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    COL   ES0139140174

INMOBILIARIA COLONIAL SOCIMI, S.A.

(COL)
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Inmobiliaria Colonial SOCIMI S A : 3Q 2020 Results

11/12/2020 | 12:51pm EST

Colonial increases the Recurring Net Profit by +8%, reaching €112m

Solid GRI and EBITDA Rents amidst Covid-19 crisis

  • Stable GRI of de €260m, +0.4% like for like
  • EBITDA Office Portfolio +6%, +4% like for like
  • Collection rates of 98% in offices (100% in Paris)
  • Solid occupancy levels of 96% (97% in Madrid)
  • Lease renewals with +25% of rent increase (+25% Release spread)
  • Positive attributable Net Result of €5m
  • Disposals of more than €240m of non-core assets
  • Bond issuances of €1.000m in Spain and France
  • Liquidity of €2.487m, with €447m in cash

Madrid, 12 Novembre 2020

Third Quarter Results 2020

According to Pere Viñolas, Chief Executive Officer of Colonial, "The company maintains solid occupancy levels, contract renewals with high release spreads and a solid growth of our recurring Net profit".

"Our activity and the profile of our assets have remained particularly resistant in this complex environment. The prime profile of our portfolio of office assets enables us to face the current situation with greater resilience and stability, and less volatility that other segments of the real estate sector", has added Mr. Viñolas.".

1

Third quarter results 2020

Increase in Recurring Net Profit of +8%, reaching €112m

An increase in Recurring Net Profit

The Colonial Group closed the third quarter of 2020 with a net recurring profit of €112m, +8% compared to the same period of the previous year.

Net recurring EPS amounted to €22.10cts/share, resulting in an increase of +8% compared to the previous year.

The increase in the recurring net profit of +€8m (+8% vs. the previous year) was driven by:

  1. An increase in EBITDA like-for-like and projects of +€12m (+€4m, after the adjustment of the impact of the disposals of non-strategic assets carried out in 2019)
  2. In addition, a reduction of €3m in financial costs was obtained

The disposals of non-strategic assets, mainly carried out in the second half of 2019, have resulted in an impact of lower rents on the recurring profit of €8m. Consequently, the recurring profit per share, excluding the above-mentionednon-strategic asset sales, would have been €23.73cts/share, which represents an increase of +16% in comparable terms.

The net result of the Group, deducting the value variation of the assets registered at 30 June 2020 as well as the impact of asset sales and other non-recurring impacts, amounts to €5m.

Solid Gross Rental Income and EBITDA

Colonial closed the third quarter of 2020 with €260m of stable Gross Rental Income, an increase of +0.4% like-for-like,although slightly below the previous year, mainly due to the disposals carried out on non-strategicassets in 2019 as well as the current year, 2020.

The rental income EBITDA (net rents) amounts to €245m, corresponding to an increase of +3% in like-

for-like terms.

2

Rental income from the office portfolio increases by +4% year-on-year

The increase in rents in the offices portfolio is based on (1) an increase of +2% on the portfolio income like- for-like, complemented by (2) additional growth based on successful project delivery and the acquisition of the Parc Glories II asset the previous year, as well as an indemnity for client rotation in the Madrid portfolio.

  1. Office portfolio including Prime CBD retail of Galeries Champs Elysées and Pedralbes Centre
  2. Residual logistics portfolio, secondary retail of Axiare and Hotel Indigo in Paris

Highlighted is the growth in the office portfolios of both Madrid and Barcelona.

The income from the offices portfolio in Madrid increased +22%, based on (1) a like-for-likeincrease of +5% together with (2) an increase in rental income of +17% due to an indemnity for the early exit of a client, as well as a successful delivery of the assets of Avenida Bruselas 38, Castellana 163 and Ribera de Loira.

3

The income from the Barcelona portfolio increased +8%, this result is mainly due to a strong like-for- like rise of +7%. For the rest of the income, highlighted is the acquisition of Parc Glories II, compensating impacts of client rotation in the Diagonal 525 project and other renovation programs such as Diagonal 530.

The income from the Paris portfolio decreased by (6%), mainly due to less income because of the rotation of surfaces in renovation in the 103 Grenelle, Washington Plaza and Édouard VII assets. Excluding this effect, the comparable rental income was remains stable at (0.3%) like-for-like.

Solid operational fundamentals in all segments

1. The third quarter maintains solid fundamentals

In the third quarter, the Colonial Group signed 26,600 sqm between new contracts and renewals. This volume of contracts is similar to that signed during the second quarter of 2020 and higher than the first quarter of 2020 (pre-COVIDperiod) when 13,539 sqm were signed.

Worth highlighting in the third quarter is the high volume signed in the Madrid market, amounting to more than 20,000 sqm, of which 16,134 sqm are renewals and 4,316 sqm correspond to new contracts, increasing the occupancy of the Madrid portfolio up to 97% (77bps vs June 2020).

In Barcelona, more than 4,000 sqm were signed, of which 3,329 sqm (more than 80%) correspond to new contracts on available surfaces.

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Inmobiliaria Colonial SOCIMI SA published this content on 12 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2020 17:50:01 UTC


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Sales 2021 318 M 361 M 361 M
Net income 2021 295 M 334 M 334 M
Net Debt 2021 4 647 M 5 272 M 5 272 M
P/E ratio 2021 14,6x
Yield 2021 2,76%
Capitalization 4 302 M 4 880 M 4 880 M
EV / Sales 2021 28,1x
EV / Sales 2022 26,5x
Nbr of Employees 223
Free-Float 73,7%
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 8,02 €
Average target price 9,14 €
Spread / Average Target 13,9%
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Managers and Directors
Pere Vi˝olas Serra Vice Chairman & Chief Executive Officer
Maria ┴ngeles Arderiu Ibars Chief Financial Officer
Juan JosÚ Brugera Clavero Executive Chairman
Alberto Alcober Texeido Chief Operating Officer
Juan Manuel Ortega Moreno Chief Investment Officer
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