Inmobiliaria Colonial SOCIMI (COL) Q4 2024 earnings summary

Executive summary

• Achieved strong operational and financial results in 2024, with recurring net profit of €193m (+12% YoY), driven by prime asset focus and urban transformation strategies in Paris, Madrid, and Barcelona.

• Gross rental income rose 4% to €391m, with like-for-like growth of 6%, and asset values stabilized, returning to 3% growth (GAV €11,646m).

• Occupancy remained high at 95% overall, with Paris at 100%, reflecting robust demand for prime office space.

• Major capital increase of €622m and €201m in asset disposals at an 11% premium to appraisal, with Criteria Caixa becoming a reference shareholder.

• Urban transformation and mixed-use projects, including Alpha X and Madnum, are expected to deliver substantial future rent and value.

Financial highlights

• EPRA earnings rose 12% YoY to €193m, with EPRA EPS at €0.33, exceeding guidance.

• Gross asset value at year-end was €11.6bn, up 2.8% like-for-like, with NTA at €6,036m (€9.62/share).

• Net rental income was €368m (+4% YoY), and recurring EBITDA reached €322m (+2%).

• LTV improved to 36%, net debt reduced by €399m to €4,465m, and liquidity increased to €3,113m, covering all maturities until 2028.

• Cost of debt remained low at 1.20%–1.70%, with 100% of debt fixed or hedged.

Outlook and guidance

• 2025 guidance: EPRA EPS of €0.32–€0.35, DPS of €0.30 (+11% YoY), and continued double-digit EPS CAGR expected.

• Over €150m in additional rents anticipated from the project pipeline, including Alpha X (€380m capex, €64m annual rents).

• No significant disposals included in guidance; capital recycling to remain opportunistic.

• Liquidity and capital increases position the group for continued growth and value creation.