AFI Properties Ltd.

Earnings Release • Aug 30, 2019

National Storage Mechanism | Additional information

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RNS Number : 6186K

Summit Properties Limited

30 August 2019

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

Summit Properties Limited

(the "Company")

H1 2019 Unaudited Key Performance Indicators

Summit Properties Limited, the AIM-listed German commercial property company, is pleased to announce its unaudited key performance indicators for the six months ended 30 June 2019:

Profits

·      Gross profit of €39.5 million (H1 2018: €29.1 million, FY 2018: €64.8 million)

·      Net profit of €47.8 million (H1 2018: €87.1 million, FY 2018: €289.6 million)

·      Profit Before Tax (PBT) of €56.3 million (H1 2018: €102.1 million, FY 2018: €334.2 million)

·      EBITDA of €64.2 million (H1 2018: €107.2 million, FY 2018: €345.4 million)

NAV

·       EPRA NAV of €922.0 million (FY 2018: €866.0 million)

·       Group's NAV of €825.7 million (FY 2018: €782.0 million)

·       NAV and EPRA NAV per share of €1.81/€2.02 (FY 2018: €1.68/€1.89)

Rent

·      Rental income increased 28.6% to €40.5 million (H1 2018: €31.5 million, FY 2018: €67.4 million)

·      Funds From Operations (FFO) increased 35.2% to €26.9 million (H1 2018: €19.9 million, FY 2018: €44.3 million), including profit of €1.6 million from residential development

Portfolio

·       Total Assets of €1.6 billion (FY 2018: €1.5 billion)

·       Revaluation profit of €38.6 million (H1 2018: €91.8 million, FY 2018: €296.8 million)

·       92% occupancy over the portfolio's majority and 91% including properties for re-development (92% and 90%, respectively as of 31 December 2018)

·       New leases and renewals for approximately 65,000 sqm securing rental income of ca. €5.7 million p.a.

For further information please contact:

Summit Properties Limited	Tel: +44 (0) 1481 700 300
Zohar Levy - Managing Director
Itay Barlev - Finance Director
Non-Executive Chairman	Tel: +44 (0) 20 7451 7050
Harry Hyman
Carey, Company Secretary	Tel: +44 (0) 1481 700 300
Chris Le Page / Nikolett Mezei
Liberum Capital Limited, Nominated Adviser and Joint Broker	Tel: +44 (0) 20 3100 2222
Chris Clarke / Gillian Martin / Owen Matthews
Cenkos Securities, Joint Broker	Tel: +44 (0) 20 7397 8900
Mark Connelly
Russell Kerr / Selwyn Jones (Broking)

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