Premia Properties recorded an increase in revenue, operating profitability and profitability before taxes on a consolidated basis in the first quarter of 2022 compared to the corresponding period of 2021. At the same time, it raised 100 million euros from the issuance of a common bond loan in January.
In more detail, the results published by the company can be summarized as follows:
– Addition of two (2) serviced residential properties (student dormitories) within the first quarter of 2022 to the Group’s portfolio, with the total value of investments amounting to € 202.3 million.
– The Group’s portfolio includes a total of twenty nine (29) properties
• Nineteen (19) investment properties (15 income properties and 4 properties for future development) with a total value of € 153.0 million compared to seventeen (17) investment properties with a total value of € 146.8 million on 31.12.2021.
• Ten (10) schools managed through a PPP contract, with the total value of the relevant right amounting to € 38.7 million compared to € 39.2 million on 31.12.2021.
– The Company has also signed in 2021 pre-agreements for the acquisition of two (2) more investment properties, having paid advances of € 10.6 million.
– Significant cash and cash equivalents of € 86.7 million following the issuance of the Code and sound financial structure with the Group’s Net Position amounting to € 128.0 million and net debt to € 75.6 million.
– The net raised capital of Common Bond Loan was partially directed (€ 39.4 million) in repayment of existing borrowing while the rest is intended for investments as well as coverage of working capital needs.
– The total borrowing of the Group amounted to € 162.3 million on 31.3.2022, compared to € 103.0 million on 31.12.2021. The Group’s net borrowing amounted to € 75.6 million compared to € 73.7 million on 31.12.2021 with the net leverage ratio (Net Loan to Value – LTV) remaining stable and reaching 37.4% against 37.1%.
o Increase in revenue, operating profitability and profitability before taxes on a consolidated basis compared to the corresponding period 2021.
– The revenues of the Group amounted to € 3.2 million, doubled compared to the corresponding period 2021.
– The Group’s operating profit before interest and depreciation (EBITDA) amounted to € 2.9 million while Adjusted EBITDA amounted to € 1.6 million, compared to
€ 0.6 million and € 0.6 million in the corresponding period 2021. Consolidated earnings before taxes amounted to € 1.8 million, compared to € 0.2 million.
Prospects for 2022
The macroeconomic environment remains highly fluid as data on the intensity and duration of the pandemic, the energy crisis and the war in Ukraine
are constantly changing, making any quantitative assessments regarding the effects on the domestic economy, the real estate market and consequently on the financial results of the Group, particularly difficult. The Management of the Group is carefully monitoring developments and constantly evaluating the data being formed.
Despite the significant uncertainty due to the conditions that have been created, Premia Properties estimates that it is able to remain on a growth trajectory in the near future as it has features that will allow it to respond effectively to the challenges:
– Gross yield of real estate (gross yield) 7.7%
Long-term weighted average leases (WALTs) for 6.5 years and with approximately 92% of the relevant rents subject to at least an inflation adjustment. In addition, the PPP contract for the ten (10) schools lasts until 2041 with part of the revenue also following an inflationary adjustment,
– Sound financial structure, with a net leverage ratio (Net LTV) of 37.4%, a weighted average loan term of 7.1 years and an average borrowing cost of 2.8% and resilience to future interest rate hikes as a result of the Common Bond Loan (approx. 60% of existing borrowing with a fixed interest rate of 2.8% for the next 5 years),
– Strong shareholding and significant available funds to finance the investment program, and
– Conversion to Real Estate Investment Company legal format that will allow the Group to operate more effectively in the real estate market utilizing the relevant tax advantages.
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