Trade Estates REIC reported impressive financial results for the year 2024. Specifically, rental income reached €37.5 million, a 56.9% increase compared to €23.9 million in 2023. The company also saw a remarkable rise in Adjusted EBITDA, which amounted to €30.1 million, up 64.9% from €18.2 million in 2023.
Net profit, excluding gains from the revaluation of investment properties, rose to €13.1 million, a 75.2% increase from €7.5 million in 2023. Furthermore, Funds from Operations (FFO) surged to €15.2 million, up 70.9% from €8.9 million in 2023.
Strong Asset Growth
The total assets of Trade Estates REIC reached €605.1 million as of December 31, 2024, representing an 11.3% increase compared to €543.8 million at the end of 2023. The Gross Asset Value (GAV) also rose to €541.5 million, up 11.4% from €486.0 million in 2023.
The company’s Net Asset Value (NAV) stood at €311.9 million (€2.59 per share) on December 31, 2024, marking a 4.5% increase from €298.4 million (€2.48 per share) at the end of 2023.
Dividend Proposal
The Board of Directors has proposed a dividend distribution of €12,052,877.10 (equivalent to €0.10 per share) for the 2024 fiscal year, which will be presented at the upcoming Annual General Meeting (AGM) scheduled for June 13, 2025. Following the distribution of an interim dividend of €5,749,945.55 (equivalent to €0.047706 per share) as decided by the Board on November 18, 2024, the remaining amount to be distributed is €6,302,931.55 (equivalent to €0.052294 per share).
CEO's Statement
Mr. Dimitris Papoulis, CEO of Trade Estates REIC, commented: "2024 has been an exceptional year for Trade Estates REIC, as our financial performance significantly exceeded the guidance set for the year, benefiting both the company and our shareholders. The strong performance of our commercial parks, the opening of Top Parks in Patras, and, most importantly, the full integration of Smart Park, have all contributed to the robust increase across all our key metrics. We are continuing with our investment program, with the expected completion and operation of the Top Parks commercial park in Heraklion, Crete, and the International Distribution Center of InterIKEA in Aspropyrgos within the current year. At the same time, we are exploring new investments in the retail real estate and logistics centers sectors.
With the successful completion of the private placement of 16% of the share capital by the Fourlis Group, we have expanded our shareholder base, bringing in new strong institutional investors, while existing major shareholders have increased their stakes, reinforcing their confidence in the management and strategic plan of our company. The proposed dividend distribution of €0.10 per share, the highest ever paid, reaffirms our strategy and commitment to creating value for our shareholders.
