Real estate | IGD SIIQ: rental income +3.2 % in Q3 2023 | MonitorImmobiliare

IGD SIIQ ended the third quarter of 2023 with a 3.2% increase in gross income from rental assets to 105.4 million euros compared to the same period last year.

The figures approved by the board of directors today also show a 3.3% increase in footfall for the Galleria Italia retail portfolio (+5.4% YTD) and a 3.9% increase in operator revenue compared to the third quarter of 2022 (+6.2% from January to September).

Electronics sales are down 1.4%, while restaurants, which were particularly affected during the pandemic, perform at +16.5%. The group's hypermarkets and supermarkets also posted growth of nearly 5% compared to the third quarter of 2022.

Revenues for the first nine months of 2023 were up more than 94%.

But the data regarding general financial management are negative and amount to -31.1 million euros: after adjusting for IFRS 16 data and special expenses, the increase amounted to 55.2% due to the increase in the average cost of the last financing achieved.

The net recurring profit (FFO) amounted to 44.4 million euros, representing a decrease of 11.9% compared to September 30, 2022 due to the increase in financing costs.

The average cost of debt was 3.48% at the end of September 2023, up from 3.22% at June 30, 2023.

The index of financial cost coverage (ICR) decreased slightly to 2.7 compared to the first half of 2023.

The net financial position is -970.86 million euros.

In May, IGD received a 5-year financing from the green credit for 250 million euros.

In addition, on October 5, IGD launched a transaction to fully refinance a €400 million bond that expires in November 2024. This transaction includes the exchange (and redemption) of existing bonds and the negotiation of economic performance conditions with new bonds.

IGD plans to secure financial obligations until the end of 2024, with the next significant payments expected in 2027, giving the company three years to optimize its debt structure and average cost of debt.