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PATRIMOINE ET COMMERCE: Q1 2023 RESULTS

PATRIMOINE ET COMMERCE
PATRIMOINE ET COMMERCE: Q1 2023 RESULTS

12-Apr-2023 / 08:00 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

 

PRESS RELEASE

Q1 2023 RESULTS

 

 

 

Paris, April 12, 2023

 

The gross rental income of the real estate portfolio of Patrimoine & Commerce reached 12.1 million of euros for the first three months of 2023, an increase of +7.2% compared to 2022.

GROSS RENTAL INCOME

 

 

 

 

 

 

 

 

 

in millions of euros - 3 months

31/03/2023

31/03/2022

Var.

Var. %

Constant Perimeter

10.9

10.4

+0.5

+4.9%

Acquisitions

0.9

0.2

+0.7

n/a

Disposals

-

0.6

(0.6)

n/a

Properties under restructuring

0.3

-

+0.3

n/a

Gross rental income

12.1

11.3

+0.8

+7.2%

 

This increase is mainly explained by:

  • A like-for-like increase of +4.9%, due to the contractual indexation of rents and the decrease in the amortization of Covid-19 rent free periods,
  • The delivery of restructuring operations on a property in Martinique and
  • A net positive impact of +0.1 million euros as a result of acquisitions and disposals

 

 

Disposals

During the first quarter of 2023, Patrimoine & Commerce completed the disposal of an isolated commercial unit in Vandoeuvre-lès-Nancy (Grand Est), 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 2023 confirms the solid trend of 2022, with the increase in rents under the effect of indexation and the development of our portfolio. In 2023, we will continue to carry out targeted acquisitions and to dispose of non-core assets to strengthen our position as leader in low-cost retail parks in France”.

 

 

 

Agenda

June 8, 2023  Annual General Meeting

July 26, 2023  First-Half 2023 results

October 11, 2023 Third-Quarter 2023 activity

 

 

 

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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 520,000 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 

KEIMA Communication 

Eric DUVAL 

Managing Director 

+33 (0)1 46 99 47 79 

 

Emmanuel DOVERGNE 

+33 (0)1 56 43 44 63 

emmanuel.dovergne@keima.fr 

 

Regulatory filing PDF file

File: Q1 2023 RESULTS

Language:English
Company:PATRIMOINE ET COMMERCE
45 avenue Georges Mandel
75016 PARIS
France
Phone:+33146994762
E-mail:contact@patrimoine-commerce.com
Internet:https://www.patrimoine-commerce.com/
ISIN:FR0011027135
Euronext Ticker:PAT
AMF Category:Additional regulated information to be pubicly disclosed under the legislation of a Member State / First quarter financial report
EQS News ID:1604859
 
End of AnnouncementEQS News Service

1604859  12-Apr-2023 CET/CEST

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