Immorente: Revenue Increased by 8% in the First Half of 2025

Immorente's performance in the first half of 2025 is attributed to the expansion of its asset portfolio. This includes the delivery of the Faurecia factory extension in the fourth quarter of 2024 and the leasing of new office spaces at the end of last year. In the second quarter alone, revenue reached 21.1 million dirhams, marking a 5% increase compared to Q2 2024. Rental income also rose by 8%, confirming the positive momentum of the portfolio. Immorente Invest boasts a diversified and high-quality portfolio, featuring premium assets leased to renowned tenants such as Faurecia, Aptiv, SFC, CNSS, Huawei, Société Générale, and FRI. The sector distribution is primarily industrial (50%), followed by offices (30%), healthcare (16%), and retail (4%). The company continues to invest, notably with the ongoing construction of a built-to-suit factory for Skylla at Atlantic Free Zone, with an investment exceeding 50 million dirhams. The delivery is expected in the third quarter of 2025. As of June 30, 2025, the Loan to Value debt ratio stands at 26%, with gross debt of 362 million dirhams and cash reserves of 29.5 million dirhams. The company maintains its guidance for 2025, anticipating revenue growth between 8% and 10% for the entire year, with estimated funds from operations (FFO) of 5.3 dirhams per share, corresponding to a yield of approximately 6%. Immorente has already paid two interim dividends for the FFO of 2024, including a payment of 2.2 dirhams per share on June 26, 2025. Two additional distributions are planned before the end of the year.