Regulatory News:
Carmila (Paris:CARM):
- Carmila financial performance returning to normal
- Net rental income up 17% versus first quarter 2021
- Collection rate of 94% in the first quarter of 2022
- Leasing momentum maintained
- 218 leases signed, positive reversion of +2.1% on new
leases
- Financial occupancy at 95.8%, up +30 basis points versus
end-March 2021
- Rental base up by +4.0% compared to end-March 2021
- Carmila outperforms the sector in terms of footfall
- Retailer sales: 94% of first quarter 2019 level
- Completion of the €20 million share buyback programme on 24
March 2022 and launch of a further €10 million share buyback
programme
- Agreement for the sale of a portfolio of assets in France
for €150 million, in line with appraisal values at
end-2021
- Interest rate hedging position increased since the end of
December 2021
Marie Cheval, Chair and Chief Executive Officer of Carmila
commented: “The first quarter of 2022 has been positive, with
the Group’s financial performance returning to normal in the
absence of major health restrictions. After an excellent leasing
performance in 2021, Carmila shopping centres enjoyed high
occupancy rates. The disposal of a portfolio of six assets, signed
in April, confirms the attractiveness and liquidity of Carmila's
assets.”
Key financial highlights
First-quarter 2022
First-quarter 2021
Change
Gross rental income (€m)
90.8
84.71
+7.2%
Net rental income (€m)
81.9
70.2
+16.6%
France
55.5
46.6
+19.2%
Spain
21.2
18.5
+14.4%
Italy
5.2
5.1
+0.2%
Carmila’s financial performance is returning to normal with
net rental income up 17% and a collection rate of 94%
In the first quarter of 2022, net rental income increased by 17%
versus the same prior-year period, with the significantly improved
financial performance attributable to:
- The absence of major health measures during the first quarter
of 2022 (+11.1% positive impact). Business in the prior-year period
was adversely impacted by government-imposed store closures.
- Rent indexation (+3.4% positive impact). With effect from 1
January, the overwhelming majority of leases in Carmila centres are
indexed to national inflation indices.
- Organic growth of +1.0%.
- Others variations of +1.1%.
The collection rate for first-quarter 2022 rents reached 94%2,
+23 percentage points higher than the same prior-year period,
reflecting the absence of stringent health measures in the first
three months of 2022.
Leasing momentum maintained
Following a record letting performance in 2021, leasing activity
remained dynamic in the first three months of the year with 218 new
leases signed.
Notable new business signed during the quarter included leases
for the following innovative and leading retailers: Normal, Jott,
JD Sports, Sports Direct (signing for the first time with Carmila),
Palais des Thés (signing for the first time with Carmila), Project
X Paris and Blue Box.
Carmila continued to expand its healthcare offer with Vertuo, Ma
Para and We Audition, and develop its retail partners (Bohébon, Mon
Petit herbier).
Carmila also supported the winners of its DNVB3 Ready
competition in the roll-out of their brands in its shopping
centres, with a store-opening in March for Flotte at the BAB2
shopping centre in Anglet.
Reversion was a positive +2.1% on average over the first
quarter, including leases of vacant premises and renewals.
As of 31 March 2022, the rental base was up +4.0% vs. 31 March
2021, mainly owing to the positive indexation effect.
Financial occupancy stood at 95.8% at end-March 2022, up +30
basis points compared to 31 March 2021.
Carmila outperforms the sector in terms of footfall
Footfall in Carmila centres was 9 percentage points higher than
the industry average4 in France in the first quarter of 2022, but
footfall remained lower than the same period in 2019 (92% in
France, 82% in Spain, 83% in Italy), affected by the Omicron
variant of Covid-19 in January and February, as well as the
geopolitical environment.
Retailer sales: 94% of first quarter 2019 level
In the absence of major health measures in the first three
months of 2022, retailer sales recovered to 94% of their
first-quarter 2019 levels, despite the impact of the Omicron
variant of Covid-19 in January and February and the general
geopolitical environment.
Completion of the €20 million share buyback programme on 24
March 2022 and launch of a further €10 million share buyback
programme
Following the sale of 6.8 million Carmila shares by the fund LVS
II Lux VII Sarl (a PIMCO-managed fund), on 23 March 2022, Carmila
announced the buyback of 1.05 million of its own shares for an
amount of €14.5 million on 24 March 2022. This marked the
completion of the €20 million share buyback programme announced on
18 February 2022 and launched on 21 February 2022.
On 24 March 2022, Carmila launched a further share buyback
programme authorised by the Board of Directors for an additional
€10 million. The buyback period opened on 25 March 2022 and is set
to end by 31 December 2022 at the latest.
Agreement for the sale of a portfolio of assets in France for
€150 million, in line with appraisal values at end-2021
On 12 April 2022, Carmila announced the signature of an
agreement with Batipart and ATLAND Voisin for the sale of a
portfolio of six assets located in France through a joint
venture.
The agreed sale price of the portfolio is €150 million
(including transfer taxes), in line with appraisal values at
end-2021, and the transaction is expected to close in June
2022.
Carmila will retain a 20% minority stake in the joint venture,
with an LTV including transfer taxes of no more than 50%, and will
provide property management, leasing and asset management services
to the joint venture.
The transaction forms part of the target €200-million asset
rotation programme for 2022 and 2023, announced at Carmila’s
Capital Markets Day in December 2021. The proceeds from these
disposals will be allocated to financing new investments and share
buybacks.
Interest rate hedging position increased since the end of
December 2021
Since the end of December 2021, Carmila has increased its
interest rate hedging position for the refinancing of future bond
maturities via swaps and swaptions for a nominal amount of €350
million, resulting in a total interest rate hedging position of
€585 million, with an average maturity of more than six years.
INVESTOR AGENDA
12 May 2022: Annual General Meeting 23 May 2022:
Ex-dividend date From 25 May 2022: Dividend payment date
27 July 2022 (after trading): H1 2022 Results
ABOUT CARMILA
The third-largest listed owner of commercial property in
continental Europe, Carmila was founded by Carrefour and large
institutional investors in order to transform and enhance the value
of shopping centres adjoining Carrefour hypermarkets in France,
Spain and Italy. At 31 December 2021, its portfolio was valued at
€6.21 billion, comprising 214 shopping centres, all leaders 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”).
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
1 Gross rental income as published in April 2021, including
charges related to the health crisis which were reallocated to
landlord property expenses during the year. Gross rental income for
the first quarter of 2021 included in Carmila's 2021 consolidated
financial statements amounted to €87.2 million. 2 As of 20 April
2022 3 Digital Native Vertical Brands 4 Versus the Quantaflow
panel
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220421005793/en/
INVESTOR AND ANALYST CONTACT Jonathan Kirk – Head of
Investor Relations jonathan_kirk@carmila.com +33 6 31 71 83 98
PRESS CONTACT Kenza Kanache – Marie-Antoinette agency
kenza@marie-antoinette.fr +33 6 35 47 82 08
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