- Achieves positive growth in gross income in Like-for-Like terms in all types of assets, except hotels, driven by indexation and
increases in occupancy
- The increase in Funds From Operations (FFO) grows to 4.3 million, which represents an increase of 89.5% of FFO compared to the same period of the previous year
- The SOCIMI (Spanish REIT) reaches an average occupancy of 88% in its assets in operation at the end of the first quarter of 2022
Madrid, June 6, 2022. SILICIUS Real Estate, a SOCIMI (Spanish REIT) specialized in the management of long-term properties with stable income, has closed the first quarter of 2022 with a positive growth in gross income in Like-for-like terms in all types of assets, except hotels, due to indexation and increases in occupancy, with significant progress in residential. In turn, the average term of rental contracts has grown substantially to 4.1 years thanks to the agreements reached with current tenants and the new contracts signed during this period.
The amount of gross income has grown by 3.2% in the first quarter of 2022, reaching 6.7 million euros. On the other hand, year-on-year net income has experienced a significant increase of 17.1% compared to last year due to the reduction in incentives granted to tenants. Thus, at the end of March, SILICIUS obtained gross income and net income of 6.7 and 5.6 million euros, respectively.
In terms of Like-for-like – an indicator that compares the amounts achieved by a portfolio of assets in two different periods, without taking into account divestments or investments – gross income increased by 3.8% at the end of March, compared to the same period in 2021. The residential segment (+223%) and shopping centres (+7.1%) recorded the highest growth, both in percentage terms and in absolute values during this period. On the other hand, the portfolio of assets in operation presented an average occupancy of 88% at the end of the first quarter of 2022 (-2.3% compared to the first quarter of 2021) due to the termination of some contracts in shopping centres.
Moreover, the SOCIMI (Spanish REIT) has reached in the first quarter of 2022 Funds From Operations (FFO) of 4.3 million euros, which represents a positive variation of 89.5% compared to the same period of 2021.
The company’s consolidated net result (IFRS) reached €3.1 million at the end of the first quarter of 2022 (with no revaluations during the period), with an accounting EBITDA of €4.4 million. In addition, gross financial debt stood at 238 million euros at the end of March, ending with a Net Loan to Value ratio of 30.6%. The average interest rate remains stable at 1.71%, while the average maturity of the debt stands at seven years.
SILICIUS completes the signing of new rental agreements and closes a divestment
SILICIUS has completed the signing of relevant lease agreements at La Fira Shopping Centre (Reus, Tarragona) with the ShusiSom and Tramas+ groups; as well as in Bahía Plaza Shopping Centre (Los Barrios, Cádiz) with the groups MGI, Toy Planet and Goiko Grill.
During this period, the SOCIMI has closed the divestment of a non-strategic asset, Muebles Boom Parque Oeste, worth 4 million euros, which is approximately the value of the GAV. In turn, the company has not made new acquisitions during this last year.
Thus, as of March 31, 2022, the company had a portfolio consisting of 44 assets of which, based on their value, are distributed as follows: 29% hotels, 25% shopping centres, 19% retail, 17% offices, 9% residential and 1% logistics. Of these as a whole, 46% of the assets that make up the GAV came from real estate located in Madrid.