Hispania reports EUR137m net profit in first nine months of 2016

Hispania has recorded gross rental income of EUR100 million and recurring EBITDA of EUR64 million, making a net profit of EUR137 million for the first nine months of the year.

This is 11 times more than the same period in 2015.
 
The company’s results have been driven by its hotel segment, which accounts for 82 per cent of total rents.
 
At the end of the period Hispania has registered a total GAV of EUR1,684 million and a NAV of EUR1,326 million equivalent to EUR12.24/share, which represents an 11 per cent growth vs December 2015.
 
Hispania has announced a dividend of EUR40 million against 2016 results, of which EUR10 million were already paid and EUR17 million are expected to be paid in November 2016. The final dividend payment on the back of 2016 results will be distributed after the 2017 AGM takes place.
 
Hispania has more than 10,500 keys throughout 36 hotels, which makes it the largest non-operator hotel owner in Spain. Its hotel portfolio is concentrated in the Canary and Balearic Islands as well as vacation areas in coastal areas and main tourist cities.
 
In offices, Hispania has more than 186,700 sq m throughout 27 buildings in Madrid and Barcelona. The figures include the latest acquisition of a plot in Madrid where two buildings will be built with a surface of 33,000 sq m. Rent has increased by 7 per cent since 2015 year end as a result of repositioning works within the different assets as well as Hispania’s active commercialisation.
 
In the residential segment, Hispania has recorded an increase in rents of 11 per cent during the first nine months of the year thanks to the impact of the refurbishments done in Isla del Cielo (Barcelona) and Sanchinarro (Madrid), which have reached increases of 71 per cent and 31 per cent, respectively compared to the rents prior to such refurbishments. Hispania has concluded selective flat sales in Isla del Cielo registering equivalent annual returns above 20 per cent.
 
Hispania expects its hotel portfolio to maintain its good performance for the remainder of the year, as well as in its office and residential portfolio where refurbishments will continue to impact rents and occupancy.
 
“The excellent results recorded in the third quarter and its favourable evolution against last year show the good track-record of the company in all the segments it operates, especially in the hotel segment. These figures show the capacity of the management team to identify and execute acquisitions with high revaluation potential which constitutes an important value creation for our shareholders,” says Concha Osácar, board member of Hispania.

 

Source: PropertyFundsWorld

Share