Montepino Logística SOCIMI (MLMTP) Q2 2024 earnings summary

Executive summary

• Annualised rent increased by 25.8% year-over-year to €46.1M, with turnover up 29% to €22.2M and EBITDA rising 46% to €12.9M, reflecting strong operational growth.

• Gross asset value (GAV) reached €1,343M as of June 2024, up 10% from the previous year, with 51 total assets and 966,060 m² of operative GLA.

• Occupancy rate stands at 97.3%, with a weighted average unexpired lease term (WAULT) of 19 years, and a diversified tenant base including major logistics and retail clients.

Financial highlights

• Turnover rose 28% year-over-year to €22.2M, NOI increased 29% to €19.07M, and operating expenses decreased by 19.7%.

• EBITDA grew 46% year-over-year to €12.9M, while financial costs increased due to higher debt and interest rates.

• LTV ratio increased to 39.7% from 32% year-over-year, with €560M in financing obtained and €671M total indebtedness.

Outlook and guidance

• Several assets under construction are scheduled for delivery in Q3 and Q4 2024, adding over 229,000 m² of GLA and €15.5M in stabilised annual rent.

• The company continues to focus on expanding its logistics portfolio in Spain and Portugal, with ongoing urban development and asset enhancements.