Premia Properties reports sharp rise in 9-month profit
Premia Properties reported a significant rise in profit for the first nine months of the year as it expanded its portfolio.
In a statement, the company announced:
- Significant expansion of the real estate portfolio with the addition of nine (9) properties in total, as well as strategic entry in the sector of serviced residential real estate.
- Purchase of one (1) logistics center and one (1) commercial asset (big-box), with total fair value of €7.8 mn as of September 30th, 2021.
- On June 29th, 2021, the company acquired for a consideration of €24.6 mn* the total
number of shares of six (6) societes anonyms managing seven (7) properties in total, five (5) of which are in the logistics sector and two (2) big boxes, with a total fair value of €55.2 mn as of September 30th, 2021
-Signing of a preliminary agreement with DIMAND in September 2021 for the acquisition of a stand-alone property of serviced apartments in Piraeus. The total value of the
transaction shall amount to €10.2 mn.
-As of September 30th, 2021, total investments portfolio increased by 63% and amounted to €173.1 mn.
-The group’s real estate portfolio includes sixteen (16) investment properties, valued at
€131.6 mn compared to seven (7) properties valued at €65.9 mn as of December 31st,
2020. In addition, an advance payment of €2.0 mn was paid upon signing of the
aforementioned preliminary property purchase agreement in Piraeus.
-In 2020, the group invested in social real estate (schools), via its subsidiary JPA S.A., which manages ten (10) school units located in Attica through a service concession (PPP)
contract. The total value of the relevant concession right (Financial assets at amortized
cost) amounted to €39.5 mn as of September 30th, 2021, over €40.4 mn as of December 31st, 2020.
Significant increase in the group's consolidated equity which amounted to € 114.6 mn along with cash which amounted to € 43.8 mn, following the recent Share Capital Increase ("SCI")
The group’s total equity reached €114.6 mn versus €38.2 mn as of December 31st, 2020, as it incorporated fully the Share Capital Increase (“SCI”) with a total value of €75 mn, which was completed in July 2021 with the issuance of 52,083,331 new shares, with a nominal value of € 0.50 each, at an issue price of € 1.44 per new share, which included a combination of: (a) asset contributions with a total value of €27.5 mn (shares of the 6 companies acquired on 29.6.2021 valued at €23.6 mn, as well as bonds issued by the Company valued at €3.9 mn) and (b) cash amounting to €47.5 mn.
-Following the completion of the SCI, the Group's cash and cash equivalents amounted to €43.8 mn compared to €1.9 mn on 31.12.2020.
-Revenue increase, improvement in operating profitability and pre-tax profitability on a consolidated basis compared to the corresponding period of 2020, as a result of the addition of new investments* as well as the incorporation of the subsidiary JPA S.A.
-Consolidated total income for the nine months of 2021 amounted to €6.5 mn compared to €1.2 mn during the respective period of 2020, while investment property rental income rose to €4.3 mn versus €1.2 mn during the respective period of 2020. Group rental income was not significantly affected by the pandemic (Covid-19), with the relevant reduction amounting to €0.2 mn for the nine months of 2021.
-Group EBITDA during the nine months of 2021 increased to €5.2 mn compared to €1.2 mn during the first nine months of 2020. EBITDA not including profits from fair value adjustment of investment properties (Adjusted EBITDA) amounted €2.5 mn versus €0.5 mn the respective period of 2020.
-Consolidated operating profit for the nine months of 2021 amounted to €5.0 mn, compared to €1.1 mn in the corresponding period of 2020. Consolidated profit before taxes for the nine months of 2021 reached €3.9 mn versus €0.9 mn in the respective period of 2020.