The GRI increased by +4.9% YoY to €86mn in 1Q19. Barcelona increased by +10.0% to €11mn in 1Q19 and Madrid +9.5% to €23mn in 1Q19, while Paris remained unchanged at €48mn in 1Q19. The occupancy rate remained almost flat in 1Q19 at 99% in Barcelona and Paris, while it improved by 100b.p. in Madrid to 100%. The bad news came from the EBITDA margin, which decreased by 120bp to 74.4% mainly affected by a higher SG&A. Below EBITDA, the financial results were higher than expected (€28mn vs. €26mn BKTS...
The FFO was lower than our estimates in 3Q18 results, eroded by a €19mn non-recurrent financial cost, from: 1) Colonial’s bond buyback, maturing in 2019; 2) the cancelled debt of Axiare and the associated derived instruments. Excluding these impacts, the FFO would be slightly higher than our estimates (€23mn in 3Q18 vs. €21mn BKTSe).
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