TIDMSMTP

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 EUR58.5 million (9/2018: EUR44.2 million, FY 2018: EUR64.8 million) 
   --    Net profit of EUR57.7 million (9/2018: EUR96.4 million, FY 2018: EUR289.6 million)

-- Profit Before Tax (PBT) of EUR67.3 million (9/2018: EUR110.1 million, FY 2018: EUR334.2 million)

   --    EBITDA of EUR78.8 million (9/2018: EUR117.9 million, FY 2018: EUR345.4 million) 
   --      The results above include HY 2019 revaluation profit of EUR38.6 million

NAV

   --      EPRA NAV of EUR930.0 million (FY 2018: EUR866.0 million) 
   --      Group's NAV of EUR832.4 million (FY 2018: EUR782.0 million) 
   --      NAV and EPRA NAV per share of EUR1.82/EUR2.03 (FY 2018: EUR1.68/EUR1.89) 
   --      Total Assets of EUR1.63 billion (FY 2018: EUR1.57 billion)

Rent

-- Rental income increased 28.8% to EUR60.9 million (9/2018: EUR47.3 million, FY 2018: EUR67.4 million)

-- Funds From Operations (FFO) increased 27.7% to EUR39.6 million (9/2018: EUR31.0 million, FY 2018: EUR44.3 million), including profit of EUR2.3 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. EUR8.9 million p.a.

-- 12 month run-rate gross rental income as of 9/2019 increased 3.3% to EUR84.0 million (EUR81.3 million as of December 2018)

-- Average rent per sqm across the portfolio increased 4.3% to EUR7.3/month (EUR7.0/month as of December 2018)

-- As previously announced, the completion of sale of an office building for EUR225 million is expected in December 2019

-- Initial non-binding offers received for the sale of 2 additional assets significantly above their book value of EUR68 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     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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November 21, 2019 02:00 ET (07:00 GMT)

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