One United Properties posts turnover of 184 million Euro in the first nine months of 2022
One United Properties posts a consolidated turnover of 184.2 million Euro in the first nine months of 2022, a 43 percent increase compared to the same period of 2021. The gross profit doubled year-on-year, reaching 97.2 million Euro.
“The third quarter of the year brought another series of significant topline increases for One United Properties due to sales kickoff at newly permitted developments One Herastrau Vista and One Lake Club, as well as continued solid sales for the developments that will be delivered in 2023. The acquisition loan for office building One Victoriei Plaza and other drawdowns for various developments have slightly increased our gross loan-to-value ratio to 31 percent as of Q3 2022. Nonetheless, we are maintaining the low leverage of the Group compared with the European peers. Most notably, the net debt as of Q3 2022 equals 20.2 million euro, which is 2.4 percent of the total assets of One United Properties that stood at 830 million euro. We are confident that these indicators, pointing towards a strong position of our business, are also recognized by our shareholders, especially if we analyze from the perspective of the evolution of the ONE share price from the beginning of the year until now, clearly outperforming other European public real estate companies. Also, the price volatility of a ONE share is at a much lower level compared to the peers,” said Victor Capitanu, co-CEO at One United Properties.
The increase in turnover was supported by a 14 percent increase in revenues from residential property sales, which reached 121.1 million Euro in the first nine months of 2022. The net income from residential property increased 55 percent year-on-year, reaching 56.4 million Euro as most of the developments get closer to completion. This generated a 47 percent net margin, a 12pp appreciation compared to first nine months of 2021.
In the first nine months of 2022, One United Properties sold 260 apartments with a total surface of 24,505 sqm and 544 parking spaces and other unit types for a total of 103.8 million euro. As of September 30th, 2022, 83 percent of available apartments were sold out, including at the newly launched One Lake Club Phase 2 and One Herastrau Vista. Excluding the 258 residential units from the two developments that were added to the sales portfolio in Q3 2022, the share of the contracted apartments amounted to 89 percent. Amounts to be received under contracts concluded with customers as of September 30th, 2022, are 189 million euro in additional cash by 2024, of which 44 million euro in Q4 2022, 135 million euro in 2023, and 10 million euro in 2024.