Inmobiliaria Colonial SOCIMI SA (STU:HSC2)
€ 5.83 -0.010 (-0.17%) Market Cap: 3.61 Bil Enterprise Value: 9.10 Bil PE Ratio: 12.17 PB Ratio: 0.65 GF Score: 74/100
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Q3 2024 Inmobiliaria Colonial SOCIMI SA Earnings Call Transcript

Nov 14, 2024 / 05:30 PM GMT
Release Date Price: €5.25 (-0.19%)

Key Points

Positve
  • Inmobiliaria Colonial SOCIMI SA (FRA:HSC2) reported a 15% increase in earnings to EUR 147 million for Q3 2024 compared to the previous year.
  • Gross rental income reached EUR 293 million, marking a 6.5% like-for-like increase, which is at the high end of industry expectations.
  • The company achieved a release spread of 8%, indicating strong rental growth compared to previous contracts.
  • The Paris portfolio showed significant growth with a 7.4% increase in rental income and a 19% release spread.
  • Moody's upgraded the company's rating, reflecting improved sustainability and lower leverage due to conservative financial policies.
Negative
  • There is uncertainty regarding potential changes to the tax regime for REITs in Spain, which could impact the company's financials.
  • The potential worst-case scenario of a new tax regime could lead to a 1-2% impact on EPS, despite the use of tax credits.
  • The company faces challenges in the Spanish market due to ongoing discussions about changes in tax treatment for REITs.
  • The occupancy rate for some new projects, such as the Magnum project, is still in progress, indicating potential risks in achieving full occupancy.
  • The financial performance is partly reliant on the favorable conditions in the Paris market, which may not be sustainable long-term.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

COL.MC - Inmobiliaria Colonial Socimi SA
Q3 2024 Inmobiliaria Colonial SOCIMI SA Earnings Call
Nov 14, 2024 / 05:30PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you. Good afternoon. This is Perola speaking. It's a pleasure to be here again to present the results of the for the third quarter of this year. I am together with Carmina Vne and Carlos Kar as usual to drive you through the details of our results. For 2024 I would like to start with the highlights with the main headlines of the results and then go into the details. And also maybe before that if we comment on latest events, no, that are surrounding us.

The first thing I would like to say is that the results for the third quarter have been fantastic, have been super positive. You will see the details. Now, we always say that is strictly linked to our positioning. We are positioning prime asset class
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