-
Net rental income increased +4.0% in real terms compared to 1Q 2023
-
Good commercial momentum: 210 leases signed in Q1 (+19%), positive return (+3.4%)
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Financial market share is 95.9% (96.0% as of the end of March 2023)
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Compared to Q1 2023, retailer sales increased by +2.0% and foot traffic increased by +0.9%
-
Solar energy project launched in Spain
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Guidance confirmation: Ordinary profit per share in 2024 of at least EUR 1.63 (growth of at least 2% compared to 2023)
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Garinmo acquisition is scheduled to be completed this summer
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Dividend in 2023 is 1.20 euros per share in cash (2022 dividend is 1.17 euros)
Paris, April 17, 2024–(BUSINESS WIRE)–Regulatory news:
Marie Cheval, Chairman and Chief Executive Officer of Carmila (Paris: CARM), commented: « Our first quarter results reiterate the attractiveness of Carmila Center for retailers and their customers. In 2024, Carmilla will continue to develop its growth strategy with the acquisition of Garinmo, which is central to its merchandising mix and transformation project, including new investments in solar energy, especially in Spain. »
|
Q1 2024 |
Q1 2023 |
change |
similar changes |
||||
|
Gross rental income (million euros) |
97.5 |
95.9 |
+1.7% |
||||
|
Net rental income (€ million) |
87.4 |
86.4 |
+1.1% |
+4.0% |
|||
|
France |
58.1 |
57.8 |
+0.4% |
||||
|
Spain |
23.3 |
23.0 |
+1.5% |
||||
|
Italy |
6.0 |
5.6 |
+7.2% |
||||
Net rental income increased by +4.0% compared to Q1 2023
In the first three months of 2024, net rental income increased by +4.0% in real terms due to inflation indexation of rents.
As disclosed, after the sale of three assets in France and four assets in Spain, net rental income increased by +1.1% compared to the first quarter of 2023.
The recovery rate for Q1 2024 was 95%, an increase of 1 percentage point compared to Q1 2023 as of the same date.
great commercial momentum
Leasing activity in the first quarter of 2024 was very strong, with 210 new leases signed (19% increase in number of leases compared to the same period in 2023).
Notable new business deals signed since the beginning of the year include:
– Innovative and industry-leading names such as Adopt', Rituals, Le Comptoir de Mathilde, Normal, Mango, Tramas+ and Jeff de Bruges.
– A leisure complex of over 7000 square meters in Rennes-Sesson. Including a kart track (Speed Park) and a new adventure concept (Fort Boyar).
– Healthcare retailers such as Optic 2000 and Soloptical, and new pharmacies.
Lease returns signed in the first quarter averaged +3.4%, demonstrating the strength of demand from retailers for space at Carmilla Center.
The financial utilization rate at the end of March 2024 was 95.9%, which is similar to the level at the end of March 2023 (96.0%) and reflects the typical seasonality after the year-end holidays.
Revenue from specialized leasing and temporary retail activities (pop-up stores and sales events) increased by +15% compared to Q1 2023, due to the success of new concepts such as the sale of undelivered parcels and the development of services. did. “Used” clothing and accessories.
Compared to Q1 2023, retailer sales increased by +2.0% and foot traffic increased by +0.9%
Retail sales in Q1 2024 increased by an average of +2.0% compared to Q1 2023 (+1.7% in France, +3.2% in Spain and +0.3% in Italy). Thanks to the attractiveness of Carrefour's hypermarkets, footfall numbers are also increasing (on average +0.9% compared to Q1 2023, of which +0.8% in France, +1.1% in Spain and +1.9% in Italy) ).
Solar energy project launched in Spain
In the first quarter of 2024, Carmilla launched the first phase of the project to install solar panels in six centers in Spain.
This initial investment will enable Carmilla to prioritize “green” automated power generation to reduce the center’s consumption from the electricity grid. The project will save 3,044MWh of energy per year and reduce the Group's carbon footprint by the equivalent of 16,538 tonnes of CO2.
The initiative is part of Carmilla's ambitious CSR roadmap, which includes a goal to achieve net zero Scope 1 and 2 by 2030.
Confirm revenue guidance
As announced on February 13th, following the announcement of the annual results for 2023, ordinary profit per share in 2024 is expected to be at least 1.63 euros, which is at least ++ compared to 2023. This corresponds to a growth of 2%.
This expected growth rate of ordinary income per share assumes that organic growth in rental income through indexing will be at the same level as in 2023, and that a partial contribution from Garinmo's ordinary income after the acquisition is completed, which is expected to occur this summer. It is assumed.
Full annual accretion (+3-5% pro forma) to recurring profit from the Garinmo acquisition is expected in 2025.
Dividend for 2023 is 1.20 euros per share in cash
As announced on February 13, the annual general meeting of Carmilla shareholders to be held on April 24, 2024 will vote on a proposal to pay a cash dividend of 1.20 euros per share for 2023 (compared to the same period last year). (1.17 euros). ).
This dividend is equivalent to 75% of ordinary income. Furthermore, Carmilla's dividend policy from 2022 to 2026 is a minimum of 1 euro per share for him in cash, and his target payout ratio is 75% of ordinary income.
The ex-dividend date will be April 29, 2024, and dividends will be paid starting May 2, 2024.
Investor Agenda
April 24, 2024: annual general meeting
July 24, 2024 (after market close): Results for the first half of 2024
July 25, 2024: 2024 First Half Financial Results Briefing
October 17, 2024 (after market close): Financial Information for Q3 2024
About Carmilla
Carmilla, Europe's third largest listed commercial real estate owner, was created by Carrefour and major institutional investors to increase the value of shopping centers adjacent to Carrefour hypermarkets in France, Spain and Italy. As of December 31, 2023, the company's portfolio was valued at €5.9 billion and consisted of 201 shopping centres, holding a leading position in the catchment area.
Carmilla is listed on Euronext Paris Compartment A under the symbol CARM. Benefits from the French tax regime for real estate investment trusts (“SIICs”). Carmilla has been a member of SBF 120 since June 20, 2022.
Important Notices
Some of the statements contained in this document are not historical facts and are forward-looking statements that are based on management's beliefs, including future expectations, estimates and other forward-looking statements. These statements reflect beliefs and assumptions prevailing as of the date they are made and are subject to known and unknown risks that may cause future results, performance or events to differ materially from those expressed or implied by such statements. involve risks and uncertainties. See the latest Universal Registration document filed in French by Carmilla. financial market officials Additional information regarding such factors, risks and uncertainties can be found here. Carmilla does not intend, and undertakes no obligation, to update or review the forward-looking statements above. Therefore, Carmilla is not responsible for any consequences arising from the use of the above statements.
This press release is available from the “Financial Press Releases” section of Carmila's financial webpage. https://www.carmila.com/en/finance/financial-press-releases
View source version on businesswire.com. https://www.businesswire.com/news/home/20240417504906/en/
contact address
Investor and Analyst Contacts
Jonathan Kirk – Head of Investor Relations
jonathan_kirk@carmila.com
+33 6 31 71 83 98
press contact
Elodie Arcayna – Director of Corporate Social Responsibility and Communications
elodie_arcayna@carmila.com
+33 7 86 54 40 10
