COL: Good 2Q17 results
Operating 2Q17 results rose by 9.6% in QoQ basis, in line with our estimates. GRI increased by 5.5% QoQ especially thanks to Barcelona (+12.5% QoQ) and Madrid (+8.3% QoQ), while rents in Paris rose by 3.7% QoQ. Occupancy rates increased by 1p.p to 98% in Barcelona, +2p.p to 97% in Madrid and +1p.p. to 95% in Paris.
The company reported a GAV of €9,103Mn as of June 2017, implying a LfL increase of 7.0% YTD. As a consequence, NAV increased to €3,168Mn (€8.07/share), which is higher than our expected NAV for FY17 (€2,817Mn BKTSe).
Colonial’s NFD reached €3,318Mn as of June 2017, implying a LTV of 36%. We expect it to increase to above 40% at the end of 2017.
Inmobiliaria Colonial SOCIMI is engaged in the acquisition, construction, sale, disposal and lease of real estate and related activities, including car garages and parking lots, and the administration and management of real estate properties and land.
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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