MRM : 1st quarter 2017 financial information
May 11 2017 - 1:31AM
Press release
1st quarter 2017
financial information
1st quarter 2017 consolidated
revenues: €2.88 million, up 6.5% like-for-like
Paris, 11 May
2017: MRM (Euronext code ISIN FR0000060196), a mixed real
estate investment company specialising in retail and office
property, announced today its consolidated revenues for the first
quarter of 2017, corresponding to gross rental income recorded over
the period.
Consolidated revenues for the
first quarter of 2017 totalled €2.88 million, down 15.7% relative
to the first quarter of 2016. The decrease was caused by office
property sales[1] that were
completed in 2016.
On a like-for-like
basis[2], revenues
rose 6.5% in the first quarter of 2017, reflecting an increase in
gross rental income generated by retail properties and sharply
higher gross rental income from offices.
Revenues by asset
category (unaudited figures)
Consolidated quarterly
revenues
(€ m) |
Q1
2017 |
Q1
2016 |
Change |
Like-for-like change2 |
Retail |
2.29 |
2.21 |
+3.4% |
+3.4% |
Offices |
0.59 |
1.21 |
-50.7% |
+20.7% |
Total gross rental income |
2.88 |
3.42 |
-15.7% |
+6.5% |
Retail assets generated 79% of
total revenues in the first quarter of 2017 (versus 65% a year
earlier) and office buildings 21% (35%), showing MRM's good
progress with its plan to refocus on retail properties and sell
office properties in 2016.
Revenues from retail properties
amounted to €2.29 million in the first quarter of 2017, up 3.4%
year-on-year. The arrival of new retailers in redeveloped premises
since mid-2016 has more than offset rent incentives and strategic
vacancies as part of value-enhancement projects, along with the
freeing-up of office space at Carré Vélizy, a mixed retail/office
complex that is accounted for in the retail portfolio.
Revenues from office properties
totalled €0.59 million in the first quarter of 2017. That
represents a 50.7% decrease, resulting from the disposals of three
buildings between April and December 2016, partly offset by the
20.7% like-for-like increase in revenues relating to the ongoing
letting process of the Nova building in La Garenne-Colombes.
MRM is continuing to implement its
strategy of withdrawing from the office sector and enhancing the
value of its retail properties.
Calendar
MRM's general meeting of
shareholders will take place at the company's head office at 10am
on 1 June 2017.
Revenues for the second quarter of 2017 and first-half 2017 results
are due on 28 July 2017 before market opening and will be presented
during an information meeting to be held on the same day.
About MRM
MRM is a listed real estate
company with a portfolio worth €197.8 million (excluding transfer
taxes) as at 31 December 2016, comprising retail properties (77%)
and offices (23%). Since 29 May 2013, SCOR SE has been MRM's main
shareholder, holding a 59.9% stake. MRM is listed in compartment C
of Euronext Paris (ISIN: FR0000060196 - Bloomberg code: MRM:FP -
Reuters code: MRM.PA). MRM opted for SIIC status on 1 January
2008.
For more
information:
MRM
5, avenue Kléber
75795 Paris Cedex 16
France
T +33 (0)1 58 44 70 00 relation_finances@mrminvest.com
|
Isabelle
Laurent, DDB Financial
54, rue de Clichy
75009 Paris
France
T +33 (0)1 53 32 61 51
isabelle.laurent@ddbfinancial.fr |
Website: www.mrminvest.com
Appendix 1: Asset
sales in 2016
Assets sold |
Date of sale |
Price excl. transfer taxes
(€ m) |
Cytéo
office building,
Rueil-Malmaison (92) |
April
2016 |
6.3 |
Solis
office building,
Les Ulis (91) |
July
2016 |
11.0 |
Cap Cergy
building,
Cergy-Pontoise (95) |
December
2016 |
21.1 |
TOTAL |
|
88.1 |
[1] The list of
office properties sold since 1 January 2016 is provided in the
appendix.
[2] Revenues
are calculated on a like-for-like basis by deducting the rental
income generated by acquired assets from the revenues reported for
the current year and deducting the rental income generated by
assets sold from the revenues reported for the previous year.
MRM Press release PDF
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information contained therein.
Source: MRM via Globenewswire
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