Citicon’s second quarter and first interim report for 2022:
The NOI from identical properties increased in the quarter by approximately 9.1% compared to the corresponding quarter last year (6.2% excluding one-time effects).
The NOI from the same properties increased in the period by approximately 6.1% compared to the corresponding period last year (4.6% excluding one-time effects).
The number of visitors to the same properties increased in the quarter by 14.6% compared to the corresponding quarter last year and in the period increased by 15.3% compared to the corresponding period last year.
Tenant redemptions in identical properties increased in the quarter by 8.8% compared to the corresponding quarter last year and by 5.4% compared to the corresponding period in 2019.
The average rent per square meter increased in the quarter by about 0.2 euro.
The average rent per square meter increased during the period by about 1.0 euro and stood at 23.6 euro per square meter, the increase is a result of an increase in the index and a positive Leasing Spread in all active countries.
Changes in the consumer price index are calculated at the end of each year, so the significant impact of inflation on rental income will be reflected in 2023.
The commercial occupancy rate was approximately 95.0% as of June 30, 2022, compared to 94.2% as of December 31, 2021.
The NOI in the quarter increased by about 3.9% and amounted to about 52.8 million euros compared to about 50.8 million euros in the corresponding quarter last year.
The FFO per share in the quarter excluding the hybrid bond (calculated according to EPRA rules) increased by about 4.4% and amounted to about 0.192 euros per share compared to about 0.183 euros per share in the corresponding quarter last year.
The FFO per share in the quarter (calculated according to EPRA rules) decreased by about 5.6% and amounted to about 0.146 euros per share compared to about 0.155 euros per share in the corresponding quarter last year.
The leverage as of June 30, 2022, was approximately 40.8% compared to approximately 40.7% as of December 31, 2021.
The company’s yielding asset portfolio recorded a sixth consecutive quarter of positive revaluations and increased by approximately 8 million euros in the second quarter.
100% of Citicon’s financial debt has a fixed interest rate and is not linked to an index.
Citicon raises the FFO per share forecast for 2022 (calculated according to EPRA rules) to a range of approximately EUR 0.68 to EUR 0.72 per share, and the Adj. FFO to EUR 0.50 to EUR 0.58 per share, Midpoint of EUR 0.54 per share.
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Other developments:
The first phase (the trading part) of the Lipolieva project opened on March 31, 2022.
• The property is over 90% rented and about 1.5 million visitors visited the property during the first three months.
• Citicon predicts that in 2022 the property will generate NOI of approximately 9 million euros.
• Citicon anticipates that the project will generate NOI of approximately 21 million euros in a stable year.
• Construction of the subway and the train station on the property has been completed, the train is expected to be operational at the end of this year.
• Adjacent to the property (and above it) 8 new residential buildings are being built which will include approximately 560 apartments, with Citycon owning approximately 400 apartments and they will begin to yield from the end of 2022 until 2024.