Advance Terrafund REIT purchased 1 215 daa new land in Dec’22 at an average price of BGN 1 832/daa (+0.5 MoM). The fund sold directly 8 172 daa at an average price of BGN 2 800 (-30.0% MoM) and finalized the sale of 3 048 daa as part of lease contracts dating from 2017 and 2019 at an average price of BGN 1 381. Note that the 30% MoM price decline in the direct sales contract is because of high base in Nov’22 when 30 daa was sold. Such small land plots couldn’t be conclusive regarding the price trend. As a result, the land portfolio fell to 180 129 daa (-3.7% MoM). The expected revenue for 2022-2023 agricultural year is BGN 8 016.1k (+31.8% YoY) with 28.9% of it already collected. The significant increase, compared to the 2021-2022 season is despite decrease in the rented area to 142 726 daa (-2.3% YoY; 85.9% of the rentable portfolio), while the average price rose to BGN 56.16/daa (+34.9% YoY). Note, that the market reaction to the monthly bulletin was negative as the share price of Advance Terrafund REIT tumbled 3.5%. This is likely due to the fact that the company had 16 591 daa classified as held for sale in the Q3’22 report, so investors may have expected all of it to be sold by the end of 2022, while only 8 202 was sold in Q4’22. For the whole 2022, total direct land sales amounted to 8 527 daa.