MRM : Third quarter 2018 financial information
November 09 2018 - 1:30AM
Press release
Third quarter 2018 financial
information
Paris, 9 November
2018: MRM (Euronext code ISIN FR0000060196), a real estate
investment company specialising in retail property, today announced
its consolidated revenues for the third quarter of 2018,
corresponding to gross rental income recorded over the period.
It should be reminded that, during
the second quarter of 2018, MRM sold the Nova building in La
Garenne-Colombes, the last office property in operation in the
company's portfolio. This disposal marked the completion of the
strategy initiated in mid-2013 of refocusing MRM's operations on
retail properties. Consequently, revenues for the third quarter of
2018 correspond entirely to gross rental income from retail
properties.
Gross rental income for the first
nine months of 2018 totalled €7.24 million, down 14.2% compared
with the same period last year, primarily due to the sale of the
Nova building. On a like-for-like basis[1], gross
rental income fell by 4.7%.
Retail
Retail properties generated gross
rental income of €2.18 million during the third quarter of 2018.
This represents a slight drop of €0.06 million relative to the
third quarter of 2017 (-2.8%).
Overall, over the first nine
months of 2018, gross rental income from retail properties totalled
€6.46 million. This 4.9% fall relative to the first nine months of
2017 is mainly due to the vacating at the end of 2017 of three
medium-sized units representing a total of 6,000 sqm. Two of these
medium-sized units have since been relet under more favourable
financial terms. However, in view of the effective dates of the
corresponding leases (March 2018 at Les Halles du Beffroi in Amiens
and June 2018 in Reims), their contribution to rental income for
the first nine months of 2018 is only partial.
Offices
Office rental income for the first
nine months of 2018 totalled €0.78 million, corresponding to rental
income generated by the Nova building until 15 May 2018, when the
property was sold.
Consolidated revenues
(€m) |
Q3 2018 |
% of
total |
Q3
2017 |
Change |
Like for like change1 |
|
9 months 2018 |
% of
total |
9 months
2017 |
Change |
Like for like change1 |
Retail |
2.18 |
100% |
2.24 |
-2.8% |
-2.8% |
|
6.46 |
89% |
6.79 |
-4.9% |
-5.6% |
Office |
- |
0% |
0.53 |
-100.0% |
0.0% |
|
0.78 |
11% |
1.66 |
-52.6% |
+2.5% |
Total gross rental income |
2.18 |
100% |
2.77 |
-21.3% |
-2.8% |
|
7.24 |
100% |
8.44 |
-14.2% |
-4.7% |
(Unaudited figures) |
Outlook
MRM is continuing to roll out its
investment plan dedicated to seven of the nine retail properties in
its portfolio. The projects concerning Les Halles du Beffroi in
Amiens, the Sud Canal shopping centre in Saint-Quentin-en-Yvelines
and the Carré Vélizy mixed-use complex in Vélizy-Villacoublay have
been completed.
At the start of the fourth
quarter, the extension works at Aria Parc in Allonnes were
completed and retail chain Maison Dépôt's lease for a 3,300 sqm
unit came into effect.
MRM is continuing with works to
enhance the value of the Valentin shopping centre near Besançon,
the largest project in its investment plan. Following the
renovation of the existing site in 2017, works on the 2,600 sqm
shopping gallery extension began in the second quarter of this
year, bringing the total floor area to 6,700 sqm. The Valentin
shopping centre is due to open its doors to the public in its new
configuration in early 2020.
Assuming a retail portfolio
occupancy rate of 95%, MRM confirms its target of total annualised
net rental income[2] of over €10
million on completion of the value-enhancement plan, scheduled for
early 2020 (excluding acquisitions or asset sales).
Calendar
Revenues for the fourth quarter
and 2018 full-year results are due out on 22 February 2019 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
investment company that owns and manages a portfolio consisting
primarily of retail properties across several regions of France.
Its majority shareholder is SCOR SE, which owns 59.9% of share
capital. 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
T +33 (0)1 53 32 61 51
M +33 (0)6 42 37 54 17
isabelle.laurent@ddbfinancial.fr
|
Website: www.mrminvest.com |
|
Appendix: Quarterly
revenues
Consolidated revenues
(€m) |
Q1
2018 |
Q1
2017 |
Change |
Like-for-like change1 |
Retail |
2.13 |
2.29 |
-6.7% |
-7.7% |
Offices |
0.53 |
0.59 |
-11.3% |
+3.8% |
Total gross rental income |
2.66 |
2.88 |
-7.7% |
-5.6% |
Consolidated revenues
(€m) |
Q2
2018 |
Q2
2017 |
Change |
Like-for-like change1 |
Retail |
2.14 |
2.25 |
-5.1% |
-6.1% |
Offices |
0.26 |
0.53 |
-51.6% |
0.0% |
Total gross rental income |
2.40 |
2.79 |
-14.0% |
-5.5% |
Consolidated revenues
(€m) |
Q3
2018 |
Q3
2017 |
Change |
Like-for-like change1 |
Retail |
2.18 |
2.24 |
-2.8% |
-2.8% |
Offices |
- |
0.53 |
-100.0% |
0.0% |
Total gross rental income |
2.18 |
2.77 |
-21.3% |
-2.8% |
[1] 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 from
assets sold from the revenues reported for the previous year.
[2] 12-month
projection of guaranteed minimum rent in place, excluding taxes,
rent-free periods and support measures for lessees.
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information contained therein.
Source: MRM via Globenewswire
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