Silicius Real Estate, a SOCIMI specialized in the management of long-term properties with stable income, has presented its financial results for the first nine months of 2024, with which it continues to advance its Stabilization and growth plan which has allowed it a robust growth in its long-term income thanks to escalations, updates and new commercialization.
During this period, SILICIUS has placed its gross income in 20.7 million euroswhich in comparable terms (Like-for-Like) represents a 5.2% increase in relation to the same period of the previous year. The net incomefor its part reach 15.6 millionwhich demonstrates the good performance of its portfolio.
By segment, all types of assets have seen positive growth in comparable rents, above inflation (3.1% at the end of 2023), except for offices. Residential closed this period with an increase of 11.9%, while hotels did so with 9.6%, shopping centers with 4.9%, retail with 4% and logistics with 3.1%. underscoring the group’s ability to respond effectively to market dynamics and optimize the profitability of its resources.
After the eight divestments carried out at the end of last year, which generated a logical impact on income in absolute terms, Silicius continues to advance its activity with an increase in the total occupancy of its portfolio of 4% compared to the first semesterplacing its current total occupancy figure at 84%. This positive evolution translates into the signing of 133 new lease contracts which represent a total contracted area of 23,600 square meters. The good performance of the Shopping Centers and Offices segments stands out here, especially the Rivas-Vaciamadrid property. The average period of validity of weighted rental contracts (PMA) remains stable at 6.2 years, with a slight increase of 0.1 years compared to the end of 2023.
SILICIUS places the value of its assets (GAV) at 591 million euroswith a debt ratio (LTV) of 33.8%, an average interest rate of 5.89% and a maturity of 7 years. The company continues to advance in its goal of reducing its financial commitments, placing its net debt at the end of the first nine months of the year at 199 million euros. The accounting EBITDA reaches 11.6 million euros, with a net result of -7.8 million (+38% compared to the same period of the previous year) and a positive fund from operations (FFO) of 0.6 million euros .
At the end of the period, The company has a portfolio of 32 properties that total 320,0,604 square metersof which 34% correspond to assets in the hotel segment, 25% to shopping centers, 16% to Retail assets, 14% to offices, 10% residential and 1% logistics.