Trade Estates Real Estate Investment Company · ATHEX:TRESTATES
Trade Estates Real Estate Investment — Trade Estates REIC — FY2024 Earnings Presentation
36 slides from Trade Estates Real Estate Investment's earnings presentation, April 2025
Slide 1: Trade Estates REIC FY 2024 Financial Results
Trade Estates REIC FY 2024 | Financial Results April 2025
Slide 2: Serving Modern Retail End-to-End.
Serving Modern Retail End-to-End. 2
Slide 3: Table of Contents
Table of Contents. 1. Company Overview 5. Financial Highlights FY 2024 2. Portfolio Analysis 6. Financial Statement FY 2024 3. Investment Pipeline 7. Shareholders Structure 4. Debt Profile & Cash Position FY 2024 3
Slide 4: 1. Company Overview
1. Company Overview
Slide 5: Company Overview
Company Overview. A dynamically growing REIC with a differentiated business model serving modern retail end-to-end Trade Estates Licensed in 2019 by the Hellenic Capital Market Commission under the provisions of Law 2778/1999 and Law 4209/2013. Established in July 2021, began operating in the field
Slide 6: Trade Estates at a glance
Company Overview. Trade Estates at a glance A dynamically growing and specialized REIC in quality retail parks & Reporting Date : 31.12.2024 omnichannel logistics centers. Offering to its investors, capital growth potential and attractive dividend yield. Key Portfolio Metrics Key Financials €541.5 m
Slide 7: Applying sustainability commitments: Solar Panels
Company Overview. Applying sustainability commitments Solar Panels Solar Panels on rooftops Total Annual At Top Parks Piraeus we have installed photovoltaic panels which cover Consumption (1) the 23.72% of its annual consumption. In addition, at our new Top Parks in Patra we harnessing the power of
Slide 8: Applying sustainability commitments: EV Super Fast Charger Hubs
Company Overview. Applying sustainability commitments EV’s Super Fast Charger Hubs Trade Estates and PPC (Public Power Corporation) have joint forces to promote electromobility by installing EV’s super fast charger hubs at retail parks. Today, we have operating over 5.000kw of EV charging capacity i
Slide 9: Key Milestones
Company Overview. Key Milestones ATHEX listing (IPO) Signing of the preliminary notarial deed for the acquisition of divided horizontal properties, License to operate as a from the company HELLINIKON S.M.S.A. , Participation of Latsco Family Additional participation of regarding the development of t
Slide 10: Gross Asset Value Evolution
Gross Asset Value Evolution . Gross Asset Value 2021 - 2024 541.531 486.024 300.134 216.519 31.12.2021 31.12.2022 31.12.2023 31.12.2024 Georgikis Scholis 89, Pylaia, Thessaloniki Acquisition of FLORIDA1 Retail Park in Acquisition of the remaining 50% shares of Completion of the new Retail Park in 13
Slide 11: 2. Portfolio Analysis
2. Portfolio Analysis
Slide 12: Balanced Geographical Presence
Balanced Geographical Presence. Sofia – 1 Retail Park Greece & Bulgaria Total GLA (in thousands) 20.3 sqm Thessaloniki – 2 Retail Parks Fair Value 31.12.2024 €47.6mn Total GLA (in thousands) % of Fair Value 9.4% 62.3 sqm Fair Value 31.12.2024 €112.2mn % of Fair Value 22.0% Viotia – 2 Logistics Cente
Slide 13: Our Portfolio (1/3)
Our Portfolio (1/3). Top Parks Top Parks Retail Park Chalandri Retail Florida 1 Retail Smart Park Piraeus Patras Rentis Park Park GAV(1) €138.00 mn €31.71 mn €26.16mn €14.00 mn €7.7 mn €62.34mn GLA(2) 51.0 sqm 13.4 sqm 17.0 sqm 6.5 sqm 4.2 sqm 38.2 sqm GLA(2) (main use) 49.1 sqm 12.8 sqm 13.7 sqm 6.
Slide 14: Our Portfolio (2/3)
Our Portfolio (2/3). Top Parks Top Parks Top Parks Cyprus Sofia Larissa Ioannina Thessaloniki Retail Park Retail Park GAV(1) €11.14 mn €21.06 mn €49.90 mn €34.16 mn €47.59 mn GLA(2) 27.2 sqm 40.1 sqm 24.1 sqm 39.1 sqm 20.3 sqm GLA(2) (main use) 20.1 sqm 27.5 sqm 23.0 sqm 20.6 sqm 20.3 sqm GLA(2) (op
Slide 15: Our Portfolio (3/3)
Our Portfolio (3/3). Schimatari Logistic Oinofyta Elefsina Fair Value per Asset Class (%) Center Logistic Center Logistic Center Logistic Centers GAV(1) €29.15 mn €10.99 mn €9.24 mn 10% GLA(2) 46.9 sqm 33.4 sqm 19.7 sqm GLA(2) (main use) 46.7 sqm 33.3 sqm 14.2 sqm GLA(2) (open space) 0.0m sqm 0.0 sq
Slide 16: Our Umbrella Brand With A Clear Promise!
Our Umbrella Brand With A Clear Promise! Top Parks Piraeus Top Parks Ioannina Top Parks Patra Coming next… Top Parks Thessaloniki A brand synonym to… Top Parks Larissa ✓ Convenience ✓ Easy Access ✓ Necessity Shopping Top Parks Heraklion ✓ Value For Money 16
Slide 17: High Performance Portfolio
High Performance Portfolio. Total Sales +7,35% Total Sales L2L +4,26% 12m 2024 12m 2023 12m 2024 12m 2023 479.89mn 447.02mn 454.65mn 437.98mn Performance Evolution 500.000.000 Footfall +11,26% 400.000.000 12m 2024 300.000.000 12m 2023 20.77mn 18.67mn 200.000.000 visitors visitors 100.000.000 0 Dec 2
Slide 18: With Reliable and Strong Tenants
With Reliable and Strong Tenants. Occupancy Balanced Tenancy & WAULT(1) Rate Dominant Tenant Risk Management 10.3 years 94.4% 60,00% 57,50% 57,85% 50,00% 45,59% 40,98% 40,00% 32,70% 31,63% 30,00% 20,00% 11,58% 10,00% 7,90% 7,49% 1,85% 2,00% 3,03% 0,00% IKEA Trade Logistics SA Intersport 3rd Parties
Slide 19: 3. Investment Pipeline
3. Investment Pipeline
Slide 20: Investment Pipeline
Investment Pipeline. Top Parks Aspropyrgos Hellinikon Elefsina Top Parks Spata Retail Heraklion Logistics Center Retail Park Logistic Center Heraklion 2 Park Type of Asset Retail Park Logistics Center Retail Park Logistics Center Retail Park Retail Park Sale Current Status Under Construction Under C
Slide 21: Lean Design Means Reasonable Construction Cost
Lean Design Means Reasonable Construction Cost. Top Parks Patra Land Plot (in thousands) 20.9 sqm GBA (in thousands) 21.3 sqm GLA (in thousands) 13.8 sqm (main use) Parking Space 360 Construction Starting Q1 2022 Construction Ending Q3 2024 Final Total Construction Cost(1) €24.8 mn Final Total Const
Slide 22: 4. Debt Profile & Cash Position 2024
4. Debt Profile & Cash Position 2024
Slide 23: Debt Profile & Cash Position FY 2024
Debt Profile & Cash Position FY 2024. 1 Total Debt(1) 2 Cash & Cash Equivalents 3 Total Net Debt €265.6 mn €26.9 mn €238.7 mn 4 Net Loan to Value(2) 5 Loan Maturity 6 Cost of Long Term Financing(3) (Net LTV) 44.08 % 8,2 years 3.68% (1) Indirect grant (under IFRS 9 and IAS 20) amount of € 3.6 mn of t
Slide 24: 5. Financial Highlights 2024
5. Financial Highlights 2024
Slide 25: Strong Financial Performance 2024
Strong Financial Performance 2024. Financial Results Total Gross Gross Rental Total Adjusted Adjusted FFO Income Income Net Income EBITDA(1) Profit After Tax(1) €46.2 mn €37.5 mn €34.8 mn €30.1 mn €13.1mn €15.2 mn +73.1% vs YE 2023 +56.9% vs YE 2023 +58.4% vs YE 2023 +65.0% vs YE 2023 +75.1% vs YE 2
Slide 26: Confirms Full Year 2024 Guidance
Confirms Full Year 2024 Guidance. Gross Adjusted Funds From Rental Income EBITDA(1) Operation (FFO) Guidance 2024 Guidance 2024 Guidance 2024 €25 mn - €26 mn € 11 mn – 12 mn €33 mn - €35 mn €37.5 mn €30.1 mn €15.2 mn 110.3 % 118.7 % 132.1 % achievement achievement achievement 26 (1) Revaluation gain
Slide 27: And Strong Growth
And Strong Growth. Net Asset Value (NAV) ΝAV per share 350,0 times x 1.69 298,4 311,9 3,00 times x 1.69 300,0 2,59 2,48 2,50 250,0 225,0 210,9 196,1 1,87 184,9 2,00 1,75 200,0 1,63 1,53 150,0 1,50 100,0 1,00 50,0 0,50 0,0 0,00 31.12.2021 30.06.2022 31.12.2022 30.06.2023 31.12.2023 31.12.2024 31.12.2
Slide 28: Based On Our Agreed Investment Plan
Based On Our Agreed Investment Plan. € 720.0 mn - €760.0 mn € 541.5 mn € 172,2 mn Estimated Gross Gross Asset Cost of Asset Value Value(1) Investment Plan 31.12.2028 31.12.2024 2025-2028 (Estimated revaluation gains 2025-2028 included) + 36.7% (1) GAV includes fair value of investment properties as
Slide 29: 6. Financial Statements FY 2024
6. Financial Statements FY 2024
Slide 30: FY 2024 | Consolidated P&L
FY 2024 | Consolidated P&L. Description (amounts in € thousands) FY 2024 FY 2023 Delta in € Delta in % Total Gross Income (1) 46.194 26.688 19.506 73,09% Gross Income 38.105 23.915 14.190 59,34% Gross Rental Income 37.522 23.915 13.607 56,90% Base Rent 34.057 23.055 11.002 47,72% Turnover Rent 3.464
Slide 31: FY 2024 | Consolidated Balance Sheet
FY 2024 | Consolidated Balance Sheet. Description (amounts in € thousands) FY 2024 FY 2023 Delta in € Delta in % Property, Plant and Equipment 659 442 217 49,1% Right of Use Asset 951 242 709 292,6% Investment Properties* 534.364 492.091 42.274 8,6% Investment on Subsidiaries 9.957 5.136 4.821 93,9%
Slide 32: 7. Shareholders Structure
7. Shareholders Structure
Slide 33: Reliable and Committed Shareholders
Reliable and Committed Shareholders (1) . Management 0,97% Fourlis Group 47,32% Free Float 30,72% Latsco Hellenic Holdings 8,11% Autohellas 12,88% 33 (1) Data as at 01.04.2025.
Slide 34: Trade Estates' Share
Trade Estates’ Share (1). Share Capital € 192.846.034 ISIN GRS534003009 No of Shares 120.528.771 Reuters: TRESTATESr.AT Nominal Value € 1,60 Tickers Market Capitalization(1) € 194.292.379 Bloomberg: TRESTATE:GA Market Price(1) € 1,6120 Market Segment Main Market NAV 31.12.2024 € 311.886.281 Sector/S
Slide 35: Disclaimer
Disclaimer . This presentation has been prepared by TRADE ESTATES REAL ESTATE INVESTMENT COMPANY (the "Company") for informational purposes only. The information contained herein does not constitute an offer, solicitation, or recommendation to buy or sell any securities of the Company or any other e
Slide 36: Follow us
H. Sabbagh S. Khoury, 3 151 25 Marousi Athens, Greece phone : +30 216 20 22 200 Email : info@trade-estates.gr ir@trade-estates.gr Follow us ….. Web : www.trade-estates.com