PRESS RELEASE
FIRST-HALF 2025 RESULTS
Paris -July 23, 2025
At its meeting on July 22, 2025, the Patrimoine & Commerce Supervisory Board reviewed the Company’s operations and approved the 2025 half-year financial statements, prepared by Management.
- Increase in gross rental income by +9.7%
- Increase in FFO by +9.1%
- Portfolio valuation of € 897m
- Improvement of the LTV ratio to 41.5%
Key figures:
|
Key financials
|
30/06/25
6 months
|
30/06/24
6 months
|
Var. %
|
|
Gross Rental Income
|
€ 28.7m
|
€ 26.2m
|
+9.7%
|
|
Funds from operations (1)
|
€ 16.6m
|
€ 15.2m
|
+9.1%
|
|
Group share of net profit
|
€ 12.1m
|
€ 14.9m
|
(18.7%)
|
|
|
|
|
|
|
Alternative Performance Measures
|
30/06/25
|
31/12/24
|
Var. %
|
|
Asset appraisal value (excluding transfer taxes) (2)
|
€ 897.4m
|
€ 903.9m
|
n.a
|
|
Capitalization rate (3)
|
7.6%
|
7.6%
|
n.a
|
|
LTV ratio (4)
|
41.5%
|
43.1%
|
n.a
|
|
NAV (excluding transfer taxes - €/share)
|
29.5 €
|
30.1 €
|
(2.0%)
|
|
NAV (excluding transfer taxes)
|
€ 468.2m
|
€ 478.5m
|
(2.1%)
|
Eric Duval, Managing Director and Founder of Patrimoine & Commerce declared: “The results for the first half of 2025 underscore the strength of our fundamentals and the relevance of our strategic direction. In a persistently complex economic environment, we have sustained a solid level of performance. This momentum is driven by disciplined management, a clear market positioning, and strong, trust-based relationships with all our stakeholders. We move into the second half of the year with confidence and determination, guided by a long-term vision and a firm commitment to creating sustainable value.”
Operational performance
Over the first half of 2025, Patrimoine & Commerce had a dynamic leasing activity and signed 56 leases (including 27 renewals), improving the financial occupancy rate to 95.5% (5). The rent, charges, and taxes collection rate stands at 99% for the first half of 2025.
Financial performance
Over the first six months of 2025, Patrimoine & Commerce continued to deliver solid a financial performance.
As of June 30, 2025, Patrimoine & Commerce gross rents amounted to € 28.7m compared to € 26.2m as of June 30, 2024:
|
In millions of euros - 6 months
|
30/06/25
|
30/06/24
|
Var. %
|
|
Like-for-like
|
26.9
|
26.0
|
+3.7%
|
|
Acquisitions
|
1.8
|
-
|
n.a
|
|
Disposals
|
0.0
|
0.2
|
n.a
|
|
Gross rental income
|
28.7
|
26.2
|
+9.7%
|
The increase in gross rental income is explained by asset portfolio movements (+€ 1.6m), mainly with the acquisition of a 13 assets portfolio end of 2024. The increase in gross rents on a like-for-like basis (+€ 1.0m or +3.7%) is driven by the contractual indexation of rents.
Net rental income increased by +7.8%, with the gross to net ratio remaining stable between the two periods (91% of gross rents in the first half of 2025 vs. 92% in 2024), mainly reflecting non-recoverable charges and provisions for credit losses (which represent approximately 1.3% of half-year invoicing):
|
In millions of euros - 6 months
|
30/06/25
|
30/06/24
|
Var. %
|
|
Gross rental income
|
28.7
|
26.2
|
+9.7%
|
|
Entry fees
|
(0.0)
|
0.0
|
n.a.
|
|
Gross rental revenue
|
28.7
|
26.2
|
+9.6%
|
|
Unrecovered rental expenses
|
(2.2)
|
(1.7)
|
+31.6%
|
|
Other building expenses
|
(0.4)
|
(0.3)
|
n.a.
|
|
Net rental income
|
26.1
|
24.2
|
+7.8%
|
Operating expenses and other revenues remained stable at € 3.4m. Thus, the current operational result amounted to € 22.0m as of June 30, 2025.
The net cost of debt amounted to € 6.5m as of June 30, 2025, an increase of +9.4% compared to June 30, 2024. The company has low exposure to interest rate risk, with 88% of its debt at fixed or hedged variable rates, and the average interest rate decreased over the period (2.87% in the first half of 2025 vs. 2.99% in the first half of 2024).
Recurring net result (FFO) amounted to € 16.6m as of June 30, 2025, compared to € 15.2m as of June 30, 2024, an increase of +9.1%:
|
In millions of euros – 6 months
|
30/06/25
|
30/06/24
|
Var. %
|
|
Restated current operational result
|
23.1
|
21.2
|
+9.2%
|
|
Restated net cost of debt
|
(6.5)
|
(6.0)
|
+9.4%
|
|
Current taxes
|
(0.0)
|
(0.0)
|
n.a.
|
|
Funds from operations (FFO) (1)
|
16.6
|
15.2
|
+9.1%
|
|
Diluted FFO per share
|
1.04
|
1.01
|
+3.4%
|
The external appraisal valuation campaign resulted in a fair value adjustment of -€ 3.4m in the 2025 half-year accounts, which primarily reflects the increase in transfer duties following the adoption of the 2025 Finance Act (+0.5%).
Taking into account the share of the result of companies accounted for using the equity method (-€0.3m) and other non-recurring income and expenses (-€ 1.1m), net profit amounted to € 11.8m as of June 30, 2025, and € 12.1m in group share.
Improvement of the LTV ratio, decrease of the NAV per share at 29.5 € (-2.0%)
The Group consolidated net debt of € 371.2m as of June 30, 2025, implies a Loan-To-Value ratio of 41.5%, leaving a significant investment capacity compared to the target of 50% set by Patrimoine & Commerce.
|
In millions of euros
|
30/06/25
|
31/12/24
|
|
Net Debt
|
371.2
|
387.3
|
|
(-) other lease liabilities
|
(4.9)
|
(4.6)
|
|
(-) financial instruments
|
0.2
|
0.2
|
|
Restated Net Debt
|
366.5
|
382.9
|
|
Property valuation (excl. Transfer taxes)
|
882.8
|
889.3
|
|
Loan To Value ratio
|
41.5%
|
43.1%
|
Net asset value per share amounted to 29.47 € (€ 468.2m), a decrease of -2.0% versus December 31, 2024. Adjusted for the dividend distribution, the NAV would stand at € 490.2m (€30.9 per share), an increase of +2.6% compared to December 31, 2024.
|
In millions of euros
|
30/06/25
|
31/12/24
|
|
NAV, excl. Transfer taxes
|
468.2
|
478.5
|
|
NAV per share, excl. Transfer taxes (in euros)
|
29.47
|
30.08
|
|
Number of shares (excl. Treasury shares)
|
15 888 149
|
15 905 312
|
Development and optimization of the portfolio
As of June 30, 2025, the portfolio valuation (excluding transfer taxes and including properties accounted for using the equity method) reached € 897.4m, a slight decrease compared to December 31, 2024. The capitalization rate of the properties in operation stands at 7.6%.
|
In millions of euros
|
Variation
|
|
Net balance as of January 1st, 2025
|
903.9
|
|
Investments
|
2.2
|
|
Disposals
|
(5.2)
|
|
Fair value impact
|
(3.5)
|
|
Net balance as of June 30, 2025
|
897.4
|
Over the first six months of 2025, Patrimoine & Commerce did not make any acquisitions of new properties. Investments during the period focused on its assets in operation.
Additionally, Patrimoine & Commerce continued its asset rotation policy with the disposal of two commercial units in Le Vigen (Nouvelle-Aquitaine), for a total amount of € 5.2m, above appraisal value.
Approval of a dividend of €1.35 per share
The Annual General Meeting held on June 12, 2025, approved the distribution of a dividend of €1.35 per share, representing a total amount of €21.9m. This represents a yield on NAV (before dividend distribution) of 4.6%, and a yield on the stock market price of 5.6% (as of July 22, 2025).
Agenda
October 9, 2025 Third-Quarter 2025 activity
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About Patrimoine & Commerce
Patrimoine & Commerce owns and operates a real estate portfolio, largely comprising retail property, covering a total surface area of more than 556,000 sqm. The assets are mainly located in retail parks near mid-sized towns throughout France. Patrimoine & Commerce benefits from a significant identified deal flow that will enable it to feed its growth, in terms of both assets under development and operating assets.
Notes :
1 Recurring net income is adjusted for the operating expenses of the real estate development activity (-€1.2 million as of 30/06/25 and -€0.5 million as of 30/06/2024)
2 Incl. Group share of Cherbourg and Studio Prod and assets held for sale.
3 Based on annualized rents (or market rental value for vacant spaces) and on property valuation excl. transfer taxes
4 Adjusted for hedging instruments.
5 Excluding strategic vacancy.
Patrimoine & Commerce is listed on NYSE Euronext Paris.
ISIN Code: FR0011027135 - Ticker: PAT
For more information: www.patrimoine-commerce.com
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