Trade Estates REIC : Announcement - Financial Results of H1 2024

About this update from Trade Estates Real Estate Investment Company

Press Release First Half 2024 Consolidated Financial Results Strong Increase of Results: Revenues by 71.0%, Adjusted EBITDA by 62.6%, Funds from Operations (FFO) by 60.1%, NAV at €303.6 mn - Key Financial figures in line with Guidance for 2024 Athens - September 3, 2024 - TRADE ESTATES REIC (Bloomberg: TRESTATE:GA; Reuters: TRESTATESr.AT - ISIN: GRS534003009) announces its consolidated financial results for the First Half of 2024. Key Financial Data Total Revenues at €20.2 mn compared to €11.8 mn in the First Half of 2023, increased by 71.0%. Rental Revenues at €17.8 mn vs €10.8 mn (increased by 65.0%) in the First Half of 2023, Adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (Adjusted EBITDA) at €14.1 mn compared to €8.7 mn in the First Half of 2023 (increased by 62,6%). Net Profit (excluding revaluation gains) of €6.9 mn compared to €4.4 mn in the First Half of 2023 (increased by 56.8%). Funds from Operations (FFO) at €7.3 mn compared to €4.5 mn in the First Half of 2023 (increased by 60.1%). Total Assets €557.2 mn compared to €543.8 million as of December 31, 2023 (increased by 2.5%) Gross Asset Value as of 30.06.2024 at €499 mn vs €484 mn on December 31, 2023 (increased by 3.1%). Net Asset Value on June 30, 2024 amounted at €303.6 mn (€2.52 per share) vs €298.4 million (€2.48 per share) on December 31, 2023, an increase of 1.8% On June 14, 2024 the Annual General Assembly Meeting of the Shareholders resolved to distribute dividend of €0.08 per share or €9.6 mn, offering a dividend yield of 4.9% based on the closing price of June 26, 2024 ie the dividend payment date. Key Financial Data and Key Metrics on Consolidated basis are presented hereinafter: Key Figures and Metrics (in € thousands) H1 2024 H1 2023 % Total Gross Income 20.187 11.802 71.0% Adjusted EBITDA1 14.062 8.649 62.6% Profit After Taxes (excluding revaluation gains) 6.872 4.377 57.0% Funds from Operations2 7.248 4.527 60,1% Adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation is defined as Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) plus/(minus) the net loss/(gain) on revaluation of investment properties at fair value, plus the non-cash expense for share option plans. Funds from Operations are defined as profit for the period plus depreciation and amortisation of assets, less/(plus) adjustments for equity method invest...

View stock analysis, news, and events for Trade Estates Real Estate Investment Company