Trade Estates recorded a 35.4% increase in net profit in the first quarter of 2024 and amounted to €3 million compared to €2.2 million in the first quarter of 2023.

Rental income amounted to €9 million Rental income amounted to €9 million compared to €5.3 million, up 68.8% in
compared to the first quarter of 2023.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (Adjusted EBITDA) amounted to EUR 6.8 million compared to EUR 4.2 million in Q1 2023 (increased by 61.0%)

Funds from Operations (Funds from Operations) amounted to €3.1 million compared to €2.5 million in Q1 2023 (increased by 23.1%). Total assets amounted to €552.3 million compared to €543.8 million as at 31 December 2023, an increase of 1.6%.

The internal book value (Net Asset Value) as of March 31, 2024 amounted to €302.7 million or €2.51 per share compared to EUR 298.4 million or EUR 2.48 per share, an increase of 1.4% compared to December 31, 2023.
Significant Events of the Period

Footfall and store turnover at Trade Estates' shopping parks continued at a positive pace in Q1 2024, while significant new store openings by major international and Greek groups continue to improve the experience and satisfaction levels of consumers visiting Trade Estates' destinations.

The agreement for Trade Estates to establish the Inter IKEA International Distribution Centre in Aspropyrgos was completed.

In the shopping parks sector, the construction of the Top Parks shopping park in Patras is progressing at a fast pace and is expected to be completed by the end of Q3 2024, while the park is expected to open in mid-Q4 2024. Meanwhile, during Q1 2024, construction activity for the development of the new shopping park in Heraklion, Crete, commenced with a completion plan for Q2 2025.

The preliminary agreement for the purchase and sale of horizontal properties from Lamda Development for the Commercial Park project in the commercial hub of Elliniko, where the company is going to develop 30,000 sqm of big boxes, including the IKEA store in the southern suburbs of Athens, is in the process of completion and signature.

In the field of large logistics centres, in the Aspropyrgos (Inter IKEA) and Elefsina projects, the land acquisition and town planning procedures are progressing towards completion alongside the design project, the construction of which is expected to start in Q2 2024.

For the year 2024, a further increase in total revenues is expected due to the full integration of the revenues from the properties acquired during 2023 as well as the continued growth in retail sales of its tenants.

Dimitris Papoulis, CEO of Trade Estates said: "The positive performance of our portfolio continues into Q1 2024. We remain committed to establishing our trade estates as a top consumer choice and despite challenges in construction and labour costs, we are consistently executing our plan to create new commercial and warehouse developments. We continue to intensively manage operating costs as well as continuously improve the company's financing terms and cost of money. At the same time, we look forward to making maximum use of the opportunities offered by the Resilience and Recovery Fund."