AFI Properties Ltd.

Quarterly Report • Nov 21, 2019

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 1318U

Summit Properties Limited

21 November 2019

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

Summit Properties Limited

(the "Company")

Q3 2019 Unaudited Key Performance Indicators and Trading Update

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

Profits

·    Gross profit of €58.5 million (9/2018: €44.2 million, FY 2018: €64.8 million)

·    Net profit of €57.7 million (9/2018: €96.4 million, FY 2018: €289.6 million)

·    Profit Before Tax (PBT) of €67.3 million (9/2018: €110.1 million, FY 2018: €334.2 million)

·    EBITDA of €78.8 million (9/2018: €117.9 million, FY 2018: €345.4 million)

·      The results above include HY 2019 revaluation profit of €38.6 million

NAV

·      EPRA NAV of €930.0 million (FY 2018: €866.0 million)

·      Group's NAV of €832.4 million (FY 2018: €782.0 million)

·      NAV and EPRA NAV per share of €1.82/€2.03 (FY 2018: €1.68/€1.89)

·      Total Assets of €1.63 billion (FY 2018: €1.57 billion)

Rent

·    Rental income increased 28.8% to €60.9 million (9/2018: €47.3 million, FY 2018: €67.4 million)

·    Funds From Operations (FFO) increased 27.7% to €39.6 million (9/2018: €31.0 million, FY 2018: €44.3 million), including profit of €2.3 million from residential development

Portfolio

·       In keeping with past practice, the Company will carry out a valuation of its portfolio for the year ending 31 December 2019

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

·       117 new leases and renewals for approximately 107,000 sqm securing rental income of ca. €8.9 million p.a.

·       12 month run-rate gross rental income as of 9/2019 increased 3.3% to €84.0 million (€81.3 million as of December 2018)

·       Average rent per sqm across the portfolio increased 4.3% to €7.3/month (€7.0/month as of December 2018)

·       As previously announced, the completion of sale of an office building for €225 million is expected in December 2019

·       Initial non-binding offers received for the sale of 2 additional assets significantly above their book value of €68 million, reflecting their surplus building rights

·       Ongoing negotiation for a non-material acquisition of an office asset

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)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCURSRRKWAAUUA