Тук не бях поглеждал отдавна, ...добре - силна година се заформя 
08.07.2022 Source: Bulgarian Real Estate Fund; FFBH Bulgarian Real Estate Fund REIT announced that it has sold all of its remaining land (102.4 daa as of Q1’22) near Veliko Tarnovo for BGN 1 433.4k or BGN 14k/daa. The investment was carried at book value of BGN 890k as of Q1’22, indicating average book value/daa of BGN 8.7k. This would imply premium of the sale price over book value of 60.9% or BGN 543.4k. Given that the land had historical cost of BGN 242k, this deal alone might increase the adjusted profit to be distributed as dividends by BGN 0.03 per share.
07.06.2022 Source: BREF; FFBH BREF announced that it signed a lease agreement with Neterra for its Kambanite Green Office building. The contract is for 1 611.24 sq.m. and has a 5 years term. As a result, the occupancy of the building advanced to 49.45% from 33.26%.
30.05.2022 Source: BREF; FFBH BREF called AGM on 30 June. The shareholders would vote on DPS of BGN 0.0483, which corresponds to 90% payout ratio of adjusted profit. The sum is equivalent to 2.2% dividend yield at the last closing price of BGN 2.20.
04.05.2022 Source: Bulgarian Real Estate Fund REIT; FFBH BREF REIT Q1'22 rental income advanced 24.1% YoY to BGN 2.2m, due to revenues generated from the company’s project in Tech Park – Synergy Tower. The fund managed to finalize the sale of two apartments in Borovets and 474 sq.m land plot in Mladost IV for combined price of BGN 837k (combined book value of BGN 797k). This resulted in total revenue for the quarter of BGN 3.1m (+55.1% YoY). OpEx stood at BGN 1.6m (+110.9% YoY) on higher cost of sold assets and increase in cost of hired services (BGN 634k; +43.8% YoY). Financial costs more than doubled to BGN 259k as the company increased its debt to fund Synergy Tower project. All of this resulted in a bottom line of BGN 1.2m, representing an EPS of BGN 0.034 (+9.9% YoY). Management reported that the development of the unfinished part of Synergy Tower is at its final stage and is expected to be completed within months. During Q1’22, BREF also signed preliminary sale contracts for the Mr. Bricolage outlet in Varna for EUR 6.8m and for one apartment in Borovets for an undisclosed amount. 17.03.2022 Source: BREF; FFBH Bulgarian Real Estate Fund announced that it has signed a sale contract for part of its Mladost IV property. The deal includes 474 sq.m. of zoned land for a sale price of EUR 350k (BGN 684.5k). Prior to the sale, the Mladost IV property consisted of 8 045 sq.m of zoned and 7 973 sq.m. of unzoned land with a total book value of BGN 3 409k. Assuming all the book value is attributable to the zoned land, this implies book value of the sold plot of about BGN 200.8k, which would indicate 241% premium of the sale price over book value.
22.02.2022 Source: BREF; FFBH Bulgarian Real Estate Fund REIT (BREF) announced that it has signed a preliminary sale contract for the Mr. Bricolage outlet in Varna for EUR 6.8m (BGN 13.3m). The property has GLA of 5 375 sq.m. and plot area of 12 184 sq.m, which translates into sale price of BGN 1 091.6/sq.m of plot area. Recall that the property was bought by BREF in 2006 and has historical cost of BGN 8.4m and book value of BGN 9.2m. The management company will receive a success fee of 15% of the sale price reduced by the cost of the property, brokerage fees, the direct expenses related to the property and administrative and financial expenses, proportionate to the property’s book value to the book value of all properties during the period of owning the particular property. While such detailed information is not disclosed by the company, we estimate the success fee to be around BGN 0.6m. In that case, the profit of the sale would be around BGN 0.1 per share and adjusted profit (based on historical cost) would be around BGN 0.12 per share. BREF also announced that the largest lease contract in its Office Building Kambanite, expiring in the end of Q1’22, would not be renewed. The area to be emptied is around 6 312.6 sq.m., according to the latest management report. As a result, the occupancy of the building will tumble from 96.71% to just 33.26%.

08.07.2022 Source: Bulgarian Real Estate Fund; FFBH Bulgarian Real Estate Fund REIT announced that it has sold all of its remaining land (102.4 daa as of Q1’22) near Veliko Tarnovo for BGN 1 433.4k or BGN 14k/daa. The investment was carried at book value of BGN 890k as of Q1’22, indicating average book value/daa of BGN 8.7k. This would imply premium of the sale price over book value of 60.9% or BGN 543.4k. Given that the land had historical cost of BGN 242k, this deal alone might increase the adjusted profit to be distributed as dividends by BGN 0.03 per share.
07.06.2022 Source: BREF; FFBH BREF announced that it signed a lease agreement with Neterra for its Kambanite Green Office building. The contract is for 1 611.24 sq.m. and has a 5 years term. As a result, the occupancy of the building advanced to 49.45% from 33.26%.
30.05.2022 Source: BREF; FFBH BREF called AGM on 30 June. The shareholders would vote on DPS of BGN 0.0483, which corresponds to 90% payout ratio of adjusted profit. The sum is equivalent to 2.2% dividend yield at the last closing price of BGN 2.20.
04.05.2022 Source: Bulgarian Real Estate Fund REIT; FFBH BREF REIT Q1'22 rental income advanced 24.1% YoY to BGN 2.2m, due to revenues generated from the company’s project in Tech Park – Synergy Tower. The fund managed to finalize the sale of two apartments in Borovets and 474 sq.m land plot in Mladost IV for combined price of BGN 837k (combined book value of BGN 797k). This resulted in total revenue for the quarter of BGN 3.1m (+55.1% YoY). OpEx stood at BGN 1.6m (+110.9% YoY) on higher cost of sold assets and increase in cost of hired services (BGN 634k; +43.8% YoY). Financial costs more than doubled to BGN 259k as the company increased its debt to fund Synergy Tower project. All of this resulted in a bottom line of BGN 1.2m, representing an EPS of BGN 0.034 (+9.9% YoY). Management reported that the development of the unfinished part of Synergy Tower is at its final stage and is expected to be completed within months. During Q1’22, BREF also signed preliminary sale contracts for the Mr. Bricolage outlet in Varna for EUR 6.8m and for one apartment in Borovets for an undisclosed amount. 17.03.2022 Source: BREF; FFBH Bulgarian Real Estate Fund announced that it has signed a sale contract for part of its Mladost IV property. The deal includes 474 sq.m. of zoned land for a sale price of EUR 350k (BGN 684.5k). Prior to the sale, the Mladost IV property consisted of 8 045 sq.m of zoned and 7 973 sq.m. of unzoned land with a total book value of BGN 3 409k. Assuming all the book value is attributable to the zoned land, this implies book value of the sold plot of about BGN 200.8k, which would indicate 241% premium of the sale price over book value.
22.02.2022 Source: BREF; FFBH Bulgarian Real Estate Fund REIT (BREF) announced that it has signed a preliminary sale contract for the Mr. Bricolage outlet in Varna for EUR 6.8m (BGN 13.3m). The property has GLA of 5 375 sq.m. and plot area of 12 184 sq.m, which translates into sale price of BGN 1 091.6/sq.m of plot area. Recall that the property was bought by BREF in 2006 and has historical cost of BGN 8.4m and book value of BGN 9.2m. The management company will receive a success fee of 15% of the sale price reduced by the cost of the property, brokerage fees, the direct expenses related to the property and administrative and financial expenses, proportionate to the property’s book value to the book value of all properties during the period of owning the particular property. While such detailed information is not disclosed by the company, we estimate the success fee to be around BGN 0.6m. In that case, the profit of the sale would be around BGN 0.1 per share and adjusted profit (based on historical cost) would be around BGN 0.12 per share. BREF also announced that the largest lease contract in its Office Building Kambanite, expiring in the end of Q1’22, would not be renewed. The area to be emptied is around 6 312.6 sq.m., according to the latest management report. As a result, the occupancy of the building will tumble from 96.71% to just 33.26%.
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