- The company reports a 4% increase in total portfolio occupancy compared to the previous quarter, driven by strong performance in the Shopping Centers and Office segments, particularly its Rivas-Vaciamadrid asset
- The successful execution of its commercial plan resulted in the signing of 133 new lease agreements during this period, encompassing a total leased area of 23,600 square meters
- The SOCIMI achieved positive comparable rent growth above inflation across all asset types except Offices, with a gross asset value (GAV) of €592 million and a loan-to-value (LTV) ratio of 33.8%
Madrid, 2 December 2024 – SILICIUS Real Estate, a SOCIMI specializing in the management of long-term real estate assets with stable rents, has announced its financial results for the first nine months of 2024. These results reflect continued progress in the company’s Stabilization and Growth Plan, driving robust growth in long-term rental income through escalations, updates, and new leases.
During this period, SILICIUS recorded gross rental income of €20.7 million, representing a 5.2% like-for-like increase compared to the same period last year. Net rental income reached €15.6 million, demonstrating the solid performance of its portfolio.
Across segments, all asset types reported positive comparable rent growth exceeding the inflation rate of 3.1% at year-end 2023, except for Offices. Residential assets led with an 11.9% increase, followed by Hotels with 9.6%, Shopping Centers with 4.9%, Retail with 4%, and Logistics with 3.1%, underscoring the group’s ability to effectively respond to market dynamics and optimize resource profitability.
Following eight divestments at the close of the previous fiscal year, which naturally impacted absolute rental income, SILICIUS continues to advance its operations with a 4% increase in total portfolio occupancy compared to the first half of the year, bringing total occupancy to 84%. This positive trend is reflected in the signing of 133 new lease agreements, covering a total leased area of 23,600 square meters. Notably, the Shopping Centers and Offices segments, especially the Rivas-Vaciamadrid asset, demonstrated strong performance. The average weighted lease term (WALT) remains stable at 6.2 years, with a slight increase of 0.1 years compared to year-end 2023.
SILICIUS reports a GAV of €591 million, with an LTV ratio of 33.8%, an average interest rate of 5.89%, and a debt maturity of seven years. The company continues its efforts to reduce financial commitments, with net debt at €199 million as of the end of the nine-month period. The accounting EBITDA stands at €11.6 million, with a net result of -€7.8 million (+38% compared to the same period last year) and positive funds from operations (FFO) of €0.6 million.
As of the end of the period, the company’s portfolio comprises 32 assets totaling 320,604 square meters, with 34% in the Hotel segment, 25% in Shopping Centers, 16% in Retail, 14% in Offices, 10% in Residential, and 1% in Logistics.
