Unlocking Athens’ Tightest Markets; Initiate at Buy

Research evidence excerpt

Unlocking Athens’ Tightest Markets; Initiate at Buy

TRASTOR Real Estate Investment (TRASTOR GA)

Equity Research

June 23, 2026

REIC Status Requirements

Table 11 - Key requirements from the REIC new legal framework (May 2025)

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Source: Company

Glossary

Table 12 - Glossary

Term Definition

Adjusted EBITDA EBITDA adjusted for fair value changes, gains/losses on sales, non-recurring items, and income from equity method

investments

Adjusted EPRA Earnings A non-IFRS performance measure that adjusts standard EPRA Earnings to exclude non-cash items and one-off operational costs

Annualized Income Monthly Rent at December multiplied by 12, to show the income in full year effect

CAGR Compound Annual Growth Rate

Capex Capital expenditure

Cap Rate Capitalization Rate. Indicates the expected rate of return on a real estate investment, based on NOI and current market value

CBD Central Business District

EBITDA Earnings Before Interest, Tax, Depreciation, and Amortization

EPRA Earnings Earnings measure intended to represent the recurring operational profitability of a real estate company. Equals to profit after

tax minus unrealized gains on revaluation from investment properties minus proceeds from sales of investment properties

EPRA EPS EPRA Earnings divided by the weighted average number of shares outstanding, assuming the exercise of all dilutive potential

ordinary shares

ERV Estimated Market Rental Value as per Statutory Valuers' Reports

Fair Value The fair market value of an investment at a specific date

GAV Gross Asset Value

GBA Gross Building Area

Gross Yield Measures annual rental income as % of market value. (Gross Annual Rental Income / Property Value) x 100

IRR Internal Rate of Return. Annualized effective compounded return that gives NPV of cash flows equal to zero