Premia Properties: times are challenging but we see growth

Premia Properties expects to continue on its growth path this year, despite uncertainties in Greece and abroad, after the capital markets commission approves its request to become a real estate investment company (REIC).

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While presenting its 2021 earnings, the company said that it will continue to focus on investments in the supply chain (logistics, industrial), serviced apartments, big boxes and social real estate, especially in the segment of education.

“The group’s management continuously monitors developments and evaluates the situation that unfolds. Premia Properties has strategically opted for specific real estate sectors and property types, forming an investment portfolio, resilient to the effects of the pandemic and inflation impact, with long-term contracts and creditworthy tenants,” it said.

After the successful completion of it 75 million euro share capital increase in July 2021 and the issuance of a 100 million euro bond loan in January 2022, Premia Properties has expanded its portfolio, currently owning 27 properties and also having signed preliminary agreements for the acquisition of four additional properties.

It also obtained its license to operate as a Real Estate Investment Company (REIC) so as to operate more efficiently in the real estate market, benefiting from the relevant tax advantages.

For 2021, the company reported income of 9.5 million euros compared to 1.7 million euros in 2020, with rental income amounting to 6.5 million euros compared to 1.5 million euros in 2020.

The group’s rental income was not significantly affected from the pandemic (Covid-19), with the relevant reduction standing at 0.2 million euros for 2021.

Group EBITDA rose by approximately 10 times compared to 2020 and amounted to 10.8 million euros while EBITDA not including results from fair value adjustments on investment properties (adjusted EBITDA), increased by approximately 7 times to 3.7 million euros.

Consolidated profits from continuing operations amounted to 14.6 million euros compared to 2.4 million euros in 2020, as a result of the subsidiaries’ contribution in profit as well as, the effect from the adjustment of deferred taxation due to the transformation of the company to a REIC.