This increase is mainly due to the lease of the extension of the first Logistics center(KAD1) located in the Company's Logistics Park in Aspropyrgos, as well as the annual indexation from the existing leases. During the nine-month of 2023, the Company made investments of € 4,0 million. Based on the value of properties, the portfolio of the Company as at 30.09.2023 is segmented into logistics by 50%, office buildings by 26%, hotels by 20% and 4% in other real estate categories.
Also, on 23.10.2023 the sale of a store in Rhodes for a price of € 1,0 million, was completed, presenting net profits from the sale of the investment property of € 164 thousand. The Company recorded, at a consolidated level, an increase in all financial performance metrics in the first nine months of the year compared to the corresponding period last year, in particular:
• On 30 September 2023, the Company's investment portfolio included 26 properties worth €140,2 million compared to €135,0 million on 31.12.2022, while including the self-occupied properties and the property for sale in Rhodes, the total value of the property portfolio of the Company on 30.09.2023 amounted to € 142,4 million.
• Rental income amounted to € 6,7 million compared to € 5,9 million in the corresponding period last year, recording an increase of 14%.
• Adjusted(1) EBITDA (Earnings before interest, taxes, depreciation & amortization) increased by 19% to € 5,2 million compared to € 4,3 million for the respective last year period.
• The Company's financial expenses increased by 42% and amounted to € 1,0 million compared to € 0,7 million in the corresponding period last year, mainly due to the increase in lending rates.
• Adjusted(1) earnings before taxes (EBT) increased by 15% and amounted to € 4,2 million compared to € 3,7 million in the corresponding period last year.
• Adjusted(1) Net Earnings after taxes increased by 5% to € 3,7 million compared to € 3,5 million for the respective last year period.
• Company's Net Asset Value (NAV) amounted to € 2,82 per share compared to € 2,78 on
31.12.2022 after the dividend cut of € 0,1046, which was paid to the beneficiaries on May 5
th
,
2023.
The CEO of the Company, Mrs. Anna Apostolidou, stated that
“the main goal of the Company for
2024 is the completion of the agreement with Intercontinental International R.E.I.C. as published on
23.02.2023 and we estimate that the first phase of the transaction with the purchase of ICI's 17
properties will be completed by the end of 2023. The Company continues the development of its
portfolio with the addition of a second storage and distribution building (KAD 2) with an area of
19.236 sq.m. in the Logistics Park of Aspropyrgos - Attica, which is expected to be delivered in the
3rd quarter of 2024, the expansion of the hotel complex in Paros and the construction of a new office
property of 2.424 sq.m. with LEED certification on 42 Poseidonos Avenue in Kallithea. The
Management constantly monitors the socio-political changes and tries to properly manage the
increase in interest rates in order to protect and maintain the return it offers to its shareholders”
