18 Apr 2018

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 %
Like-for-like 8.6 8.6
Acquisitions 0.9 0.0 +0.9 N/A
Sold assets 0.1 0.2 (0.2) N/A
Restructuring 1.3 1.5 (0.2) -12.7%
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.

 

Outlook                                                                           

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.”

 

 

This post is also available in: French