29th Apr 2014 13:50
LONDON (Alliance News) - Summit Germany Ltd Tuesday said it swung to a pretax profit in 2013, from a loss the year before, when it booked significantly higher losses in the fair value of its investment properties.
The German commercial real estate company reported a pretax profit of EUR23.9 million in 2013, compared with a pretax loss of EUR38.0 million in 2012, as losses relating to adjustments in the fair value of its investment properties shrank to EUR5.1 million, from EUR51.7 million.
Rental income in 2013 was lower at EUR39.5 million, down from EUR63.3 million the prior year.
The company said it signed 142 new leases and renewals during the year, generating rent of around EUR9.5 million a year.
During the year, Summit Germany completed a number of refinancing agreements, with all loan facilities secured until the end of 2017 and beyond, following a major EUR280 million refinancing in February last year a further EUR24 million refinancing in November last year.
At December 31, 2013, the group's EPRA net asset value was EUR70 cents per share, up 21% from EUR58 cents per shares in 2012.
EPRA is the European Public Real Estate Association, the industry body for European REITs.
"Taking into account the fundraising and the portfolio acquisition after December 31, as well as the first quarter trading, we expect the EPRA Net Asset Value to grow to EUR77 cents.," the company said in a statement.
Summit Germany shares were up 1.8% at 0.667 pence per share Tuesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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