Patrimoine & Commerce displays strong growth in 2023

On February 21, 2024, Patrimoine & Commerce released its annual results for 2023, marked by a positive increase in FFO per share of +5.2% reaching €2.03/share. The company achieved a 98% collection rate on rents and charges, and assessed its portfolio at €858 million.

The dividend per share stands at €1.35, up by 3.8% compared to the previous year, reflecting a yield of 7.7% on the share price and 4.6% on the NAV. Gross rental income increased by 6.7%, rising from €47.3 million in 2022 to €50.5 million. Operating funds show a 4.8% increase, totaling €30.7 million.

Eric Duval, CEO and Founder, reaffirms the strength of the results in a challenging economic environment, attributing the performance to proactive portfolio management and the acquisition of relevant commercial properties.

The company also conducted substantial leasing activity, signing 58 leases, including 26 renewals, bringing the financial occupancy rate to 94.7%. Despite an increase in debt costs, Patrimoine & Commerce continues to benefit from an effective hedging strategy.