Q2’24 rent revenue of Bulgarian Real Estate Fund (BREF) came to BGN 2.6m, registering 27.6% YoY growth. The increase was mainly on the higher occupancy rate as the company exited the quarter with c. 38% vacancy rate of its office space, compared to more than 53% in Q2’23. The quarter brought some negligible sales of investment property (BGN 58k) vs BGN 337k in Q2’23 and total revenue amounted to BGN 2.6m (+11.5% YoY). Total operating expenses were down by 11.7% YoY to BGN 1.4m, mainly on the lower sales of investment property while the property relates expenses rose 72.2% YoY. Net income for the quarter came 58.8% higher YoY at BGN 1.2m (EPS of BGN 0.04), slightly higher than the FFO metric. For the 6-months period total revenue increased 20.4% YoY with 99% of it formed by rent revenue vs 91% in H1’23. Total OPEX was down 2.5% YoY on lower other OPEX and the virtually no property sales and as a result net income improved 65.2% YoY to BGN 2.4m (EPS of BGN 0.07).