MRM : First quarter 2019 financial information
10 Mai 2019 - 7:30AM
Press release
First quarter 2019 financial
information
Consolidated
revenues for the first quarter of 2019: €2.28 million, up 6.7%
like-for-like
Paris, 10 May 2019: MRM (Euronext
code ISIN FR0000060196), a real estate investment company
specialising in retail property, today announced its consolidated
revenues for the first quarter of 2019, corresponding to gross
rental income recorded over the period.
In accordance with its strategy
initiated in 2013 of refocusing on retail properties, the last
office property in operation[1] remaining
in MRM's portfolio was sold during the second quarter of 2018.
Consequently, revenues for the
first quarter of 2019 correspond entirely to gross rental income
from retail properties, totalling €2.28 million, an increase of
6.7% like-for-like compared with the same period last year. This
increase reflects primarily the reletting of available space - in
particular within Les Halles du Beffroi in Amiens (Basic-Fit), Aria
Parc in Allonnes (V&B, MaxiZoo and Optical Center), Rue de
l'Étape in Reims (Le Grand Bazar) and Sud Canal in Saint-Quentin-en
Yvelines (LDLC) - as well as the letting of newly created premises
at Aria Parc. Indexation also had a positive impact, albeit
moderate.
On a reported basis, MRM's
revenues for the first quarter of 2019 were down 14.4% relative to
the first quarter of 2018, which included €0.53 million of rental
income generated by the Nova office building, which has since been
sold.
Revenues by asset category
(unaudited figures)
Consolidated quarterly
revenues
(€m) |
Q1
2019 |
Q1
2018 |
Change |
Change like-for-like[2] |
Retail |
2.28 |
2.13 |
+6.7% |
+6.7% |
Offices |
- |
0.53 |
-100% |
n/a |
Total gross rental income |
2.28 |
2.67 |
-14.4% |
+6.7% |
Operational performance
During the first quarter of 2019,
seven leases[3] were signed
representing a total floor area of 2,335 sqm and total rental
income of €0.41 million.
Of the space let, 1,200 sqm was to
the Action retail chain with a view to its taking up a unit at Aria
Parc in Allonnes. The office component of the Carré Vélizy
mixed-use complex in Vélizy Villacoublay presents brisk letting
momentum, while the retail part is fully occupied. This
resulted in the signing of four leases during the first quarter,
followed by a further two in April.
The projected occupancy rate for
MRM's portfolio as at 31 March 2019 is 85%, taking account of the
Maison Dépôt lease in force since October 2018 at Aria Parc,
although the store has not opened its doors to the public, with
leases signed and two notices to quit not yet having taken
effect.
Outlook
MRM has entered the final phase of
its investment plan. Works to extend the Valentin shopping centre -
the most significant development project in the plan - are
continuing with a view to opening to the public in early 2020.
Meanwhile, the renovation of La Galerie du Palais in Tours is under
way and the redevelopment of the ground floor of Le Passage de la
Réunion in Mulhouse is due to be launched in 2019.
Taking account of new space
currently being created[4] and
assuming a portfolio occupancy rate of 95% (excluding acquisitions
or disposals), MRM confirms its target of total annualised net
rents[5] of over €10
million on completion of the value-enhancement plan in 2020. Leases
signed since the start of the year and discussions currently in
progress support this outlook.
Calendar
MRM's Combined General Meeting of
the shareholders will be held at 10.00 a.m. on 29 May 2019 at the
Company's head office at 5 avenue Kléber, Paris, following the
Special Meeting of holders of shares carrying double voting rights
scheduled for 9.30 a.m. on the same day, also at the Company's head
office.
Revenues for the second quarter
and 2019 half-year results are due on 26 July 2019 before market
opening and will be presented during an information meeting to be
held on the same day.
About MRM
MRM is a listed real estate
investment company that owns and manages a portfolio of retail
properties across several regions of France. Its majority
shareholder is SCOR SE, which owns 59.9% of share capital. MRM is
listed in Compartment C of Euronext Paris (ISIN: FR0000060196 -
Bloomberg code: MRM:FP - Reuters code: MRM.PA). MRM opted for
SIIC status on 1 January 2008.
For more information:
MRM
5, avenue Kléber
75795 Paris Cedex 16
France
T +33 (0)1 58 44 70 00
relation_finances@mrminvest.com |
Isabelle
Laurent, OPRG Financial
T +33 (0)1 53 32 61 51
M +33 (0)6 42 37 54 17
isabelle.laurent@oprgfinancial.fr
|
Website: www.mrminvest.com
[1] The Nova
building in La Garenne-Colombes was sold on 15 May 2018. The
Urban office building in Montreuil sold subsequently (January 2019)
was vacant.
[2] Revenues
are calculated on a like-for-like basis by deducting the rental
income generated by acquired assets from the revenues reported for
the current year and deducting the rental income generated from
assets sold from the revenues reported for the previous year.
[3] New leases
or renewals.
[4] A total of
2,600 sqm within the Valentin shopping centre.
[5] Excluding
taxes, rent-free periods and support measures for lessees.
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: MRM via Globenewswire
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