Socimi Lar España reported comparable recurring revenues of €74 million between January and September 2024, up 4% from €71.2 million in the same period of 2023.
Recurring net profit reached €56.8m, up 17% from €48.5m last year, while recurring operating profit (EBIT) came in at €60.5m, an increase of 6%. Total profit for the period was €34.6 million.
The twelve retail assets owned by Lar España achieved total reported sales of €740.4 million, up 5.2% on a like-for-like basis compared to last year. Visits to the shopping centres and retail parks also grew by 2.1% to 52.7 million people.
In operating terms, Lar España renegotiated 120 leases corresponding to 35,835 square metres, with revised rents of 9.1 million euros and an average improvement of 4.2% on the indexation of the leases. The total occupancy of its assets rose by eight tenths of a percentage point to close to 97%.
In the area of sustainability, the company's Energy Efficiency Plan reduced energy consumption per visitor by 4.2% and total consumption by 2.2% during the first nine months of the year.
Lar España obtained five stars in the GRESB 2024 index, achieving 90 points, four more than in 2023, and maintaining the first position in management among European participants. In addition, the socimi continues to form part of the FTSE4Good and IBEX ESG indices, which include companies with high sustainability standards.
In July, the rating agency Fitch reaffirmed its investment grade rating (BBB stable) for the company and its two active green bond issues, valued at €581 million. This maintains the socimi's highest credit rating in its segment.
The company's twelve assets were valued at €1,304 million at 30 June 2024 by Cushman & Wakefield and CBRE, a stable figure compared to the end of 2023, backed by the company's solid operations.
On 24 May, Lar España distributed a dividend of 79 euro cents per share, equivalent to a total of 66.2 million euros. This represents a yield per share of 12.9%, the highest among listed real estate companies in Spain and Europe specialising in retail. Since its creation in 2014, the company has distributed close to 400 million euros in dividends.
