- Additionally, during the first half of the year, the company increased the occupancy of its entire portfolio by 4% compared to 3Q24. The most significant increases have been in its CC Thader properties and in the Rivas Vaciamadrid office complex.
- SILICIUS has launched its stabilization and growth plan with vigor, based on increasing the gross and net rental income of its properties to their optimal level, investing the necessary Capex to generate more income and thus increasing shareholder value.
- The value of its assets (GAV) reached 592 million euros at the end of the first half, maintaining the unstable debt ratio (LTV) at 34.2%.
- The SOCIMI is advancing in its commercial plan with the signing of 99 new lease agreements for a total added area of over 20,200 square meters.
- The presentation of the half-yearly results coincides with the publication of SILICIUS’s first Sustainability Report, as well as its ESG Strategic Plan.
Madrid, August 1, 2024 – SILICIUS Real Estate, a SOCIMI specializing in the long-term management of properties with stable rental income, has announced its financial results for the first half of 2024, highlighting solid growth and operational strength that reinforce its position in the Spanish real estate market.
During the first six months of the year, SILICIUS recorded gross rental income of €13.5 million and net rental income of €10.1 million. In like-for-like terms, gross rental income increased by 4.7% year-on-year, reflecting the company’s strong operational performance despite divestments made in 2023.
Total portfolio occupancy increased by 4% compared to the first quarter of the year, with notable increases in the CC Thader shopping center and the Rivas office asset.
The value of SILICIUS’s assets (GAV) reached €592 million at the end of the first half, maintaining a loan-to-value (LTV) ratio of 34.2%. The variation in GAV is broken down into a +0.4% increase due to Capex invested in properties and a -1.4% variation in like-for-like terms, due to the increase in the average exit yields of the portfolio by +0.07% compared to the end of 2023. In total, the SILICIUS portfolio consists of 32 properties corresponding to a gross leasable area (GLA) of 320,604 square meters.
The company’s strong operational performance is reflected in the signing of 99 new lease agreements, covering a total area of 20,200 square meters, which has helped to achieve an 83% occupancy rate for the operating portfolio. In addition, the average lease term remains at 6.4 years, in line with the first three months of 2024.
SILICIUS has maintained the diversification of its portfolio, with notable growth in the hotel (+9.9%), shopping center (+5.8%), and residential (+10.7%) segments. These increases significantly exceed the inflation of 3.1% recorded in December 2023, highlighting the company’s ability to adapt to market opportunities and maximize the return on its assets.
In terms of financial structure, SILICIUS has made progress in the ordinary amortization of its debt, which stood at €202 million at the end of the semester. SILICIUS’s accounting EBITDA stands at €7.4 million at the end of the first half, with a significant improvement in the EBITDA/Net Income ratio, reaching 72.9% compared to 67.7% the previous year. The net result was -€8.9 million, while the funds from operations (FFO) stood at -€0.6 million.
In line with its commitment to sustainability, SILICIUS has presented its first Sustainability Report and its ESG Strategic Plan. This milestone reinforces the company’s focus on creating long-term value and promoting responsible and sustainable business practices.