27 Sep 2018




Growth in group net income of +4.1%

Growth in FFO of +3.4%

Asset valuation of €737M

Successful payment of dividend in stocks



Boulogne-Billancourt, 26th September 2018

At its 25 September 2018 meeting, the Patrimoine & Commerce Supervisory Board reviewed the Company’s operations and approved the 2018 financial statements, prepared by Management for the first half of fiscal year 2018.


Key figures 30/06/2018 30/06/2017 Variation %
6 months 6 months
Gross rental income €21.4M €20.6M +4.1%
Funds From Operation 1 €12.4M €12.0M +3.4%
Alternative Performance Measures 2 30/06/2018 31/12/2017 Variation %
Asset appraisal value (excluding transfer taxes) 3 €737.4M €736.3M +0.0%
Capitalization rate 7.2% 7.2% n.a
LTV ratio 4 45.3% 47.2% n.a
NAV (excluding transfer taxes – €/share) €25.4 €25.8 -1.5%


Gross rental income growth: +4.1%

For the first half of fiscal year 2018, Patrimoine & Commerce reported consolidated gross rental revenues of €21.4M compared with €20.6M as at 30 June 2017, up by +4.1%, primarily driven by the impact of acquisitions and projects delivered.

In the 12 months ending 30 June 2018, the portfolio underwent minor changes in tenancy (tenant turnover rate of around 3.0%). The occupancy rate remains high at 95%5 for the portfolio as a whole and the rental payment default rate of 2.5% attests to the quality and resilience of the Company’s portfolio.

As at 30 June 2018, net rental income amounted to €19.5M, an increase of +3.0% compared with the first half of fiscal year 2017. Non-rebillable rental expenses on on-going restructuration of assets explain net rental income lower growth compared to gross rental income.

Increase in recurring net income: +3.4%

Operating expenses and other incomes remained stable and amounted to an expense of €2.2M.

Net cost of debt totaled €4.6M as at 30 June 2018, up by +3.5% compared to the first half of 2017. The Company was able to take advantage of the low interest rate environment, specifically with the financing at attractive rates of Champagne-au-Mont-d’Or (Rhône) et Lannion (Côte-d’Armor). The average interest rate on debt is 2.7% for the 6 months ending 30 June 2018 (versus 2.8% over the first semester of 2017).

Recurring net income (FFO) amounted to €12.4M (€0.93 per share), an increase of +3.4% compared with the first half of 2017.

Including changes in fair value of properties (-€1.5M) and financial instruments (+€0.2M), equity method revenues (-€0.9M), and other expense and income (+€0.3M), net income totaled €10.5M as at 30 June 2018 (compared to €12.3M in the first 6 months of 2017), down by -14.4%. After accounting for minority interests, Group share net income amounted to €10.3M.

Asset portfolio growth and optimization

On 30 June 2018, independent appraisal of assets3 amounted to €737.4M. The capitalization rate of assets in use is stable at 7.2%.

Patrimoine & Commerce developed it property portofolio with the acquisitions of Lannion (Côte-d’Armor) and Bourg-en-Bresse (Ain). Those investments summed €4.0M for a net yield of 7,9%. In addition, the Compagny invested in projects under construction such as Champagne-au-Mont-d’Or (Rhône) and Champniers Phase 2 (Charente).

Patrimoine & Commerce pursue its portfolio turnover policy of non-strategical assets. The Group disposed of a commercial property in Jouy-aux-Arches (Moselle) and three ground-floor premises in Gif-sur-Yvette (Essonne), Montfermeil (Seine-Saint-Denis) and Paris Place des Fêtes representing a total amount of €12.4M, in line with independent appraisal.

Net Asset Value per share at €25.4

The group’s consolidated net debt, €327.4M as at 30 June 2018, enables the Company to present a Loan-To-Value ratio of 45.3%, which remains well below the average target of 50% that Patrimoine & Commerce has set for itself.

Net asset value amounted to €337.8M (€25.4 per share) as at 30 June 2018.

Successful stock dividend payment

At the annual meeting of Patrimoine & Commerce shareholders on 27 June 2018, shareholders approved a dividend distribution of €1.15 per share, an increase of dividend payout of +6.5% compared with 2017. Total dividend amounted to €15.6M. A dividend payment option in new shares of the company was offered to shareholders and 70% opted for a payment in new shares of the Company.


« In the first half of fiscal year 2018, Patrimoine & Commerce continue its strategy of asset portfolio growth and optimization » declared Eric Duval, Managing Director and Founder of Patrimoine & Commerce. « Our financial structure reinforced by the success of the stock dividend payment and the resilience of our retail park business model in France strengthen our confidence in the growth prospect of Patrimoine & Commerce. »



About Patrimoine & Commerce 

Patrimoine & Commerce owns and operates a real estate portfolio, largely comprising retail property, covering a total surface area of 442,000 m². 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.

 Notes:        1 Groupe Sepric income and expenses have been reposted to net income.

                2 Alternative Performance Measures (Cap rate, LTV, NAV, etc.) defined in the Interim Financial Report published on 26 September 2018 on the Company’s website.

                3 Incl. Cherbourg and Studio Prod for the stake held and the assets held for sale.

                4 Adjusted for security deposits and hedging instruments.

5 Calculated on the basis of rents or estimated rental value in case of vacancy (excluding strategic vacancy).


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:


Managing Director

Tel.: +33(0)1 46 99 47 61



Tel.: +33(0)1 56 43 44 63