In 2023, in a context marked by macroeconomic instability and rising interest rates, Colonial recorded an occupancy rate for its assets of 97%, with 100% in Paris. This occupancy level contributed to an increase in rental income of 377 million euros, representing an increase of 8% compared to the previous period on a like-for-like basis.
Recurring earnings per share increased to €0.32, with total recurring profit up 7% year-on-year to 172 million euros. Group EBITDA increased by 12% to 316 million euros. Based on these results, a dividend increase of 8% is proposed, resulting in a dividend of €0.27 per share.
In response to market volatility, especially the fall in prices due to the rise in interest rates that began in the second half of 2022, Colonial adjusted the value of its assets by 9% over the course of 2023, which represents a minor adjustment compared to the average of European listed companies in the sector. This adjustment brought the group's net result to a total negative 1,019 million euros, without affecting the company's liquidity.
Colonial also carried out divestments totalling 723 million euros, which increased its liquidity to 2.9 billion euros and reinforced the strength of its capital structure, allowing it to continue with its investment plans.
The company has stood out in the market for its contracting strategy, signing 105 leases covering 158,225 square metres, 7% above the average of the last three years. This achievement reflects the strength of its prime asset portfolio and its ability to generate significant rent increases.
Colonial's asset valuation reflected a 9% correction on a comparable basis to the previous year, mainly due to sales of non-strategic assets and valuation adjustments. Despite these adjustments, the company has maintained a solid capital structure, with a divestment programme that continued until the end of 2023 and early 2024.
The company has maintained its solid position with a healthy balance sheet, reducing its net debt and improving financing conditions, even in the face of a rising interest rate environment. This financial management has allowed Colonial to maintain good liquidity and cover all debt maturities until 2027.
