TIDMSMTP

RNS Number : 5380A

Summit Properties Limited

30 May 2019

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

Summit Properties Limited

(the "Company")

Q1 2019 Unaudited Key Performance Indicators

Summit Properties Limited, the AIM-listed German commercial property investment company, is pleased to announce its unaudited key performance indicators for the three months ended 31 March 2019:

Profits

   --      Net profit of EUR10.2 million (Q1 2018: EUR7.3 million, FY 2018: EUR289.6 million)

-- Profit Before Tax (PBT) of EUR11.3 million (Q1 2018: EUR8.5 million, FY 2018: EUR334.2 million)

   --      EBITDA of EUR15.5 million (Q1 2018: EUR11.3 million, FY 2018: EUR345.4 million) 
   --      Gross profit of EUR20.5 million (Q1 2018: EUR14.6 million, FY 2018: EUR64.8 million)

NAV

   --       EPRA NAV of EUR880.2 million (FY 2018: EUR866.0 million) 
   --       Group's NAV of EUR791.5 million (FY 2018: EUR782.0 million) 
   --       NAV and EPRA NAV per share of EUR1.73/EUR1.92 (FY 2018: EUR1.68/EUR1.89)

Rent

-- Rental income increased 27.7% to EUR20.3 million (Q1 2018: EUR15.9 million, FY 2018: EUR67.4 million)

-- Funds From Operations (FFO) 42.6% up to EUR14.4 million (Q1 2018: EUR10.1 million, FY 2018: EUR44.3 million), including profit of EUR1.6 million from residential development

Portfolio

   --       Total Assets of EUR1.5 billion (FY 2018: EUR1.5 billion)

-- Revaluation expense of EUR1.2 million (Q1 2018: EUR1.3 million expense, FY 2018: EUR297.5 million profit)

   --       91% occupancy over the portfolio's majority (89% including properties for re-development)

-- New leases and renewals for approximately 46,000 sqm securing rental income of ca. EUR4.2 million p.a.

For further information please contact:

 
Summit Properties Limited                      Tel: +44 (0) 1481 700 300 
Zohar Levy - Managing Director 
Itay Barlev (Braun) - 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     Tel: +44 (0) 20 3100 2222 
 and Joint Broker 
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

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