28 Sep Témpore meets forecast for revenue and financial results in H1 2018

Madrid, 28th September 2018. Témpore Properties, the REIT (Real Estate Investment Trust) created by the Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) closed H1 2018 with €3.3 million of revenues and losses of €201,000. These results are in line with the company’s strategic plan and with the forecasts set out in the Information Document for Listings on the MAB (Documento Informativo de Incorporación al Mercado – DIIM), despite the fact that some properties started to produce income later than initially expected.

During the first half of the year, Témpore signed 154 new leases and renewed a further 39, allowing it to raise its occupancy levels by 5%. Portfolio management improvements were also seen in the rental portfolio debt ratio, which dropped half a percentage point, down from 5.5% when the company was created to the current 5%.

After listing in April, the REIT’s share price on the MAB (Mercado Alternativo Bursátil) has remained stable at around €10.40 per share. Témpore Properties’ portfolio features 1,383 homes, primarily located in Madrid (59%) and Barcelona (24%), with the remainder located across Zaragoza, Valencia, Almería, Malaga, Seville, Toledo and Guadalajara.

The Socimi benefits from a three-year framework agreement that gives it a first right of offer to buy assets owned by Sareb. This agreement is one of Témpore Properties’ main growth drivers, with the company aiming to increase its asset portfolio to €500 million between 2018 and 2020. The Socimi is currently finalising the terms for the purchase of Sareb assets valued at close to the amount detailed in the DIMM, and which it plans to purchase via a share capital increase and before the end of the year.

The company also plans to continue increasing its occupancy rates of the current portfolio and expects the new acquisition to help diversify its property portfolio, entering new markets with strong rental demand.