Patrimoine et Commerce (PAT) Q4 2024 earnings summary

Executive summary

• Gross rental income rose 4.1% year-over-year to €52.6m, with net income up 44.6% to €40.8m and group share of net profit up 41.1% to €41.0m.

• Asset base expanded to €904m, supported by a €35m acquisition of 13 retail park assets and a €20m capital increase from Crédit Agricole Centre France.

• Occupancy rate improved to 95.4% at year-end 2024, with 82 leases signed and a rent recovery rate above 99%.

• Portfolio repositioned through disposal of four non-strategic assets for €2.4m, in line with valuations.

• Dividend of €1.35 per share proposed, yielding 6.6% on market price and 4.5% on NAV.

Financial highlights

• Net rental income increased 5.2% year-over-year to €49.1m; normative EBITDA up 3.5% to €43.0m.

• Funds from operations (FFO) and recurring net income stable at €30.7m; diluted recurring EPS at €1.93, down 5.3%.

• RNAV per share reached €30.10, up 3.3%; property portfolio valuation increased by 5.3% to €903.8m.

• Capitalisation rate rose to 7.6% (+30 bps), reflecting market trends and high-yield acquisitions.

• Net financial debt increased to €387.3m; average debt maturity of 3.9 years and 78% of debt hedged.

Outlook and guidance

• Targeting property portfolio value above €1bn, with eight projects (15,000 sqm, €35m investment, >9% return) and 15 more projects identified.

• Focus on expanding discount, dining, leisure, and food distribution segments, and supporting energy transition via solar panels and charging stations.

• Ongoing rollout of green CapEx plan and decarbonisation path, with energy cost reductions and solar capacity targets (~40 MW by 2028).