Quarterly report 4Q 2024
Vitruvio closes 2024 with more properties, more rental income and better profit than in 2023. This allows us to propose a 6.7% improvement in distributions to shareholders, with a target dividend of 0.48 euros per share for 2025. In other words, the dividend increase for our more than 700 shareholders is two and a half times the variation of inflation.
The divestments in 2024, a total of 15.5 million, have been signed 22.3% above the valuations carried out every six months by Savills for Vitruvio. And, in turn, we have acquired new properties for 24.6 million euros, with an average rental yield of 6.9%.
The value of the properties at the end of 2024 is 183.2 million euros vs. 163.6 million euros at the end of 2023. The net disposal value is €143.5 million or €15.60 per share, as a price reference, net of both debt and corporate taxes that would be payable on a divestment of the portfolio.
Rental income collected in 2024 amounts to €10 million. The average rental yield on the portfolio in December has risen to 5.4% vs. 5.1% at the end of 2023. Considering that the properties have appreciated by 6.1% (net of debt), the increase in rental yield means that income has improved more than the portfolio has appreciated.
All of the above, while maintaining very conservative debt levels and closing the year with a net debt of 16.3% of the value of the properties.
In the first month and a half of 2025, Vitruvio has already grown to 202 million euros in rental properties, something that is not reflected in the report because it was done after the end of the year.
The figure is explained by the latest contribution, in January, of a residential portfolio in downtown Madrid and the acquisition, in February, of a complete commercial park located next to the Plenilunion shopping center in Madrid city. Both operations represent new annualized rental income of 1.4 million euros and a rental yield of 6.6% per annum.
In this link you can consult the 2024 Quarterly report
I remain at your disposal to comment or expand on any additional information about Vitruvio that may be of interest to you.
Yours sincerely,
Joaquín López-Chicheri Morales
