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Patrimoine et Commerce — Earnings Release 2023
Oct 11, 2023
1588_iss_2023-10-11_0d036435-c9bf-415d-8cb2-f5a4991f639d.pdf
Earnings Release
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PRESS RELEASE
Q3 2023 RESULTS
+6,1% IN GROSS RENTAL INCOME AT €37.4M
Paris, October 11, 2023
The gross rental income of the real estate portfolio of Patrimoine & Commerce reached 37.4 million of euros for the first nine months of 2023, an increase of +6.1% compared to 2022:
GROSS RENTAL INCOME
| in millions of euros - 9 months | 30/09/2023 | 30/09/2022 | Var. | Var. % |
|---|---|---|---|---|
| Like-for-like Perimeter | 33.1 | 31.8 | +1.3 | +4.2% |
| Acquisitions | 3.1 | 1.9 | +1.2 | n/a |
| Disposals | - | 1.4 | (1.4) | n/a |
| Properties under restructuring | 1.2 | 0.2 | +1.0 | n/a |
| Gross rental income | 37.4 | 35.3 | +2.1 | +6.1% |
This increase is mainly explained by:
- A like-for-like increase of +4.2%, due to the contractual indexation of rents and the decrease in the amortization of Covid-19 rent free periods,
- The full year contribution of the restructuration of an asset in Martinique, delivered in 2022, and the delivery of the restructuring works of the shopping mall of Ville-du-Bois in 2023
- A net negative impact of -0.2 million euros on acquisitions and disposals
Outlook
Eric Duval, Founder and Director of Patrimoine & Commerce declared: « Patrimoine & Commerce recorded in the third quarter of 2023 an increase of +6.1% of gross rental income, as a result of dynamic portfolio management. We are confident in the fundamentals and the resilience of our business model, and we intend to strengthen our position as the leader in low-cost retail parks in France».
Agenda
February 22, 2024 2023 Full-Year Results
--------------------------------------------------------------------------------------------------------------- About Patrimoine & Commerce
Patrimoine & Commerce owns and operates a real estate portfolio, largely comprising retail property, covering a total surface area of more than 528,000 sqm. The assets are mainly located in retail parks near mid-sized towns throughout France. Patrimoine & Commerce benefits from a significant identified deal flow that will enable it to feed its growth, in terms of both assets under development and operating assets.
Patrimoine & Commerce is listed on NYSE Euronext Paris. ISIN code: FR0011027135 – Mnémo code: PAT
For further information, go to : www.patrimoine-commerce.com
For information, please contact: PATRIMOINE & COMMERCE KEIMA COMMUNICATION Eric DUVAL Managing Director +33 (0)1 46 99 47 79
Emmanuel DOVERGNE +33 (0)1 56 43 44 63 [email protected]
THE LOW-COST RETAIL PARK SPECIALIST