DJ PATRIMOINE ET COMMERCE: Q1 2022 RESULTS
PATRIMOINE ET COMMERCE PATRIMOINE ET COMMERCE: Q1 2022 RESULTS 13-Apr-2022 / 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.
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PRESS RELEASE
Q1 2022 RESULTS
Paris, April 13, 2022
The gross rental income of the real estate portfolio of Patrimoine & Commerce reached 11.3 million of euros for the first three months of 2022, an increase of +3.2% compared to 2021:
GROSS RENTAL INCOME in millions of euros - 3 months 31/03/2022 31/03/2021 Var. Var. % Constant Perimeter 10.4 10.1 +0.3 +2.7% Acquisitions 0.5 0 +0.5 n/a Disposals 0.2 0.6 (0.4) n/a Properties under restructuring 0.2 0.2 - n/a Gross rental income 11.3 11 0.3 +3.2%
This increase is mainly explained by:
-- A like-for-like increase of +2.7%, due to the contractual indexation of rents and the decrease in theamortization of Covid-19 rent free periods,
-- A net positive impact of +0.1 million euros as a result of acquisitions and disposals
Acquisitions
During the first quarter of 2022, Patrimoine & Commerce acquired six new assets, for a total consideration of 26.1 million euros and a yield of 7.2%.
These acquisitions comprise of six assets in Thonon-les-Bains (Auvergne-Rhône-Alpes), Avranches (Normandie), Colomiers (Occitanie), Tavers (Centre - Val de Loire), Villefranche-de-Rouergue (Occitanie) and Gonesse (Île-de-France), representing a total of 18 300 sqm. These properties, with a global occupancy rate of 94%, host stores amongst which Tape à l'oeil, Kiabi, Gifi, Distri Center, Armand Thiery or Jysk.
In addition, Patrimoine & Commerce launched in February 2022 the works to convert into a retail park 8 000 sqm of the shopping mall in Ville-du-Bois (out of a total of 19 500 sqm). This project represents an investment of 8.5 million euros.
Disposals
During the first quarter of 2022, Patrimoine & Commerce completed the disposal of two non-strategic assets, an office property in Guadeloupe and a retail property in Epagny (Haute-Savoie), for a total consideration of 15.7 million euros, in line with appraisal value.
Outlook
Eric Duval, Founder and Director of Patrimoine & Commerce declared: « The performance of the first quarter of 2022 is the result of sustained rental activity and the demonstration of the resilience of our business model. In this context, we pursued targeted acquisitions and the disposal of non-core asset to strengthen our position as leader in low-cost retail parks in France".
Agenda
June 16, 2022 Annual General Meeting
September 8, 2022 First-Half 2022 results
October 6, 2022 Third-Quarter 2022 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 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
For information, please contact:
PATRIMOINE & COMMERCE KEIMA Communication
Eric DUVAL
Emmanuel DOVERGNE
Managing Director
+33 (0)1 56 43 44 63
+33 (0)1 46 99 47 79
emmanuel.dovergne@keima.fr
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Regulatory filing PDF file File: Q1 2022 RESULTS
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Language: English
Company: PATRIMOINE ET COMMERCE
7 RUE NATIONALE
92100 BOULOGNE BILLANCOURT
France
Phone: +33146994762
E-mail: contact@patrimoine-commerce.com
Internet: https://www.patrimoine-commerce.com/
ISIN: FR0011027135
Euronext Ticker: PAT
AMF Category: Inside information / News release on accounts, results
EQS News ID: 1326743
End of Announcement EQS News Service
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1326743 13-Apr-2022 CET/CEST
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April 13, 2022 02:00 ET (06:00 GMT)
