+3.0% growth in net recurrent earnings (NRE) per share, with this trend higher than the full-year target of at least +2.0%.
Finalization of the transfer of hypermarket operations from Casino to Auchan, Intermarché and Carrefour in progress. Banner changes recognized with excellent footfall performance levels when the stores reopened.
Invoiced rents up +4.1% like-for-like.
Positive operational trends: clear outperformance for Mercialys centers in terms of footfall (+70bp versus the national index at end-June) and retailer sales (+170bp versus the national index at end-May). This success, established over the long run, reflects Mercialys’ objective to shape its sites to cater to the needs of peri-urban populations: offering retailers that are affordable and meet a demand for “spending better” and more sustainably among consumers who still want shopping for pleasure, while adapting to inflation.
Moderate current financial vacancy rate of 3.0% highlighting the effectiveness of Mercialys’ rental policy, the relevant positioning of its sites and the underlying resilience of consumption segments in France and particularly health / beauty and culture / gifts / sport.
+0.4% upturn in the like-for-like portfolio value for the first half of 2024, factoring in the favorable impact of the increase in rents and reflecting an average appraisal rate of 6.68%.
Continued portfolio rotation, demonstrating the liquidity of the assets: disposal of four hypermarkets that were 51% owned by Mercialys and operated by Auchan, as well as ancillary lots owned by Mercialys, for a total net sales price of Euro 117.5 million on a 100% basis. This operation, completed in July 2024, contributes to the Company’s balanced rental mix, while supporting its potential for investment.
LTV including transfer taxes of 9% at June 30, 2024 factoring in the disposal of the four hypermarkets. The average cost of drawn debt remains under control at 2.2%. The Company does not have any debt installments due before February 2026, with the exception of a limited amount of commercial paper for Euro 42 million. Supported by a solid balance sheet, the Company will be able to position itself on operations for investments or acquisitions either directly or through partnerships.
2024 objectives confirmed: NRE per share growth to reach at least +2.0% versus 2023. Dividend to range from 75% to 95% of 2024 NRE.
