LIKE FOR LIKE RENTAL GROWTH (EXCLUDING MONTE ROSA) AT 3.5%
EPRA NET TANGIBLE ASSET GROWTH OF 0.8%
EPRA EARNING GROWTH OF 1.2%
EPRA LTV STOOD AT 32.9%
Highlights of Q1 2022 financial results
- Like for like rental growth of +3.5%, excluding Monte Rosa
- EPRA Earnings at Euro 4.1 million (or Euro 0.11 per share) up by 1.2%
- Net profit stood at Euro 3.8 million
- EBITDA stood at Euro 6.6 million
- EPRA Net Tangible Assets per share up by 0.8% to Euro 12.86
- EPRA LTV 4.2 p.p. higher at 32.9% (vs 28.7% at Dec-21)
- Confirmed the guidance in terms of EPRA Earnings per share for 2022 at Euro 0.30
- Ample liquidity with Euro 50.9 million of cash on balance sheet, primarily to fund capex plans
Resilient real estate portfolio
- Completed the acquisition of Pirelli 32 office complex in Milan’s Porta Nuova
- Portfolio focussed on offices (88%), Milan (93%) and Porta Nuova (62%)
- Strong sustainability profile with 61% of portfolio LEED certified; a further 31% is eligible for LEED certification following refurbishment projects
- Approx. 25% of current portfolio value added to be repositioned in the medium term
- Potential for meaningful aggregate rent reversion on the back of refurbishments
Milan office market in Q1 2022
- Prime yield stable at 2.90% in Q1 2022
- Rental volumes up 50%, rents up in Porta Nuova and Centro and stable in other sub-markets
- Investment market volumes up 280%
Manfredi Catella, Founder and CEO of COIMA RES, commented: “In the first quarter of 2022, we completed the acquisition of the Pirelli 32 property and recorded rent growth (excluding Monte Rosa) on a like-for-like basis of 3.5%, which demonstrates the robustness of our leases that have captured the dynamics of inflation. During the year 2022, we will be engaged in projects to restructure our portfolio in order to create value through the repositioning of properties, putting at the heart of these projects quantitative environmental impact objectives in terms of reduced energy consumption and CO2 emissions aligned with the European taxonomy that allows the company to have a 100% LEED certified office portfolio, including ongoing developments.”
