- Achieves robust long-term rent growth, thanks to agreements with relevant tenants, the reopening of real estate and the commercial plan developed (65 new rental contracts signed)
- The increase in income is positioned as the fundamental “driver” for the increase of the Funds From Operations (FFO) to 14.2 million
- The Socimi closes 2021 with a Gross Asset Value (GAV) of €723 million, after a growth of 5.7% in terms of Like-for-like
- The IPO and the implementation of a new strategic plan for Corporate Social Responsibility, milestones of the year for the company
Madrid, March 4, 2022. SILICIUS Real Estate,a SOCIMI (Spanish REIT) specialized in the management of long-term properties with stable income, has starred in 2021 a robust growth of long-term rents, thanks to the agreements reached with relevant tenants, the reopening of real estate, the diversification strategy, the scaling of contracts and the commercial plan carried out, with 65 new rental contracts signed during the year.
The amount of gross income has grown by 18.1% during 2021, reaching 25.8 million euros. In turn, net income amounted to 19.4 million euros, after a growth of 28% compared to last year. The hotel (+59.6%) and Shopping Centers (+21.1%) segments lead the growth of these revenues, both in absolute terms and in percentage terms. On average, the portfolio of assets in operation showed an occupancy of 90% at the end of 2021 (+0.8% compared to the end of 2020).
The increase in income has been placed as the fundamental driver for the increase of the Funds From Operations (FFO), which has improved by 12.8% to 14.2 million. The company’s consolidated net profit (IFRS) reached €52 million, with an accounting EBITDA of €14.7 million.
For its part, gross financial debt stood at 240 million euros at the end of 2021, ending with an LTV ratio of 30.7%. The average interest rate has remained stable at 1.71% (just one tenth higher than the previous year) and the average maturity of doubt stands at seven years.
The value of SILICIUS’ asset portfolio reaches €723 million
SILICIUS has ended 2021 with a Gross Asset Value (GAV) of 723 million euros, which represents an increase of 14.9% compared to the previous year. In terms of Like-for-like – an indicator that compares the portfolio of assets in two different periods, without taking into account divestments or investments – the GAV has increased by 5.7% compared to the previous year, with growth in all categories.
During 2021, SILICIUS has acquired two new hotels: Biniancolet in Menorca and Tropicana in Mallorca, both rented to first-class chains and located in strategic areas of the Balearic Islands. Thus, as of December 31, 2021, the company had a portfolio composed of 45 assets that, based on their value, are distributed as follows: 29% hotels, 25% shopping centres, 19% retail, 17% offices, 9% residential and 1% logistics.
The IPO and the CSR plan, the main corporate milestones of the year
The 2021 financial year has been a key year for SILICIUS, since on September 23 it began trading in the BME Growth trading segment of BME MTF Equity, with an exit price of 15.40 euros per share. As of December 31, 2021, the share price had experienced a growth of 10.4% to 17 euros per share.
With this, the Socimi has completed the first phase of its strategic plan, thus taking a step forward in the objective of being a reference patrimonial company in the listed real estate market, recognized for the quality, stability and profitability of its assets in the long term, as well as the professional and transparent management in a regulated manner.
Another of the key milestones of the year has been the development of the strategic plan for Corporate Social Responsibility, which focuses on the commitment of the entire company to the environment, society and corporate governance.