Following the latest asset valuation, Metrovacesa explains a notable shift in the value of its tertiary use portfolio, a move that helps justify the company’s income statement results. The housing division showed a 1.3% growth, while the higher education segment declined by 4.2% in value during 2022.
During the year, the company delivered 1,699 homes, generating a cash flow of 151.8 million. In the prior year, pre-sales reached 1,837 residences and total reserved units stood at 3,171. More than eighty percent of the 2023 deliveries and about sixty percent of 2024 deliveries have already been sold, underscoring steady progress toward an operating target of around 2,000 units per year in the medium term. Metrovacesa also expanded construction activity, beginning work on more than 1,000 units in the final months of 2022, bringing the total properties under construction to 4,101.
The company’s net asset value per share fell to 14.04 euros, a decline of 11.30% from prior levels, with the market listing reflecting a 49% discount versus a prior share price of 7.16 euros. The drop in asset value occurred alongside a near 300 million decrease in value, and leverage rose by 3.2 percentage points to 9.4%. Management notes that around 90% of the debt is either hedged or carried at a fixed rate, providing some protection against rate volatility.
land sale
Metrovacesa states that it accelerated the disposal of non-strategic land in the last quarter, completing sales of plots with the capacity to build 1,520 homes across Alicante, Tenerife, Mallorca, Córdoba, and Barcelona. Prices achieved in these disposals were described as slightly below book value, averaging about 10% below the market average. This approach aligns with the strategy of optimizing the land bank and focusing on opportunities that preserve capital and potential for future value creation.
The company plans to continue acquiring final-stage land in the coming years. Between 2023 and 2025, the conversion of more than 5,000 houses within the land bank is expected to be completed. In the past year, Metrovacesa closed several selective land purchases in Granada and Tenerife to complement the existing portfolio when attractive opportunities arise in the market.
dividend distribution
Over the past year, Metrovacesa distributed 250 million euros in dividends to shareholders, equating to 1.65 euros per share. With the year-end transaction price at 6.37 euros on December 30, the dividend yield stood at 25.9%. Since its IPO in 2018, the company has distributed a total of 422 million euros, or 2.78 euros per share, underscoring a consistent commitment to shareholder returns.
The press release confirms that a new distribution will be announced at the General Assembly in March, with the payout slated for the second quarter of the current year. This cadence reflects Metrovacesa’s ongoing strategy to balance asset management, growth, and shareholder value as it navigates market dynamics and financing considerations.