During this period non-performing loans were
increased and then followed the COVID19 pandemic that "blocked" again
new project developments and halted real estate transactions for older
properties.
What seems to have changed,
however, was the rapid reflexes shown by the REICs management executives in
Greece who restructured their portfolios and focused on asset categories that present
better prospects for the future.
The deals may not have been
many but during the period under review important agreements were announced
mainly in the logistics and supply chain sector but also in offices and plots
for new developments.
Those decisions resulted in the improvement of REICs’ balance sheets but also the optimism on the part of administrations for the next day.
In particular, PRODEA Investments announced that profits from continuing operations for the nine months of 2021 amounted to € 121.8 million compared to € 41.2 million in the corresponding period of 2020. Net profit from revaluation of real estate investments to a reasonable value amounted to € 57.4 million (compared to net losses of € 8.6 million in the first nine months of 2020) reflecting the positive trend of the commercial real estate sector in Greece.
Earnings before interest,
taxes, depreciation and amortization, real estate value adjustment and other
non-recurring assets (adjusted EBITDA) amounted to € 75.3 million in the first
nine months of 2021 compared to € 77.2 million in the first nine months of 2020
and operating capital Funds from Operations (FFO) amounted to € 46.6 million
compared to € 54.3 million on an annual basis.
The turnover of the Group for
the nine months of 2021 amounted to € 98.5 million compared to € 102.1 million
in the corresponding nine months of 2020.
Trastor REIC reported a
significant increase of 31% in rental income in the nine months of the current
year which amounted to € 12.6 million compared to € 9.6 million in the
corresponding period of 2020. An increase of 106% was also shown by Earnings
before interest and taxes (EBIT) for the nine months of 2021, which amounted to
€ 16.3 million compared to € 7.9 million in the corresponding period of 2020. Earnings
before interest, taxes, depreciation, and amortization (EBITDA) increased by
104% during the nine months of 2021 and amounted to € 16.5 million compared to
€ 8.1 million in the corresponding period of 2020. Earnings before interest,
taxes, depreciation, adjustment earnings and sales of investment properties and
provisions for impairment of receivables (Adjusted EBITDA) increased by 72%
during the nine months of 2021 and amounted to € 7.7 million compared to € 4.5
million in the corresponding period of 2020.
BriQ Properties rental income
amounted to € 4.4 million in the first nine months of 2021, compared to € 2.8
million in the corresponding period last year, recording an increase of 59%
mainly due to the integration of the income from the Group's new investments in
logistics real estate. According to the company, this increase was achieved
despite the reduction of revenues by € 0.9 million due to the measures imposed
due to COVID-19, while the corresponding reduction in 2020 was significantly
lower (€ 0.5 million).
Adjusted earnings before
interest, taxes, depreciation, and amortization (EBITDA) increased by 71% to €
3.2 million compared to € 1.8 million in the corresponding period last year.
Adjusted earnings before tax (EBT) increased by 76% and amounted to € 2.6
million compared to € 1.5 million in the corresponding period last year. Also,
the adjusted net profit after taxes increased by 78% and amounted to € 2.5
million compared to € 1.4 million in the corresponding period last year and the
net profit from the revaluation of investments in real estate amounted to € 2.1
million against € 0.5 million in the corresponding period last year. The
Internal Book Value of a Share (N.A.V / share) corresponding to the Company's
shareholders amounted to € 2.42 against € 2.37 on 31.12.2020, showing an
increase of 2.1%.
The consolidated income of the
Premia Properties Group in the nine months of 2021 amounted to € 6.5 million
compared to € 1.2 million in the corresponding period 2020, with the rental
income of investment real estate amounting to € 4.3 million versus € 1 , 2
million in the corresponding period 2020. The rental income of the Group was
not significantly affected by the pandemic (Covid-19), with the relative
reduction amounting to € 0.2 million for the nine months 2021. Operating profit
before taxes of interest and depreciation (EBITDA) of the Group amounted to €
5.2 million compared to € 1.2 million in the first nine months of 2020. EBITDA
excluding investment property at fair value (Adjusted EBITDA) amounted to € 2.5
million compared to € 0.5 million in the corresponding period 2020. The
consolidated operating profits for the nine months 2021 amounted to € 5.0
million, compared to € 1.1 million in the corresponding period 2020 while the
consolidated pre-tax profits reached € 3.9 million from € 0.9 million in 2020.
Reduction in rents
Intercontinental International announced that the Operating Capital (FFO) remained almost unchanged at € 3,032,268 in the first half of 2021, compared to € 3,146,550 in the first half of 2020 (decrease of 3.6%), slightly affected by the marginal decrease of due to the reductions imposed on those employees who belonged to the category of companies affected by the COVID-19 pandemic. Accounted rental income amounted to € 4 million versus € 4.11 million (decrease of 2.68%), including the contractually agreed annual adjustments, as well as the mandatory reduction of 40% of a small part of the rents (based on relevant ministries). decisions) as one of the measures to support businesses affected. Losses from the revaluation of the fair value of real estate amounted to € 0.116 million compared to losses of € 0.28 million in the corresponding period last year. The operating profits of AEEAP amounted to € 2.9 million compared to € 2.85 million in the corresponding period last year. As a result, pre-tax profit amounted to € 2.37 million compared to € 2.75 million in the corresponding period a year ago, while net profit after tax amounted to € 2.32 million versus € 2.7 million. in 2020.
Noval Property announced that its turnover for the first half of 2021
(including state compensation due to the mandatory reduction of rents) amounted
to 7.6 million euros compared to 6.2 million euros in the corresponding half of
2020 (23.5% increase) . Earnings before interest, taxes, depreciation and
amortization (EBITDA) amounted to 18.6 million euros in the first half of 2021
against losses of 7.6 million euros in the first half of 2020, while earnings
before interest, taxes, depreciation, amortization and fair value adjustment of
real estate and non-recurring assets (adjusted EBITDA) amounted to 2.7 million
euros in the first half of 2021 compared to 2.1 million euros in the first half
of 2020 (an increase of 29.3%). Net profit amounted to 16.8 million euros in
the first half of 2021 against losses of 9.9 million euros in the corresponding
period of 2020. The Company's Internal Value (NAV) on June 30, 2021 amounted to
298.7 million EUR or EUR 1.21 per share compared to EUR 281.8 million or EUR
1.14 per share respectively as at 31 December 2020.
