Árima recorded losses of 11.2 million euros in the first six months of the year, which represents a 24% improvement compared to the red numbers of 14.8 million euros that it recorded during the same period of the previous year, as reported by SOCIMI in its income statement.
The losses continue to respond to an accounting effect without cash outflow resulting from the valuations of their assets and the impact of interest rates real estate yields, which caused a 1.3% like-for-like drop in the value of its real estate portfolio.
Specifically, The portfolio amounts to 355 million euros, 17% more than the total investment madeand with a net value per share of 10.9 euros, up 13% since its listing.
On the operational level, SOCIMI achieved a positive recurring net profit (income less expenses) of 94,000 euros, compared to a negative 874,000 euros in the first half of 2023.
This impulse responds to the improvement of the income it derives from the rental of its offices, which amounts to almost 5 million euros, or 24% more, with a gross operating profit (Ebitda) of 1.6 million euros, compared to 39,000 euros last year.
With all this, the company is confident in the further trajectory of its portfolio, which amounts to almost 100% in terms of increase in rental income, which would allow it to reach in the medium term – in a conservative scenario and with the current market prices – annual rental income of more than 23 million euros, as the new projects are completed and rented.
In all, Árima’s current portfolio comprises nine assets, of which eight are offices and one is an industrial warehouse. These are class A spaces, which exceed 109,000 square meters of gross leasable area and 1,643 parking spaces in Madrid.
On the financial side, Its leverage level is 22.9% of LTV (proportion of debt to the value of its assets), a figure that it defends as “one of the lowest in the sector”, while emphasizing that 100% of its financing consists of green loans and without relevant short maturities.
SOCIMI is currently immersed in a public takeover bid (OPA) for shares launched by the Swiss bank J. Safra Sarasin to buy the company for 224 million euros. In September, the National Commission for Financial Markets (CNMV) is expected to authorize the operation.
