Hispania sees income increase 6 fold in Q1 2016

Hispania registered rental income of EUR30 million during the first three months of 2016, up from the EUR5 million seen in the corresponding quarter in 2015. 

Net Profit attributable to the Company amounts to EUR11 million, equivalent to EUR0.14/share, 18x higher than the net profit of EUR606 thousand in the first quarter 2015. 

EBITDA before Corporate expenses has recorded a total of EUR24 million, compared to EUR4 million for the same period in 2015. Some 80 per cent of the rental income for the period comes from the hotel segment, main driver for Hispania. 

At the end of the period, Hispania has registered a total GAV of EUR1,463 million, and a NAV of EUR973 million equivalent to EUR11.80/share. 

These extraordinary results show for the first time the yield generated by Hispania’s portfolio, after the contribution of the majority of the assets as well as the increase in rents as a result of the refurbishments made during 2015.

Hispania, owner of 27 hotels, mainly vacation properties, with more than 8,200 keys is the largest hotel owner in Spain excluding hotel operators. In offices, Hispania has a portfolio of 25 buildings with more than 153.600 sq m in Madrid and Barcelona, where occupancy level has been increased by 4 per cent reaching a total of 81 per cent, with the net contract of almost 6,000 sq m. Hispania has the objective of reaching 90 per cent occupancy rate within the coming months. In the residential segment, Hispania has recorded increase in rents thanks to its excellent locations in Madrid and Barcelona and the repositioning of the assets. 

Within the investments made during the period, it highlight the acquisition of a plot adjacent to the Gran Hotel Bahía Real in Fuerteventura where Hispania will build an extension of the hotel; and a residential complex in Madrid with 91 dwellings. Additionally, Hispania has acquired the mortgage debt linked to the portfolio of hotels of Dunas Hotels & Resorts as part of the transaction already announced, which once completed will amount to EUR75 million. 


Source: PropertyFundsWorld