Agro Finance REIT Q4’12 net profit was up three-fold YoY to BGN 10.3m as the REIT booked BGN 10.1m net gain from the revaluation of its farmland portfolio, compared to a gain of BGN 2.5m booked for Q4’11. Rent revenues for Q4’12 increased 33% YoY to BGN 1.1m in line with the rise of the rented portfolio and higher rent levels due to bigger subsidies. Full-year net income was up to BGN 11.7m from BGN 3.7m for 2011. Rent revenues for 2012 increased 33% to BGN 4m.
As of 31 December, the REIT owned 140.8k daa, acquired at an average price of BGN 307/daa. Following the revaluation, the book value of the land was BGN 64.6m as of end-2012, or BGN 459/daa, compared to BGN 54.6m at the end of 2011, or BGN 388/daa.