Lar España Real Estate SOCIMI (LRE) Q3 2024 earnings summary

Executive summary

• Ordinary revenue for the nine months ended 30 September 2024 was €68.5 million, mainly from rental income from shopping centres and retail parks.

• EBITDA reached €50.7 million, with profit for the period at €34.6 million, down from €50.4 million in the prior year.

• Occupancy rate across the portfolio was 96.8%, with shopping centres at 96.3% and retail parks at 97.8%.

• A voluntary takeover bid for 100% of the company was launched by Helios RE, S.A., with over 50% shareholder acceptance at €8.30 per share.

Financial highlights

• Revenue decreased slightly to €68.5 million from €69.5 million year-over-year.

• Net profit for the period was €34.6 million, compared to €50.4 million in the same period last year.

• Negative fair value adjustment of investment property was €10.0 million, compared to €12.2 million in the prior year.

• Basic and diluted EPS were €0.41, down from €0.60 year-over-year.

• Cash and cash equivalents at period end were €224.3 million, down from €244.2 million at year-end 2023.

Outlook and guidance

• Management expects to continue progress in 2024 and beyond, focusing on value creation in retail assets and maintaining a strong liquidity position.

• The company aims to lead the retail property sector in portfolio size, asset quality, and management effectiveness.