Patrimoine et Commerce (PAT) Q3 2024 TU earnings summary

Executive summary

• Gross rents for the first nine months of 2024 reached €39.5M, up 5.6% year-over-year, driven by active portfolio management and indexation of leases.

• Asset rotation continued with the sale of non-strategic properties totaling €2.1M.

• The company remains focused on strengthening its position in the low-cost retail park segment in France.

Financial highlights

• Gross rents increased to €39.5M for the nine-month period ending 30/09/2024, compared to €37.4M in 2023.

• Like-for-like growth was 4.3%, supported by lease indexation and reduced Covid-19 rent relief impact.

• Acquisitions and restructurings contributed €0.6M each to gross rents.

Outlook and guidance

• Management expresses confidence in the business model and aims to reinforce its leadership in low-cost retail parks.