Colonial Real Estate earned 147 million euros, which is 15% more than last year

Inmobiliaria Colonial ended the third quarter of fiscal 2024 with an increase in recurring results, driven in part by revenue growth. With rental income of €293 million + 6% year-on-year. previous year with a recurring net result of €147 million, +15% against the previous year and recurring net per share of 25.9 ct, +9% year-over-year. previous year.

Regular net result, which increased due to increased revenue recorded mainly due to two factors: revenue growth in all segments due to favorable portfolio location

And successful implementation of projects and repairsin particular, the current Louvre Saint-Honoré, leased by Cartier & Compagnie, as well as the new Adidas flagship store at the Galerie des Champs-Elysées.

Effective management of operating costs has resulted in EBITDA growth, which, together with controlled financial expenses, allowed the current net result to increase by +15% to reach 147 million euros.

These rent increases offset the impact of lost rents on divestment properties in 2023 and 2024. Colonial Group’s net result was €156 million at the end of the year’s third quarter, compared with a fall of €298.5 million in the same period the previous year.

Except, Regular earnings per share were 25.9 ct, +9% vs. prior year

while, in terms of guidance, Colonial expects to exceed its annual EPS target of EUR 30-32 in 2024.

Colonial closes third quarter of 2024 with active hiring activity, recording a significant increase in revenue in signed contracts.

In aggregate terms, we highlight a large volume is signed in the Madrid market, which amounts to 69,920 m², of which 76% (52,958 m²) This is a renovation and the rest (16,962 m²) corresponds to new signed contracts. In the Barcelona market, 26,227 m² were signed, of which 80% (20,890 m²) correspond to contract renewals. In Paris, a total of 16,587 m² were signed.

Based on the results of the third quarter of the year Signed leases were produced with an increase of +8% in leased space.

(“Release Spread”) and exceeds market rents by 5% as of 12/31/23, clearly demonstrating rent growth for Colonial’s prime properties.