- Net rental income up +4.0% like-for-like versus first
quarter 2023
- Excellent commercial momentum: 210 leases signed in the
first quarter (+19%), positive reversion (+3.4%)
- Financial occupancy at 95.9% (versus 96,0% at end-March
2023)
- Retailer sales up +2.0% and footfall up +0.9% versus first
quarter 2023
- Launch of solar energy project in Spain
- Confirmation of guidance: Recurring earnings per share of at
least €1.63 in 2024 (growth of at least 2% versus 2023)
- Closing of the acquisition of Galimmo expected this
summer
- Dividend of €1.20 per share, in cash, for 2023 (versus €1.17
for 2022)
Regulatory News:
Marie Cheval, Chair and Chief Executive Officer of Carmila
(Paris:CARM) commented: « First quarter results once again show
the appeal of Carmila centres for retailers and their customers. In
2024 Carmila continues to roll out its growth strategy, with the
acquisition of Galimmo, the pivot of the merchandising mix and
transformation projects, notably including new investments in solar
energy in Spain. »
First quarter 2024
First quarter 2023
Change
Like-for-like change
Gross Rental Income (€m)
97.5
95.9
+1.7%
Net Rental Income (€m)
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 up +4.0% versus the first quarter of
2023
In the first three months of 2024, net rental income is up +4.0%
on a like-for-like basis, driven by the indexation of rents to
inflation.
As published, following the sale of three assets in France and
four assets in Spain, net rental income is up +1.1% versus the
first quarter of 2023.
The collection rate for the first quarter 2024 was 95%, up 1
point versus the first quarter of 2023 at the same date.
Excellent commercial momentum
Leasing activity in the first quarter of 2024 has been very
strong, with 210 new leases signed (+19% in terms of number of
leases versus the same period in 2023).
Notable new business signed since the
beginning of the year includes:
- Innovative and sector-leading names such as
Adopt’, Rituals, Le Comptoir de Mathilde, Normal, Mango, Tramas+
and Jeff de Bruges ;
- A leisure complex at Rennes Cesson of more
than 7000m², including a karting track (Speed Park) and an new
adventure concept (Fort Boyard);
- Healthcare retailers such as Optic 2000 and
Soloptical, as well as a new pharmacy.
Reversion was +3.4% on average for the leases signed in the
first quarter, demonstrating the strength of demand from retailers
for space in Carmila centres.
Financial occupancy stood at 95.9% at end March 2024, at a
similar level to end March 2023 (96.0%), and reflecting the typical
seasonality after the end of year holiday period.
Revenues of the specialty leasing and temporary retail activity
(pop-up stores and sales events) were up +15% versus the first
quarter of 2023, driven by the success of new concepts, such as the
sale of undelivered parcels, and the development of “second hand”
in clothing and accessories.
Retailer sales up +2.0% and footfall up +0.9% versus first
quarter 2023
In the first quarter of 2024, retailer sales were up +2.0% on
average vs. the first quarter of 2023 (+1.7% in France, +3.2% in
Spain and +0.3% in Italy). Footfall is also up (+0.9% on average
versus the first quarter of 2023, of which +0.8% in France, +1.1%
in Spain and +1.9% in Italy), supported by the appeal of Carrefour
hypermarkets.
Launch of solar energy project in Spain
In Q1 2024, Carmila launched the first phase of a project to
install solar panels on six centres in Spain.
This first investment will enable Carmila to reduce consumption
by its centres from the electricity grid in favour of “green”
autogeneration. The project will result in annual energy savings of
3 044MWh and will reduce the carbon footprint of the group by the
equivalent of 16 538 tonnes of CO2.
The initiative is part of Carmila’s ambitious CSR roadmap, which
includes a target to reach net zero on Scopes 1 and 2 by 2030.
Confirmation of earnings guidance
As announced on February 13, with the publication of 2023 annual
results, recurring earnings per share are expected to be at least
€1.63 in 2024, corresponding to growth of at least +2% versus
2023.
This expected growth in recurring earnings per share assumes
organic growth in rental income, driven by indexation, at a similar
level to 2023, as well as the partial contribution of recurring
earnings of Galimmo, following the closing of the acquisition
expected this summer.
The full annual accretion to recurring earnings (+3-5% pro
forma) from the Galimmo acquisition is expected in 2025.
Dividend of €1.20 per share, in cash, for 2023
As also announced on 13 February, the Annual meeting of Carmila
shareholders, which will take place on 24 April 2024, will vote on
a proposed dividend of €1.20 per share for 2023, to be paid in cash
(versus €1.17 for the prior year).
This dividend represents a payout of 75% of recurring earnings.
As a reminder, the dividend policy of Carmila for 2022 to 2026 is a
minimum of 1 euro per share, in cash, and a target payout ratio of
75% of recurring earnings.
The ex-dividend date will be 29 April 2024 and dividends will be
paid from 2 May 2024.
INVESTOR AGENDA
24 April 2024: Annual General Meeting 24 July 2024
(after market close): First-half 2024 results 25 July
2024: First-half 2024 results presentation 17 October 2024
(after market close): Third-quarter 2024 financial
information
ABOUT CARMILA
As the third-largest listed owner of commercial property in
Europe, Carmila was founded by Carrefour and large institutional
investors in order to enhance the value of shopping centres
adjoining Carrefour hypermarkets in France, Spain and Italy. At 31
December 2023, its portfolio was valued at €5.9 billion and is made
up of 201 shopping centres, with leading positions in their
catchment areas.
Carmila is listed on Euronext-Paris Compartment A under the
symbol CARM. It benefits from the tax regime for French real estate
investment trusts (“SIIC”). Carmila has been a member of the SBF
120 since 20 June 2022.
Important notice
Some of the statements contained in this document are not
historical facts but rather statements of future expectations,
estimates and other forward-looking statements based on
management’s beliefs. These statements reflect such views and
assumptions prevailing as of the date of the statements and involve
known and unknown risks and uncertainties that could cause future
results, performance or events to differ materially from those
expressed or implied in such statements. Please refer to the most
recent Universal Registration Document filed in French by Carmila
with the Autorité des marchés financiers for additional information
in relation to such factors, risks and uncertainties. Carmila has
no intention and is under no obligation to update or review the
forward-looking statements referred to above. Consequently, Carmila
accepts no liability for any consequences arising from the use of
any of the above statements.
This press release is available in the
“Financial Press Releases” section of Carmila’s Finance webpage:
https://www.carmila.com/en/finance/financial-press-releases
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240417504906/en/
INVESTOR AND ANALYST CONTACT Jonathan Kirk – Head of Investor
Relations jonathan_kirk@carmila.com
+33 6 31 71 83 98
PRESS CONTACT Elodie Arcayna – Corporate Social Responsibility
and Communications Director elodie_arcayna@carmila.com +33 7 86 54 40 10
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