PATRIMOINE ET COMMERCE: Q3 2023 RESULTS +6,1% IN GROSS RENTAL INCOME AT €37.4M

PRESS RELEASE

Q3 2023 RESULTS

+6,1% in gross rental income at €37.4m

Paris, October 11, 2023

The gross rental income of the real estate portfolio of Patrimoine & Commerce reached 37.4 million of euros for the first nine months of 2023, an increase of +6.1% compared to 2022:

This increase is mainly explained by:

• A like-for-like increase of +4.2%, due to the contractual indexation of rents and the decrease in the amortization of Covid-19 rent free periods,
• The full year contribution of the restructuration of an asset in Martinique, delivered in 2022, and the delivery of the restructuring works of the shopping mall of Ville-du-Bois in 2023
• A net negative impact of -0.2 million euros on acquisitions and disposals

Outlook

Eric Duval, Founder and Director of Patrimoine & Commerce declared: « Patrimoine & Commerce recorded in the third quarter of 2023 an increase of +6.1% of gross rental income, as a result of dynamic 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, 2024 2023 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 528,000 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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