First quarter 2020 financial information
May 07 2020 - 1:30AM
First quarter 2020 financial information
Press release
First quarter 2020 financial information
- Consolidated revenues for the first quarter of
2020 up 5.5% like-for-like at €2.40
million
- Public health crisis: support for tenants and
preparation for the reopening of stores as of 11 May
Paris, 7 May 2020: MRM
(Euronext code ISIN FR0000060196), a real estate investment company
specialising in retail property, today announced its consolidated
revenues for first quarter of 2020, corresponding to gross rental
income generated by its properties over the period.
Revenues for the first quarter of 2020 totalled
€2.40 million, up 5.5% like-for-like relative to the first quarter
of 2019. The increase in rental income primarily reflects new
leases taking effect, with a number coming into force in 2019 at
Sud-Canal (St-Quentin-en-Yvelines), within the Carré Vélizy
mixed-use complex (Vélizy-Villacoublay) for office space, as well
as at Aria Parc (Allonnes). These new leases more than made up for
the impact of the termination of a 1,000 sqm lease for two units
within the Valentin shopping centre (near Besançon) due to
redevelopment/extension works being carried out at the centre.
Indexation also had a positive, albeit moderate effect.
The restrictions implemented in France to stop
the spread of the COVID-19 virus, including trading restrictions
since 17 March 2020 did not impact MRM’s revenues for the first
quarter of 2020.
Consolidated revenues (unaudited
figures)
Consolidated quarterly revenues€m |
Q12020 |
Q12019 |
Change1 |
Total gross rental income |
2.40 |
2.28 |
+5.5% |
Significant restriction of tenants’
activity as of mid-March
In accordance with the above-mentioned
restrictions, only retailers selling necessity goods have been able
to remain open to the public within MRM’s retail portfolio as from
17 March.
Stores that remained open represent slightly
more than 25% of annualised gross rents as at 1 January 2020.
In view of their tenant mix, five MRM shopping
centres have remained in operation in order to allow access to
stores meeting with shoppers’ essential needs. Garden centres have
remained open. However, the medium-sized city centre unit in Reims
and retail units at Carré Vélizy and Passage de la Réunion
(Mulhouse) have been closed since 17 March 2020.
Furthermore, while maintaining the necessary
means to ensure people’s safety and the protection of its
properties, MRM has implemented measures to cut property operating
expenses at its shopping centres.
Impact of the COVID-19 crisis and
measures taken
In view of with the successive extensions
of the lockdown period in France and of the scale of their
economic impact on the business activity of its tenants, MRM – in
line with the recommendations of the Conseil National des Centres
Commerciaux – initially suspended recovery of rents and associated
charges for all tenants that have remained closed for April 2020,
and then extended this measure to May 2020.
MRM is taking all necessary steps to ensure that
retailers at its shopping centres are able to reopen their stores
in accordance with public health requirements as of 11 May 2020,
apart from the restaurant and bar sector, for which a reopening
date has not been set as yet. The extension/redevelopment works of
the Valentin shopping centre have resumed following an interruption
of several weeks and a new provisional schedule for completion and
opening to the public is being prepared.
MRM has set up a committee in charge of
assessing the conditions and criteria for the payment or write off,
in whole or in part, of suspended rents and charges, and of
reviewing, on a case-by-case basis, the situation of tenants’ whose
business, while not interrupted, will have been severely affected
during the lockdown period.
Many uncertainties remain concerning the exit
terms of the lockdown and how long it will take for the situation
to be back to normal. MRM will closely monitor the trading recovery
of its tenants and, if necessary, will take appropriate support
measures.
2020 General Meeting
As a reminder, on 3 April 2020, the Board of
Directors announced that the General Meeting initially scheduled
for 26 May 2020 has been postponed until 26 June 2020, and that it
reserves the possibility to revise the indications given on the
28th of February related to payout to shareholders with respect to
the 2019 financial year.
Calendar
Revenues for the second quarter and 2020
half-year results are due out on 29 July 2020 before market
opening.
About MRM
MRM is a listed real estate investment company
that owns and manages a portfolio 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:
MRM5, avenue Kléber75795 Paris Cedex 16FranceT +33
(0)1 58 44 70 00relation_finances@mrminvest.com |
Isabelle Laurent,
OPRG FinancialT +33 (0)1 53 32 61 51M +33 (0)6 42
37 54
17isabelle.laurent@oprgfinancial.fr |
Website: www.mrminvest.com
1 The scope of the portfolio has not changed
since the start of last year.
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