Premia reports 31% increase in revenue and 50% in adjusted EBITDA
For the period from January 1 to September 30, 2023.
PREMIA Properties announced its financial results for the period from January 1 to September 30, 2023.
The company has announced the addition of two (2) new investment properties (IOLI production facilities and a building to be converted into a student residence in Xanthi) within the first nine months of 2023.
In addition, in November PREMIA sold a property in Votanikos, as part of the Company's strategy for active management of its portfolio, achieving significant capital gains.
Reported an increase in revenue by 31% and increase in operating profitability (Adjusted EBITDA) by 50% on a consolidated basis, compared to the corresponding period of 2022. Profits before taxes were formed at lower levels compared to the nine months of 2022 mainly because of lower investment fair value adjustments.
In addition, in October ICAP CRIF A.E., as part of the annual review, reassessed PREMIA's creditworthiness and maintained an A rating, placing it in a low credit risk category.
PREMIA also participated in one of the largest real estate transactions of recent years in the Greek market. In February 2023, a binding agreement was signed for the transfer of 65% of the share capital of Skyline Real Estate Single Member S.A. ("Skyline") from ALPHA BANK group to the joint venture "P&E INVESTMENTS S.A." in which PREMIA participates with 25% while the DIMAND group participates with 75%.
The Company remains focused on sectors in which mid-term expectations remain positive, such as logistics and serviced apartments, while continuously evaluating market conditions with the aim of identifying suitable opportunities that are consistent with its investment strategy.
Particular emphasis is also placed on the efficient management of the Company's liabilities, in order to ensure the necessary financing on competitive terms, utilizing all appropriate financial tools such as financing within the Recovery and Resilience Fund.
The Company believes that it is able to remain on a growth trajectory in the near future by having characteristics such as: - Income producing portfolio gross yield 7.5% - Weighted average lease term (WALT) 7.0 years - Net loan to value (Net LTV) 51% - Weighted average loan duration at 5,7 years and resilience against future interest rate increases (c. 50% of existing borrowings with a fixed interest rate of 2.8%).
Finally, the Management systematically monitors and evaluates the macroeconomic and financial data
as they evolve so that, if required, it can make the necessary adjustments.