INMOBILIARIA COLONIAL SOCIMI, S.A. 
Colonial
2024 First Quarter Results
May 13th, 2024
#1
Top 1.5%
Global
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1Q 2024 RESULTS | | 2 |
Agenda
01
02
03
04
1Q 2024 Highlights
Financial Performance
Portfolio Management
Future
Growth
1Q 2024 RESULTS | | 3 |
01 Highlights
Our Strategic approach to current market trends
Trends in our markets
- Polarization of demand -
Focus on premium space in prime locations
- CBD Prime locations with strong connectivity key
- Priority on high quality product with maximum sustainability standards
- Assets with large efficient floor plates, amenities and complementary flex space options
- Clients' strategic decisions on Real Estate focused on user experience
Limited new supply - low vacancy rate in CBDs
Central locations delivering strong rental growth
Our Value Proposition
11. A top-quality prime portfolio in central urban areas
22. Our prime product attracts the best clients
33. We capture above average rental growth
44. We create growth through urban transformation projects
55. We deliver strong returns with financial discipline
Clients signing longer contracts securing prime spaces
Widening gap between best and the rest
1Q 2024 RESULTS | | 4 |
01 Highlights
Starting 2024 with outstanding results on the back of polarization
1 | |||||||||
Double Digit | EPRA EPS | EPRA Earnings | Group Net Profit | ||||||
Profit Growth | €8.7Cts | +25% | €47m | +25% | €54.5m | +96% | |||
2
Strong
Revenues | GRI - Like for Like | GRI growth from projects |
Revenue Growth | €96m | +6% | +6.3% | +6.0% |
+18% in Paris | + 8% in Paris & Barcelona | ||
3 | |||
Operational | Group Occupancy | Group Rental Growth1 | Group Release Spread2 |
Outperformance | 97.5% +34 bp in 3 months | +6% in 3 months | +12% YTD 2024 |
100% in Paris | +9% in Paris in 3 months | +22% in Paris | |
4
Solid | Financial Cost Under Control | Disposals on track | S&P Credit Rating |
Balance Sheet | 1.74% | stable vs 12/23 | €201m Secured YTD | BBB+ Confirmed on April 24 |
+11% premium on GAV | |||
- ERV Growth for Colonial commercial effort .Signed rents vs 12/23 ERV (new lettings & renewals). These figures include 3 contracts negotiated in Paris in 1Q 2024 and signed in April
- Signed rents vs. previous contracts & re-let spaces
1Q 2024 RESULTS | | 5 |
01 Highlights
The Best Prime Product delivers outperformance on occupancy
Paris
Colonial | 100% | |||
CBD Market | 98% | |||
La Défense Market1 | ||||
86% |
100% | ||
100% | ||
100% | 100% | 100% |
100% | 98%4 | 100% |
100%
100%
100%
Madrid | Barcelona | ||||||||||||||
Colonial | Colonial CBD | 97% | |||||||||||||
97% | |||||||||||||||
CBD Market | Colonial | 85% | |||||||||||||
96% | |||||||||||||||
94% | |||||||||||||||
Outside M-30 | CBD Market | ||||||||||||||
82% | |||||||||||||||
Outside City Center | 81% | ||||||||||||||
100%76% | |||||||||||||||
91% | |||||||||||||||
100% | |||||||||||||||
100% | 90% | ||||||||||||||
99% | 100% 88% | ||||||||||||||
100% | 81% | ||||||||||||||
100% | |||||||||||||||
100% | |||||||||||||||
98% | 100% | ||||||||||||||
100% | 100% | 100% | |||||||||||||
100% | 100% | 100% | |||||||||||||
93% | 100% | ||||||||||||||
100% | 78% | ||||||||||||||
100% |
100%
100%
100%
Project
100% | 100% | |
100% | 100% | 100% |
100% | ||
83% | Plaza | |
Cataluña |
project 100% 93%
Source of market information: CBRE | 1Q 2024 RESULTS | | 6 |
01 Highlights
The Best Prime Product delivers outperformance in rental levels
Paris | Madrid | Barcelona | |||
Maximun rent signed | Maximun rent signed | Maximun rent signed | |||
1,100 €/sqm/year | 40 €/sqm/month | 28 €/sqm/month | |||
Rental | +9% | Rental | +3% | Rental | +7% |
growth1 | In 3 | growth1 | In 3 | growth1 | In 3 |
months | months | months |
22@
Cezanne St. Honoré | #Cloud | Serrano, 73 | Diagonal, 530 |
1. ERV Growth for Colonial commercial effort .Signed rents vs 12/23 ERV (new lettings & renewals) These figures include 3 contracts negotiated in Paris in 1Q 2024 and signed in April
1Q 2024 RESULTS | | 7 |
01 Highlights
Market context | Office Markets bifurcation to Prime Assets in CBD
PARIS - Office rental market
Market rents (€/sqm/y)
Colonial's playing field
Prime
CBD
Future Outlook
1,0701,070
930
880
La | ||||||||||
600 | 600 | Défénse | ||||||||
550 | 560 | |||||||||
8% | Vacancy | |||||||||
8% | Total | |||||||||
7% | Market | |||||||||
4% | ||||||||||
Vacancy | ||||||||||
CBD | ||||||||||
0.6% | ||||||||||
0.4% | 0.3% | 0.2% | Grade A | |||||||
2019 | 2021 | 2023 | 1Q 2024 |
MADRID - Office rental market
Market rents (€/sqm/m)
Colonial's playing field
Prime
CBD
Future Outlook
42
40
3636
Outside | ||||
17 | 16 | 17 | 17 | M-302 |
12% | 12% | |||
12% | ||||
8% | Vacancy | |||
Total | ||||
Market | ||||
2.5% | Vacancy | |||
1.1% | 1.7% | 1.4% | CBD | |
Grade A | ||||
2019 | 2021 | 2023 | 1Q 2024 | |
Source of market Data: CBRE | 1Q 2024 RESULTS | | 8 |
02 Financial Performance
1Q 2024 RESULTS | | 9 |
02 Financial Performance
Colonial's Prime Strategy delivers strong growth in earnings
Gross Rental Income | EBITDA1 | EPRA EPS2 |
€m | €m | €cts/share |
96 | |
90 | +6.2% |
YoY | |
+6.3% | |
Like- | |
for-like | |
03/23 | 03/24 |
76.8 | +8% | |
71.3 | YoY | |
03/23 | 03/24 |
8.7 | +25% | |
YoY | ||
7.0 | ||
03/23 | 03/24 |
- Recurring EBITDA
- Earnings per share
1Q 2024 RESULTS | | 10 |
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Inmobiliaria Colonial SOCIMI SA published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2024 16:35:49 UTC.
