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REAL ESTATE: Inmobiliaria Colonial (COLSM: Baa1/BBB+): FY24

REAL ESTATE
Credit BulletsCEEMEAEurozoneSpainBullet

Good results with Assets valuation accelerating and debt well-managed

  • EPRA Earnings €193m +12% with EPS of €33 beating 30-32 guidance
  • Net Rental Income grew in all three cities: Paris +7%; Madrid & Barcelona +6%.
  • Asset valuations improving slightly: +2.8% lfl to GAV €11.6bn. Note that the bulk of this came in H2 with 2.1% vs 0.7% H1
  • LTV reported 36% down from 39.5%; EPRA LTV 43.7% down from 47.3%
  • ND/EBITDA 10.7x down from 11.9x as Net Debt dropped €400m to €4.5bn
  • Cost of debt low at 1.70% but note recent bond has 3.25% coupon
  • €3.1bn Liquidity is very strong with maturities out to 2027 covered 1.3x
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Good results with Assets valuation accelerating and debt well-managed

  • EPRA Earnings €193m +12% with EPS of €33 beating 30-32 guidance
  • Net Rental Income grew in all three cities: Paris +7%; Madrid & Barcelona +6%.
  • Asset valuations improving slightly: +2.8% lfl to GAV €11.6bn. Note that the bulk of this came in H2 with 2.1% vs 0.7% H1
  • LTV reported 36% down from 39.5%; EPRA LTV 43.7% down from 47.3%
  • ND/EBITDA 10.7x down from 11.9x as Net Debt dropped €400m to €4.5bn
  • Cost of debt low at 1.70% but note recent bond has 3.25% coupon
  • €3.1bn Liquidity is very strong with maturities out to 2027 covered 1.3x