Q1 2018 RESULTS – Gross rent increased by +5.0% to € 10.8 million
Q1 2018 RESULTS
Gross rent increased by +5.0% to € 10.8 million
During the first quarter, gross rental income of the operating property portfolio amounted to €10.8m, an increase of +5.0% from the same period last year.
|in € m – 3 months||2018||2017||Variation||%|
|Total gross rental income||10.8||10.3||+0.5||+5.0%|
This increase is mainly due to the full-year effect of acquisitions, partially offset by the disposal and restructuring of assets.
During the first quarter, Patrimoine & Commerce increased its presence in Bourg-en-Bresse (01) with the acquisition of a 930 m² commercial unit adjacent to a property acquired in 2017. Global investment in these properties summed €1.7m generating €0.14m in annual rent.
In addition, Patrimoine & Commerce disposed of high-street shops in Gif-sur-Yvette (91) and Montfermeil (93) as well as a retail unit in Jouy-aux-Arches (57). These disposals amounted to a total of €3.8M in line with appraisal value.
The Company will propose a dividend of €1.15 at the next shareholders’ meeting. Shareholders will opt either to reinvest their dividends in new shares of the Company or to a cash dividend payment.
Eric Duval, Founder and Managing Director of Patrimoine & Commerce declared: “The Group Patrimoine & Commerce achieved +5.0% growth in the first quarter of 2018. This is the result of a proactive portfolio management and the Group positioning as a low cost retail park company in France. We are, therefore, confident in our development prospect for 2018.”
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