Bankinter S.A. - Hispania Activos Inmobiliarios SOCIMI S.A. (HPVBF) Hispania: Operating 2Q17 results in line

Report

Bankinter S.A.

Juan Moreno

EUR 100.00 For Business Accounts Only

Hispania: Operating 2Q17 results in line

Hotels segment continue benefiting from its exposure to Canary Island, where ADR and RevPar are increasing by 9% YTD. The office segment fetched an occupancy rate of 84% in June 2017 (+200bp vs. March 2017). Regarding the residential segment, average rent increased by 2.7% to €11.2/sqm/month and Hispania’s sales plan has continued, having sold 20 flats in 2Q17.

EPRA Net Profit decreased in quarterly basis mainly because of the €6.6Mn taxes accounted in 2Q17.

The company reported a GAV of €2,339Mn as of June 2017, implying a LfL increase of 12.6% YTD (vs. €2,547Mn BKTS 2017e). Hispania’s NFD fetched €483.1Mn as of June 2017, implying a LTV of 20.6%. We expect it to increase above 30% at the end 2017 taking into account the las acquisitions and the committed capex.

28/07/2017 4 EN

Underlying

Hispania Activos Inmobiliarios SOCIMI S.A.

Hispania Activos Inmobiliarios SOCIMI SA, formerly Hispania Activos Inmobiliarios SA, is a Spain-based company primarily engaged in the operation of commercial real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties in Spain. The Company's activities are divided into five segments: Offices, which leases assets for business purposes; Residential, which provides residential units; Hotels, which rents hotel real estate; Hotels under management, which includes operation and development of hotels within concession agreement, and Other, which leases other real estate assets, such as logistics centers and shopping malls. The Company operates through a number of subsidiaries, such as Hispania Real SOCIMI SAU, Bay Hotels & Leisure SOCIMI SA and Eco Resort San Blas SLU.

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ES0105019006 Spain

Provider

Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

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Analysts

Juan Moreno

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Hispania: Operating 2Q17 results in line

Monthly LMI Update Independent Investment Research

Feasibility Study Results in December to be a Catalyst for this Junior

HIS: Blackstone increases the bid price for Hispania

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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