PATRIMOINE ET COMMERCE: Q1 2024 RESULTS

 

PRESS RELEASE

Q1 2024 RESULTS

 

 

 

Paris, April 12, 2024

 

The gross rental income of the real estate portfolio of Patrimoine Commerce reached 13.1 million of euros for the first three months of 2024, an increase of +8.0% compared to the first three months of 2023.

GROSS RENTAL INCOME

 

 

 

 

 

 

 

 

 

in millions of euros - 3 months

31/03/24

31/03/23

Var.

Var. %

Constant Perimeter

12.7

12.1

+0.6

+4.7%

Acquisitions

0.2

-

+0.2

n/a

Disposals

0.0

0.0

(0.0)

n/a

Properties under restructuring

0.2

-

+0.2

n/a

Gross rental income

13.1

12.1

+1.0

+8.0%

 

This increase is mainly explained by:

A like-for-like increase of +4.7%, mainly due to the contractual indexation of rents, A positive impact of the delivery of restructuring works (La Ville-du-Bois) and of acquisitions (Saint-Parres-aux-Tertres) carried out during the second quarter of 2023.

 

 

Disposals

During the first quarter of 2024, Patrimoine Commerce completed the disposal of a small  commercial gallery in Gaillon (Normandie), for a total consideration of € 1.0m, in line with appraisal value.

 

Outlook

Eric Duval, Founder and Director of Patrimoine Commerce declared: « The performance of the first quarter of 2024 confirms the solid trend of 2023, with the increase in rents under the effect of indexation and proactive management of our portfolio. We are benefiting from the positive effect of the delivery of the restructuring operation of Ville-du-Bois site, and we will continue to carry out targeted acquisitions and to dispose of non-core assets. We are continuing this approach with the aim of strengthening our position as leading player in low-cost retail parks in France”.

 

Agenda

June 13, 2024  Annual General Meeting

July 24, 2024  First-Half 2024 results

October 11, 2024 Third-Quarter 2024 activity

 

 

 

 

 

------------------------------------

About Patrimoine Commerce 

 

Patrimoine Commerce owns and operates a real estate portfolio, largely comprising retail property, covering a total surface area of close to 530,000 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 

PRESS – INVESTORS RELATIONS

 

Eric DUVAL 

Managing Director 

+33 (0)1 46 99 47 79 

 

CYLANS

Tél. : +33 (0)7 88 09 17 29

patrimoine-commerce@cylans.fr