In the second quarter of 2023, Summus Capital OÜ's balance sheet remained strong at 423.3 million EUR, maintaining stability compared to the previous quarter's figure of 423.7 million EUR. The company's cash reserves saw a palpable boost, rising 4.7% to 11.2 million EUR from the first quarter's cash balance of 10.7 million EUR.

Aavo Koppel, Member of the Board of Summus Capital, emphasized the transactions that have contributed to Summus Capital's performance: "Our recent financial transactions, including the successful refinancing of Park Town West Hill loan agreement and amendment of Nordika shopping centre loan agreement, have secured our loan portfolio and strengthened our financial position."

During the second quarter of 2023, Summus Capital OÜ continued to maintain a solid financial foundation. Loans and borrowings from financial institutions decreased to 220.1 million EUR from the previous quarter's 223.8 million EUR. Furthermore, total liabilities decreased to 246.8 million EUR, while total owner's equity experienced an increase, reaching 176.5 million EUR. Out of this, 167.1 million EUR was attributed to Summus Capital equity holders.

The company's income statement for the second quarter of 2023 revealed dynamic revenue trends. Sales revenue amounted to 9.5 million EUR, slightly lower than the previous quarter's 9.8 million EUR due to the decrease of utility expenses passed on to clients. However, the half-year revenue figures present a 6.3% growth, reaching 19.3 million EUR compared to 18.2 million EUR in the first half of 2022, reflecting the portfolio expansion concluded in 2022.

Mr. Koppel commented, "The quarterly revenue was  steady and our long-term growth trajectory remains solid. The successful refinancing of loan portfolio secured our position, however increasing Euribor rate has had its effect on our cost of financing. The influence of Euribor increase is though partial as more than half of our loan portfolio is hedged and has positioned us for continued profitability." 

In addition to financial achievements, Summus Capital OÜ remains dedicated to sustainability and portfolio enhancement. Veerenni Tervisekeskus and Auriga shopping centre both received prestigious sustainability certificates, Leed Gold and BREEAM Good, respectively. At the close of Q2 2023, 77.5% of the portfolio holds certification, and 8.9% is in the certification process.

The first half of 2023 saw a 4.75% indexation of portfolio rentals, showcasing the company's commitment to value appreciation and sustainable returns. Summus Capital OÜ maintains its focus on optimizing rental income potential, with approximately 12% of rental income eligible for indexing. “Summus Capital OÜ's second quarter 2023 financial results reflect strategic growth and profitability. The company's dedication to sustainability and financial prudence positions Summus Capital for continued success in the real estate investment landscape,” said Mr. Koppel.

Summus Capital (www.summus.ee) is a real estate investment holding company established in 2013. The group owns a portfolio of 14 properties in the three Baltic countries, comprising commercial, office, logistics and medical sector buildings, with leased premises of over 218,000 square metres and a value of approximately 400 million euros.

In Estonia, Summus Capital owns Veerenni 1 and Veerenni 2 medical centres, de la Gardie and Auriga shopping centres, Punane 56 business centre and a portfolio of warehouses. In Latvia, Summus Capital owns Riga Plaza and Damme shopping centres and property of Depo Imanta DIY. The Lithuanian portfolio includes BOD Group’s high-tech centre, Nordika shopping centre and Park Town 1 and 2 office buildings.