Advance Terrafund REIT purchased 3 385 daa new land in Dec’23 at an average price of BGN 1 317/daa (-36.1% MoM). Although the fund didn’t sell directly any land during the month, it received full prepayment for 157 daa under a financial lease from 2020. The land portfolio increased to 179 090 daa (+1.8% MoM). The expected revenue for 2023-2024 agricultural year is BGN 9 494.9k (+17.6% YoY) with 20.8% of it already collected. Currently, the fund has rented out 146 248 daa, or 84.5% of its rentable portfolio at an average price of BGN 64.92/daa (+15.8% YoY). Overall, H2’23 was really weak in terms of direct sales with only one small plot of 1 daa being sold in Oct’23. The likely reason is the worsening economic environment for Bulgarian farmers as the 2023 crop was weaker in terms of yield, grain prices have fallen, while input costs were high as they reflected the 2022 inflation.