Patrimoine et Commerce (PAT) Q1 2025 TU earnings summary

Executive summary

• Total gross rents reached €14.3 million in Q1 2025, up 9.6% year-over-year, driven by both organic growth and acquisitions.

• Growth at constant scope was 3.3%, mainly due to contractual rent indexation.

• Continued active portfolio management with targeted acquisitions and disposal of non-strategic assets.

Financial highlights

• Gross rents at constant scope: €13.4 million in Q1 2025 vs €13.0 million in Q1 2024 (+3.3%).

• Acquisitions contributed €0.9 million to gross rents.

• One asset sold in Limoges Le Vigen for €5.2 million, in line with appraisal values.

Outlook and guidance

• Management expects to continue benefiting from positive effects of 2024 acquisitions and maintain a strategy of targeted acquisitions and disposals in 2025.

• Focus remains on strengthening position as a leading low-cost retail park operator in France.