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12Feb2010
Advance Terrafund REIT will distribute dividend for 2009
According to the financial results Advance Terrafund REIT has a profit of 3.4 million BGN as of the end of 2009. The Board of the Directors of the fund will propose on the next shareholders’ meeting that 100% of the realized profit be distributed as a dividend. This is happening for the first time since the inception of the fund.
The good results for 2009 were achieved due to the excellent organization for rental contracting of agricultural land. Over 76% of the purchased agricultural land as of the end of 2008 is rented out and the average rental is 17.21 BGN/dca. Furthermore we are proud that given the difficult economic situation we achieved extremely high rental revenues – 96.7% of the expected ones.
For the coming 2009-2010 economic year Advance Terrafund REIT has signed rental contracts for 20.6 ha of agricultural land or 65% of the agricultural land owned. The average rental is 20.65 BGN/dca. We forecast that 80% of the land purchased as of the end of 2009 will be rented and this will ensure the shareholders dividend for 2010 as well.
Radoslav Manolov
CEO
Advance Terrafund REIT
