ADVANCE TERRAFUND REIT Increases Its Profit by Nearly 28% in the First Quarter of 2012


The profit of Advance Terrafund REIT for the first quarter of 2012 is BGN 5.26 million compared to BGN 4.12 million for the same period of 2011.

As of March 31, 2012 the investment properties of the company include: agricultural land with an area of ​​approximately 290,037 decares worth BGN 140.4 million, property under regulation with an area of ​​approximately 128 decares worth BGN 12.3 million. and property in regulation with an area of ​​approximately 11 decares worth BGN 3.09 million, or a total of BGN 155.8 million.

At the end of the first quarter of the year, for the business year 2011-2012, Advance Terrafund REIT has concluded contracts for the lease and lease of 234,213 decares, which make up 80.75% of the land purchased so far. The realized rental and rental income amounted to almost BGN 1.6 million. The average rent / rental payment for the business year was BGN 27.02 / decare. The rental and leasing campaign is due to end in May 2012.

For comparison, the lease and rent contracts concluded for March 31, 2011 for the last business year 2010-2011 are for 250,398 decares of agricultural land and their revenues amount to nearly BGN 1.6 million. the company sold nearly 63,000 acres of agricultural land.

For the first quarter of 2012, Advance Terrafund REIT sold 12 512 acres of agricultural land at an average price of BGN 914 / ha, with sales revenues as of March 31, 2012 amounting to BGN 11.4 million.

The company's assets are BGN 218 million and the net asset value per share is BGN 2.30, at a current market price of BGN 1.75.


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