As of December 31, 2010 the investment property of the company includes: agricultural land with an area of approximately 336 263 decares and property in regulation with an area of approximately 11 decares totaling BGN 130.5 million. The company has increased its land fund by almost 7% compared to 2009.
For the past financial year, Advance Terrafund REIT has sold 4 627 acres of agricultural land at an average price of 536 BGN / ha.
By the end of the fourth quarter of the year, for the business year 2010-2011, Advance Terrafund has concluded contracts for the lease and lease of 244 413 acres, which make up almost 73% of the agricultural land purchased so far. For the same period last year they were 206 482 acres. The realized rental income for 2010 and 2009 are respectively BGN 5.6 million and BGN 3.9 million. The average lease / rental payment for the new business year is BGN 23.98 / decare, which is 17% higher than the 2009-2010 average.
The profit from the main activity of Advance Terrafund REIT as of the fourth quarter of 2010 amounted to BGN 4.175 million and increased by 31% compared to 2009. The financial result is based on the interim financial report for the fourth quarter of 2010. and does not include the revaluation of property, which will be reflected in the audited annual financial statements for 2010.
We remind that by a decision of the General Meeting of Shareholders of Advance Terrafund REIT 100% of the financial result for 2009 amounting to BGN 3.182 million was distributed in the form of dividend.
The net asset value per share is BGN 1.86 per share, with the market price of one share currently equal to BGN 1.23.
The available cash at the end of December 2010 amounted to BGN 23.3 million.
Advance Terrafund REIT is the largest owner of agricultural land in Bulgaria after the state and the largest special investment company on the Bulgarian Stock Exchange with assets for nearly BGN 160 million.