The profit realized by Advance Terrafund REIT for the first quarter of 2011 is BGN 4.1 million, as compared to BGN 1.02 million for the same period of 2010.
As of 31 March 2011 the investment property of the Company includes: agricultural land of approximately 323,826 decares amounting to BGN 105.9 million, property in the process of regulation of approximately 128 decares amounting to BGN 15.5 million and land in regulation of approximately 11 decares amounting to BGN 3.2 million or a total of BGN 124.7 million.
As of the end of the first quarter of the year Advance Terrafund REIT has concluded for economic year 2010-2011 rental and leasing contracts for 250,398 decares, representing 77.33 % of the land purchased up to the current moment. The average amount of the leasing/rental payment for the economic year amounts to BGN 23.77 per decare. The receivables from rent and leasing payments amount to BGN 1.56 million. In comparison, as of 31 March 2010 rental and leasing contracts for financial year 2009-2010 were for 238,068 decares and the revenues realized from them amounted to BGN 1.4 million.
For the first quarter of 2011 Advance Terrafund REIT realized the sale of 15,536 decares of agricultural land at an average price of BGN 577 per decare, with sales revenues as of 31 March 2011 amounting to BGN 8.96 million.
The assets of the Company are over BGN 163 million and the net value of the assets per share amounts to BGN 1.84 with a current market price of BGN 1.50 per share.