- With an EBITDA of 16.4 million euros, the SOCIMI achieves robust long-term rent growth in its portfolio thanks to new leases, rent escalations, and contract rent updates.
- Registers an 8.7% occupancy growth across its entire portfolio, driven mainly by the strong performance of the Shopping Centers, Retail, and Office segments.
- The company advances its commercial plan with the signing of 187 new lease contracts, totaling over 30,600 square meters of leased space. It places the value of its assets (GAV) at 581 million euros and its debt ratio (LTV) at 33.2%.
Madrid, March 4, 2025 – SILICIUS Real Estate, a SOCIMI specializing in the management of long-term properties with stable rents, has announced its results for the 2024 fiscal year with gross rents of 28.7 million euros, representing a like-for-like growth of 6.4% compared to the previous year. Net rents reached 21.7 million euros.
SILICIUS has successfully executed its Stabilization and Growth Plan (increasing gross and net rents of properties to their optimal situation, investing the necessary Capex to generate more rents, thus increasing shareholder value) with significant commercial activity, comparable rent increases (Like-for-Like) above inflation, and significant occupancy increases.
In terms of comparable rent (Like-for-Like), a 6.4% increase was achieved across the entire portfolio. By portfolio type, all assets recorded rent growth above inflation (3.1% at the end of 2023) except for offices. The hotel segment performed best, with an 11.6% increase in comparable rents, followed by residential with 9.8%, shopping centers with 5.5%, retail with 4.5%, and logistics with 3.1%.
In terms of commercial activity, SILICIUS recorded a record year in its history with the highest occupancy increase (+8.7% occupancy of the total portfolio), reaching a total portfolio occupancy of 86% with an average lease term (WAULT) of 6.3 years (+0.2 years compared to 2023). This was the result of the implemented commercial plan, with 187 new lease contracts signed over a gross leasable area of more than 30,600 square meters.
At the end of 2024, the company recorded an accounting EBITDA of 16.4 million euros, with a net result of -9.7 million (+64% compared to the previous year thanks to the update of portfolio values) and a positive operating fund (FFO) of 0.7 million euros. The total value of its assets (GAV) stands at 581 million euros. Regarding debt, the company continued with its ordinary debt amortization, reducing its net debt at the end of the fiscal year to 192.1 million euros, with a debt ratio (LTV) of 33.2% at an average interest rate of 5.13% (-17% compared to 2023) and an average maturity of 7 years.
According to Silicius’ CEO, Juan Díaz de Bustamante, “2024 has been a year focused on managing the portfolio’s assets with objectives set on increasing occupancy and rents to maximize their performance. The results obtained reflect the solidity and quality of the portfolio and the success of the commercial strategy applied, with significant occupancy increases and comparable gross rent increases.”
After successfully completing the sale of non-strategic assets planned in the rotation plan during 2023, which logically impacts rents in absolute terms, the company advances in the diversification of its portfolio as marked in its strategy. Of its 31 assets, the Madrid region currently represents 45% of the GAV, Murcia 16%, the Balearic Islands 12%, Catalonia 11%, and the Basque Country and Andalusia 3%.
In line with its commitment to generating shareholder value and maintaining the robustness of its portfolio, during the 2024 fiscal year, the company divested a non-strategic asset (Hotel Cala Mandía Park in Mallorca) for 7.4 million euros, having amortized the mortgage on the property for 2.8 million.
As a notable milestone in sustainability, Silicius published its first Sustainability Report in 2024, for which it received recognition from EPRA (European Public Real Estate Association) with gold in the Best Practices Recommendations (BPR) category, ‘Most Improved Award’ mention. This recognition is given to companies that have significantly improved their financial reporting compliance with EPRA BPR guidelines. The report also received a silver mention in the Guidelines and the Sustainability Best Practices Recommendations (sBPR).
