Montea Comm VA MONSF 2026年二季度财报电话会议纪要

发布时间：2026-08-21 一、AI总结内容 一、核心要点 1. 公司进展与业绩：2026年上半年完成2.55万平方米租赁，95%完成2027年11.5亿欧元投资目标，平均租金涨幅16%，99.4%物业出租率，高于市场平均94-95%，实现5%同比增长，确认2027年每股收益目标5.6欧元。2. 竞争与市场：WDG与Ardon合并未改变法国市场竞争格局，公司拥有欧洲最大土地储备（近400万平方米），聚焦核心优质物业，避免B类物业风险，关注欧洲物流仓储刚需。3. 财务与融资：上半年完成2.07亿欧元融资与再融资，无2028年前到期债务，平均债务期限5.5年，平均融资成本2.2%，获标普BBB+投资级评级及短期F1评级，杠杆率符合指引。 二、战略与计划 1. 开发与土地储备：计划2027年底前取得剩余建设许可，已锁定15万平方米总建筑面积，未来土地储备仍有75%租金增长潜力，拟通过开发实现3.5亿欧元价值增值。2. 开发策略：坚持50%预租比例推进开发，部分项目预租达70%，未来将基于土地储备拓展业务，未来增长计划正在筹备中。3. 资产调整：已完成2011-2016年大规模资产调整，当前不优先依赖该策略，仅在无法创造价值时作为补充。 三、风险与关注 1. 潜在风险：市场存在优质物业不足的问题，租户决策周期变长，公共与私人市场资产收益率存在错配。 2. 后续事项：剩余开发项目需推进预租与租赁，部分收购项目待完成，需关注未来增长计划筹备进展。 二、音频原文（转写） We see that when we make that message because wehave the visibility to get the permits in placelet's not forget that a lot of the land in france as we buy is subject to obtaining those permitsthat also means that we did not have to investin the lands prior to obtaining the permit so we are well confident that we will obtain these in the next year or the beginning of next year but in the meanwhile they are less difficult for us because we don't have to buy the land until.And yo may be to add as of to day we've secured the hundred fifty thousand square metres already of the gla that we were planning to do until theend of twenty twenty seven so we we definitely h ave work on going there and were confident thatwe can reach the remaining to the system.特别单机单一thinks rocheour next question on the line is fromlynn at kbc securities.Then your line is now onmusics.Hi good morning everyone i have two questions my first question is also and the development potential that you have there i was just wondering if the w d algon combination changes yourperspectiveon the french market given the potential increase of competitive pressures and if you may be targeted a difficult tenant or a building type in the future going forwardwell thank you for your question let's say that w d p was ourfirst competitor in the benelix.An argon was our first competitor in france so then joining forces doesn't really change the needle for us to just the same people the same that we were encountering on the current market so no it doesn't really change for us the dynamics of course.Dna ofargonde d n a of w d p and the dna of montaia is in that sense comparable that we all try to capture value by in house developments.Compare itrelative to the total portfolio site we have thelargest land bank of all players in the european market so we are really confident that we areable to continue our growth planton our own landbank and the merger of w d p doesn't really change for us on the french market.O k perfect andthen second question is on your operational margin or an yeah or at our cost ratio um your guidance for truction seven is is ninety percent operational margin but if i see it it actually comesdown a bit and i understand through some seasonality but maybe could you elaborate on thewhy it's been coming down and how comfortable you arein reaching that that ninety percent next yearcomparing to last year it's more or less in line so indeed we have been speeding up the investingin the teams in the different countries to get the growth done which has a a slight impact on our operating margin or the apprecostreuniverse wi th the the best performing or the highest occupancy rate and indeed the target for twenty twentyseven can be reaffirmed to ninety per cent operating margin for twenty twenty seven.Ok, thank you.Think you lin our next question comes from steven atabn.Your line is no amusedduring the quarter is then a decision making pricing.Demand oranything else and also how should we reconcile your leasing and comments with the rising marketsvacancy that you show on slight nine.Thank yousteve for that question first of all it's not repricing let's be very clear. If we were able toincrease the rents by sixteen percent it shows that we have this when we say there is rent reversion potential in our portfolio we really show that this isis there so it's not about lowering the prices or that be very clear on that i thinkwhat a lot of the deals we did just take much longer as they did in the past we all remember those. I would say twenty one after the corona crisis twenty one twenty two where parties needed todecide withintwo to three months because otherwise there was competition and somebody else wastaking the space now we see that they take theirtime it's taking longer to take a decision so that's why there has been a bit of a delay i think that uncertainty is a new normalof certainty is the new normal those who said we are going towait until we have more visibility in the marketcan now understand that it is not about to comeoperationally they were stressed and they needed to take a decision and now they start acting again may be last point i want to make and to repetition of what i said towe see the clear distinction between the a product a product being sustainable new product compare on a location on toplocatio