„FairPlay Properties” REIT recorded BGN 2,631 mln profit for the third quarter of 2011

•    BGN 2,631 mln profit from the Activity
•    BGN 26,243 mln net revenues from sales

Sofia, October 21, 2011

„FairPlay Properties” REIT completes the third quarter of 2011with a positive financial result at the amount of  BGN 2, 631 mln. The revenues from the activity of the Company amounts to BGN 26, 344 mln and they increase with 32% in comparison with their volume by the end of the same period of the previous year. 91% of them or BGN 23, 994 mln are formed by the recorded sales of 136 apartments from the complexes “Santa Marina”, Sozopol, “St. Ivan Rilski”, Bansko and “Marina Hill”, Chernomoretz.
The other revenues of the Company are formed by rent revenues and exploitation of the investment estates.
Through the third quarter, the Fund has concluded new contracts for sale of 115 apartments with TBA 9 867 sq. m. at the amount of BGN 25, 990 mln incl. VAT.

Number of the concluded sales agreements and number of the recorded apartments as at 30.09.2011and 30.09.2010  (thousand BGN)

 Sales as at 30.09.2011
 as at 30.09.2010
 Number of sales agreements concluded
 Number of the apartments
115144 -20%
9 867
11 070
 Value in BGN excl. VAT
25 990 20729 873 895 -13%
 Number of the recorded apartments

 Number of the apartments
 sq.m.10 9907 478 47%
 Value in BGN, excl. VAT
23 994 365
16 593 361

Leading financial indicators of the Company as at
30.09.2011 and 30.09.2010 (BGN thousand)

 Revenues in thousands BGN
 as at 30.09.2011
 as at 30.09.2010
 Net revenues from sale of production (apartments)
 23 994
 16 593
 Revenues from the Activity
 26 244
 19 833
 Activity costs
 23 613
 19 542
 Financial result
 2 631
 291 804%
 Financial result for distribution
 2 867
 291 820%
 Financial costs
 1 953
 2 367
 Net Asset Value (NAV)
 73 170
 73 829
 NAV per share
 1,31 1,32 -0,8

According to statistics of the FSC „FairPlay Properties” REIT is one of the most significant companies for securitization of real estate /without agricultural land/ by assets. “FairPlay Properties” REIT is listed on the BSE – Sofia on 17th of February, 2006. Major shareholder in the company is “FairPlay International” with 64.58% share in the capital, the rest of the shareholders are institutional investors (10 pension, 20 mutual funds and investment companies) and over 330 individuals and legal entities, retail investors.
At the end of eptember 201, the investment portfolio of „FairPlay Properties” REIT includes 10 projects in different market segments. The total floor area is 381 thousand square meters and the investments made by the company amount to BGN 192 million.
The company has won many prestigious awards, including:
•    “Company with best corporate governance for companies with special investment purpose 2006”, the Association of Investors;
•    “Best IR Website”, the Association of Directors of Investor Relations in Bulgaria for 2008;
•    Second place in the Annual rating of Dnevnik newspaper – “The top 100 best companies on the stock exchange in Bulgaria in 2009” in the category “Best REIT for properties”.
The projects of the company have won many prestigious awards, including:
•    The largest project of the company – holiday complex “Santa Marina”, Sozopol with award „Holiday complex of the Year” from the competition „Building of the year 2006” and award for its webpage in the category „Best Real Estate Website” from the international web festival Albena 2008;
•    „Best Marine Project” for the holiday village “Santa Marina”, Sozopol – from the international competition „Best Project 2009”, organized in the frame of the initiative Year of Bulgaria in Russia;
•    Gold award “Best Holiday Village of 2010” for the project “Santa Marina” in Sozopol of the Russian magazine Homes Overseas;
•    Annual Award for 2009 of the Bulgarian Hotel and Restaurant Association (BHRA) in the category best four star resort hotel for the project of the company SPA Hotel “St. Ivan Rilski”, Bansko;
•    Annual Award “Best Holiday Village of 2010” of the Bulgarian Hotel and Restaurant Association (BHRA) for the project “Santa Marina” in Sozopol