEO of Trade Estates, Dimitris Papoulis, stressing that "Our goal in four years is to have a portfolio amounting to 550 million euros, with a doubling of the number of properties and the leasable area. At the same time, we are evaluating new projects that have the potential to increase the portfolio value to the level of 700 million euros by 2028".
Trade Estates REIC within 2022 made significant new investments strengthening further its presence in the Real Estate market, while strengthening the dynamics of the Retail Parks in its portfolio by concluding strategic agreements with leading international and Greek retail brands:
- In January 2022, the Commercial Park in Piraeus was taken over by Trade Estates, starting its operation in June of the same year.
- In February 2022, the company acquired the "Florida 1 Retail Park" in Thessaloniki, which is one of the largest Retail Parks in Greece.
- In August 2022, Trade Estates entered into an agreement with the clothing and home decoration chain Pepco and in October 2022 its first store in Greece opened in Piraeus Commercial Park, sealing the strategic partnership between the two companies.
- In December 2022, during the official opening of Piraeus Retail Park, Trade Estates presented the new commercial identity Top Parks, which underlines the activity of its Commercial Parks, signaling the philosophy with which they are developed: top commercial destinations for all the family, with easy access, combined with a variety of shops and brands that offer products at affordable prices.
- In December 2022, the company acquired the Commercial Park of Chalandri in Kennedy Square, for a total price of 6.5 million Euros. This is the eighth commercial park to be added to the company's real estate portfolio.
The composition of the Group's investment portfolio in Greece, Bulgaria and Cyprus on 31.12.2022 includes 10 commercial properties with a total area of 255,798 sq.m. and a total valuation value of 288.7 million euros, as well as the 50% participation in four real estate developments, with the current valuation of these participations at 11.1 million euros.
About Trade Estates REIC
Trade Estates REIC, a Fourlis Group company, 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 8 Commercial Parks and 2 new generation Logistics Centers. Its investment plan for the next 4 years includes the creation of new retail parks throughout Greece (with the flagship commercial park "The Ellinikon Commercial Hub"), but also participations in partnership companies for the development of commercial parks in new areas such as Patras, Crete and Spata, as well as the creation of Logistics Centers in Elefsina and Aspropyrgos. 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
V+O Communication, Dimitra Spanou, tel.: 210 724 9000, e-mail: ds@vando.gr