Local real estate investment trusts are accruing assets but some of them will fail to improve their 2006 performance, according to their 2007 financial reports.
Among the bigger REITs, Advance Terrafund is the only one to finish the year in the red, sliding to a loss of 874 000 leva.
Elana Agricultural Land Opportunity Fund manages the biggest asset portfolio worth 156.348 million leva. It is followed by FairPlay Properties with 84.99 million leva, Prime Property BG with 73.172 million, Intercapital with 71.045 million and Advance Terrafund with 69.457 million leva.
Several REITs tapped the local capital market in 2007. Intercapital Property Development, Elana Agricultural Land Opportunity Fund and FairPlay Properties all performed capital raises last year.
Most of the funds intend to distribute dividends for 2007 but only FairPlay Properties has so far released specific information. The company will distribute 8 million leva in dividends, as already reported by PropertyWise.
The REITs investing in agricultural land say that they lease their land stock at rates fluctuating between 110 and 140 leva per hectare on average.
News.Dnevnik
