In the timeframe analyzed, gross income from Militari Shopping Center dropped 11.4% on the year, to EUR5.2 million, from EUR5.9 million.
In comparable terms, net income dropped 1.9% on the year, while gross income dropped 11.4%, mainly due to the discounts given to tenants.
The unit’s market value rose by EUR1.95 million since the beginning of the year, to EUR71.2 million.
Occupancy at the end of September stood at 99.1%, compared to 98.1% in the beginning of the year, while the weighted average equivalent yield reached 9.4%.
Atrium also holds two plots in Romania, where it plans to develop two retail parks. The plots are evaluated at EUR21.54 million, unchanged since the beginning of the year.
Atrium European Real Estate bought in 2004 the first phase of the Militari project, developed by Belgian Liebrecht&wooD. For expansion, completed in 2009, the company announced the investment of EUR67 million. The retail park has a surface of 52,957 square meters.
On a group level, net rental income rose 12.5% on the year, to EUR126 million, from EUR112 million.
Atrium European Real Estate is majority owned by Israeli investor group Gazit Globe. Other states in the region where the group is active include the Czech Republic, Hungary, Lithuania, Poland, Russia, Slovakia, Turkey, Bulgaria, Georgia and Ukraine.