Fonciere Des Murs Announces Consolidated and Company Earnings Results for the Period Ended March 31, 2013; Provides Earnings Guidance for 2013
April 24, 2013
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Fonciere Des Murs announced consolidated and company earnings results for the period ended March 31, 2013. On consolidated basis, for the March 2013, the company's revenue stands at 44.6 million, up 0.8 % compared with March 31, 2012. The change in the consolidated revenue primarily results from: acquisition of 158 B&B hotels made in 2012 generating 4.2 million in rental income, Group Share; the positive impact of rental indexation representing 0.6 million, partially offset by the downturn in revenue of variable-rent hotels (-0.5 million); the impact of sales of hotel, healthcare and retail assets (-3.8 million). Total rental income was 44.2 million, up 1.1% compared with March 31, 2012. This increase in rental income shows the resilience of the business model of Foncière des Murs, French leader in premises holding and number one lessor of two of the biggest hotel operators in France (Accor and B&B).
On company basis, for the quarter, the company reported total rental income of 43.7 million against 48.3 million a year ago. Total revenue was 44.2 million against 48.7 million a year ago.
The company provided earnings guidance for 2013. The company confirmed its objective to continue to benefit from the development opportunities, by assisting its tenants in their development activities, thus bolstering existing partnerships.
Covivio Hotels is a Listed Real Estate Investment Company (SIIC) specializing in owning and managing service-sector of real estate assets in the hotel sector. The activity is organized around 2 types of assets:
- hotels: owning, at the end of 2023, 313 hotels (AC Hotels, Novotel, Ibis, Mercure, Sofitel, B&B, Barcelo Hotels & Resorts, Club Med, Eurostars Hotels, Motel One, MEININGER, etc. names);
- operating businesses: 39 assets, including 11 restaurants.
At the end of 2023, the company's real estate asset amounted, at market value, to EUR 5,822 million.