Spain's Colonial expects 8-10% higher dividend per share
June 13 (Reuters) -Spanish real estate group Colonial COL.MC expects its dividend per share to rise between 8% and 10% in the future, it said on Thursday at a shareholders meeting.
The company said it will pay a dividend of 0.27 euros per share on June 21, an 8% increase from its previous payout of 0.25 euros per share.
"The policy of increasing dividends responds to the strength of Colonial's results in 2023, based on trading volume as well as occupancy and rental growth," the firm said in a note.
Higher interest rates took a toll on real estate companies in 2023 due to a drop in asset valuations, although Colonial's first-quarter net profit doubled from a year earlier, supported by inflation-linked rental income and high occupancy rates.
The company expects the next interest rate cuts by the European Central Bank should halt the fall in valuation of its assets.
"Inflation is being controlled, but it's dragging a little, delaying expectations of rate cuts. Green shoots are appearing," Colonial's chairman, Juan Jose Brugera, told a conference call.
Reporting by Matteo Allievi
Editing by Bernadette Baum
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