PATRIMOINE ET COMMERCE: Q3 2022 RESULTS +7,3% IN GROSS RENTAL INCOME AT €35.3M

PRESS RELEASE

Q3 2022 RESULTS

+7,3% in gross rental income at €35.3m

Paris, October 6, 2022

The gross rental income of the real estate portfolio of Patrimoine & Commerce reached 35.3 million of euros for the first nine months of 2022, an increase of +7.3% compared to 2021:

This increase is mainly explained by:

• A like-for-like increase of +3.9%, due to the contractual indexation of rents and the decrease in the amortization of Covid-19 rent free periods,
• A net positive impact of +1.0 million euros on acquisitions and disposals
• The finalization of the restructuration of an asset in Martinique

Disposals

During the third quarter of 2022, Patrimoine & Commerce completed the disposal of two non-strategic assets, an industrial and office property in Parigné-l’Evêque (Pays de la Loire) and an asset in Bourgoin-Jallieu (Auvergne-Rhône-Alpes), bringing the total amount of disposals since the start of the year to €33.0 million, in line with appraisal value.

Outlook

Eric Duval, Founder and Director of Patrimoine & Commerce declared: « Patrimoine & Commerce recorded in the third quarter of 2022 an increase of +7.3% of gross rental income, as a result of proactive 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, 2023 2022 Full-Year Results

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About Patrimoine & Commerce 

Patrimoine & Commerce owns and operates a real estate portfolio, largely comprising retail property, covering a total surface area of more than 500,000 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 

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