BriQ Properties declares 34% jump in rental income in the first 9 months of 2022
BriQ Properties declares 34% jump in rental income in the first 9 months of 2022
  REIC  |  Economy

BriQ Properties declares 34% jump in rental income in the first 9 months of 2022

Rental income amounted to € 5,9 million compared to € 4,4 million in the corresponding period last year, marking an increase of 34%.
RE+D magazine
14.11.2022
BriQ Properties R.E.I.C. announced that according to the consolidated financial statements for the nine-month period ended 30.09.2022, the rental income of the Group amounted to € 5,9 million compared to € 4,4 million for the respective last year period, recording an increase of 34%, due to the integration of revenues from the investments in logistics and due to the decrease in the revenues of 2021 from the mandatory measures against Covid-19.

Adjusted earnings before taxes, interest and depreciation (EBITDA) in the nine months of 2022 amounted to € 4,3 million compared to € 3,2 million in the corresponding period last year, while Adjusted net earnings after taxes amounted to € 3,5 million compared to € 2,5 million in the corresponding period last year, marking an increase of 40%. 

At the same time, the Group's portfolio increased in value to € 130,5 million compared to € 122,0 million on 31.12.2021, showing an increase of 7%. During the nine months of 2022, the Company made € 4,9 million investments in existing properties, while the profits from real estate value adjustments amounted to € 5 million, while the Company also proceeded with the sale of a retail property for € 1,35 million. 

The distribution of the value of investment properties on 30.09.2022 by sector category of real estate was 49% in logistics, 27% in office buildings, 20% in hotels and 4% in other real estate categories. 

The Company recorded at a consolidated level an increase in its financial performance in the first half of the year compared to the corresponding period last year, in particular: 

  • On September 30st, 2022, Group's portfolio consisted of 26 properties with total value of € 130,5 million compared to 27 properties with a value of €122,0 million on 31.12.2021, showing an increase of 7,0%. On June 30, 2022, the fair value of the portfolio amounts to € 129,3 million compared to € 120,8 million on 31.12.2021.
  • Rental income amounted to € 5,9 million compared to € 4,4 million in the corresponding period last year, marking an increase of 34%. 
  • Adjusted EBITDA (Earnings before interest, taxes, depreciation & amortization) increased significantly by 38% to € 4,3 million compared to € 3,2 million for the respective last year period. 
  • Adjusted Net Earnings after taxes increased by 40% to € 3,5 million compared to € 2,5 million for the respective last year period.

Company's Net Asset Value (NAV) amounted to € 2,66 per share compared to € 2,52 on 31.12.2021 after the dividend cut of € 0,075, which was paid to the beneficiaries on April 29, 2022.

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BRIQ