The Company registered a rental income of €44.4 million during this period, up 45.8% y-o-y. EBITDA (gross operating profit) stands at €33.8 million, up 50.2% y-o-y. Furthermore, the Board of Directors has agreed a dividend payment of € 0,14 per share on account of 2017 results expected to be paid before 30 November 2017. With this payment, Axiare will be distributing a total of €0,30 per share in 2017 to its shareholders.
The Socimi, led by Luis López de Herrera-Oria, boosted the occupancy rate of its property portfolio to 93.4%, after letting 110.358 m² across nine transactions in the first nine months of the year. These lettings will contribute a total annual income of over € 11 million. New leases in Q3 2017 were signed on average 7% above market rent estimates calculated by the independent valuers.
So far this year, Axiare Patrimonio has invested € 245 million in the acquisition of seven properties in Madrid and Barcelona. These investments, in line with the company’s strategy, have strong value uplift potential, and will offer attractive returns for its shareholders. It is also in the advanced analysis stage on a number of other transactions, valued at € 200 million.
The CEO of Axiare Patrimonio, Luis López de Herrera-Oria said: «Our year-end forecasts for 2017 are very encouraging, and we remain optimistic regarding the growth of the Spanish real estate market in general”. López de Herrera-Oria added: «As well as being the first rental property portfolio company in Spain to be regulated by RICS, Axiare Patrimonio is set to lead the way in the Spanish real estate market via the introduction of WELL certification in its properties, demonstrating the attention we pay to improving the well-being of our portfolio’s tenants».
Axiare Patrimonio owns a portfolio with a market value of € 1.710 million, according to the valuation completed by CBRE. In line with the business plan that it set out at its stock market listing in June 2014, offices account for 74% of its portfolio, logistics warehouses 18%, and retail properties account for the remaining 8%, most of which are retail warehouses.
To date, the Company has invested/committed all of the € 93.4 million raised from its share capital increase in March 2017, and it has also obtained € 130.8 million in bank financing under very favourable terms and conditions. The Company’s gross loan-to-value ratio currently stands at 39%. Axiare has demonstrated a strong financial performance and has outperformed Spanish SOCIMIs listed on the Spanish stock exchanges, with a 74% share price appreciation and a 62% growth in NAV per share since its Initial Public Offering in July 2014.
Source: Axiare Patrimonio