Patrimoine et Commerce : H1 2018 Results gross rent of €21.4 million, +4.1 % progress

H1 2018 RESULTS

Gross rent of €21.4 million, +4.1 % progress

For the first half of 2018, gross rental income of the operating property portfolio reached €21.4m, up +4.1% compared to the same period last year.

in € m - year to date		H1-2018	H1-2017	Variation	%
Like-for-like		16.9	16.9	0.0	0.0%
Acquisitions		1.8	0.0	+1.8	N/A
Sold assets		0.2	0.7	(0.5)	N/A
Restructuring		2.4	2.9	(0.5)	-15.8%
Total gross rental income		21.4	20.6	+0.9	+4.1%

This increase is mainly due to the full-year effect of acquisitions, partially offset by the disposal and restructuring of assets.

Acquisitions

During the first semester of 2018, Patrimoine & Commerce increased its presence in Bourg-en-Bresse (Ain) with the acquisition of a 930 m² commercial unit adjacent to a property acquired in 2017. In addition, Patrimoine & Commerce invested in a 5,130 m² property leased to Conforama and located in Lannion (Côtes-d'Armor).

Global investment in these properties summed €4.2m generating €0.32m in annual rent.

Asset disposal

Patrimoine & Commerce disposed of ground-floor shops located in Gif-sur-Yvette (Essonne), Montfermeil (Seine-Saint-Denis) and Paris as well as a commercial property located in Jouy-aux-Arches (Moselle). These sales totaled €12.4m in line with appraisal values.

2017 dividend distribution of €1.15 per share

The general assembly, held on the 27^th of June 2018, approved a dividend payment of €1.15 per share. Shareholders can opt either for a payment in cash or in new shares of the company. The submission deadline for the share payment is July 20^th.