- After completing an asset rotation plan with sales of 89 million euros in its last financial year, the company increases the long-term rents of its current portfolio thanks to updates and new marketing.
- Records positive growth in like-for-like rents in most of its segments, with a 15.7% increase in its hotel assets, 15.2% in residential and 13.7% in its shopping centres.
- The SOCIMI is making progress on its leasing portfolio with 42 new contracts during its first three months, totaling 5,750 square meters of space.
Madrid, June 3, 2024. SILICIUS Real Estate, a SOCIMI specializing in the long-term management of real estate with stable rents, has increased its like-for-like gross rents by 8.5% during its first quarter, to 6.9 million euros. The company, which completed an asset rotation plan with sales of 89 million euros in the past year, is thus making progress in consolidating its current portfolio with an operating performance that is growing above inflation.
During the first three months of its fiscal year, Silicius has recorded a generalized increase in its rents in most of its asset types, driven by an indexing strategy and new marketing. The hotel segment’s yield rose by 15.7% compared to the same period of the previous year, residential grew by 15.2% and shopping centres by 13.7%. Retail and logistics, for their part, also recorded rent increases of 3.8% and 3.1% respectively. The office segment was the only one to record a decrease, with a fall of 11.8%.
The SOCIMI has continued to make progress in consolidating and growing its portfolio by signing 42 new leases during this first quarter, which translates into 5,750 square meters of contracted space.
The total occupancy of the portfolio of assets in operation and rehabilitation has also increased by 4% compared to the end of 2023, with a weighted average lease term of 6.6 years, which is half a year more than at the end of 2023. The occupancy of assets in operation has increased by 0.4% thanks to the new leases signed in the shopping center and office segments.
After completing the eight sales of non-strategic assets planned in the rotation plan, Silicius’s accounting EBITDA stood at 4 million euros at the end of the first quarter, compared to 4.9 million euros in the same period of the previous year. Its net profit reached 0.7 million euros, while its Funds from Operations (FFO) stood at 0.7 million euros.
After completing a quarter without investments or divestments, Silicius has continued to make progress in the ordinary amortization of its debt, which stood at 201 million euros at the end of the quarter. It has also maintained its net Loan to Value (LTV) at 33.9%, in line with the previous year, with an average interest rate of 6.28% and a maturity of seven years.
At the end of the first quarter, the SOCIMI had a portfolio of 32 assets worth 594 million euros (GAV), of which 33% correspond to the hotel segment, 26% to shopping centers, 15% to offices, 15% to retail, 10% to residential and 1% to logistics.
