Bulgarian Real Estate Fund (BREF) reported BGN 2.6m of rent revenue in Q1’24, up 33.2% YoY. The increase was mainly due to higher occupancy rate as the company exited the quarter with less than 40% of its office space being vacant, compared to more than 53% in Q1’23. As the first three months of the year didn’t bring any investment property disposals, total revenue amounted to BGN 2.6m (+31.1% YoY). Total operating expenses advanced slightly by 8.9% YoY to BGN 1.4m as management fees (BGN 333k; +14.0% YoY) and interest expenses (BGN 250k; +24.4% YoY) were the main drivers of the increase. Net income for the quarter came 72.3% higher YoY at BGN 1.2m (EPS of BGN 0.03), approximately the same as the FFO metric of BGN 1.2m.