FULL YEAR TARGET REVISED UPWARD
HALF-YEAR EARNINGS GROWTH OF +4%
Full year guidance revised upward with net recurrent earnings (NRE) expected in a range of Euro 1.24 to 1.27 per share.
The target for a dividend of at least Euro 1.00 per share is confirmed.
Selective investments in assets improving the portfolio’s overall quality and offering an attractive combination of immediate yields and value creation potential.
Realignment around sites with formats that are continuously adapted to the retail sector’s polarization and changes in the depth of the rental market, ensuring broad rental risk diversification.
The transformation of food spaces at the Brest and Niort sites highlights the underlying rental value of Mercialys’ assets and its expertise to continue building on robust operational performance levels by introducing new anchor retailers to consolidate the strong positions of its sites.
+3.4% increase in footfall, with retailer sales up +1.7%[1], very high occupancy rate of 97.8%[2], a highly controlled level of occupancy cost ratio for retailers at 10.9% (excluding hypermarkets), and positive reversion of +2.6%.
Financial structure, incorporating the resumption of investments, still very solid, with a loan to value ratio (LTV including transfer taxes) of 39.6%[3] and an ICR of 5.7x.
[1] Change including a negative calendar effect (29 days in February 2024) estimated at -0.5%
[2] On the scope of the Company’s 34 strategic sites (representing more than 95% of the total portfolio value)
[3] This ratio does not include the lease financing for the Saint-Genis asset for Euro 71.4 million, with this item not recognized as net financial debt; including this item, the LTV (including transfer taxes) came to 42.0%.
