- Net rental income up +5.5% versus first quarter 2022, of
which an indexation effect of +4.2%
- Retailer sales up +10% and footfall up +5% versus first
quarter 2022
- Good leasing momentum: 176 leases signed in the first
quarter, positive reversion (+2.9%)
- Financial occupancy at 96.0% (+20 basis points versus
end-March 2022)
- New secured loan of 276 million euros (2030 maturity, 3
month EURIBOR plus 175 basis points)
- Additional interest rate hedging since end December
2022
- Closing of two asset sales agreed in February 2023, for a
total amount of 90 million euros
- Confirmation of expected recurring earnings per share of
€1.57 in 2023
Regulatory News:
Marie Cheval, Chair and Chief Executive Officer of Carmila
(Paris:CARM) commented: “The first quarter of 2023 was another
good quarter, thanks to a high level of occupancy and the ongoing
pivot of the merchandising mix to new concepts. The strong
operating performance and Carmila’s solid financial position,
especially following the successful closing of several transactions
since the beginning of the year, allow Carmila to confirm its
growth objectives for 2023.”
First quarter 2023
First quarter 2022
Change
Gross Rental Income (€m)
95.9
90.8
+5.6%
Net Rental Income (€m)
86.4
81.9
+5.5%
France
57.8
55.5
+4.1%
Spain
23,0
21.2
+8.5%
Italy
5.6
5.2
+7.7%
Net rental income up +5.5% versus first quarter 2022, of
which an indexation effect of +4.2%
Net rental income is up +5.5% versus the first quarter of 2022.
This growth in net rental income is principally explained by a
positive indexation effect (+4.2%). The overwhelming majority of
leases in Carmila centres are indexed to the reference indices of
their national markets, with effect from the first quarter.
The collection rate1 for the first quarter 2023 was 94%, at the
same level as in the first quarter of 2022.
Retailer sales up +10% and footfall up +5% versus first
quarter 2022
Retailer sales in the first quarter of 2023 were up +10% on
average versus the first quarter of 2022 (+9% in France, +14% in
Spain and +11% in Italy).
Footfall is also up (+5% on average versus the first quarter
2022, +4% in France, +7% in Spain and +11% in Italy). The first
quarter of 2022 was affected by the end of the health crisis. In an
inflationary context, Carmila shopping centres benefit from the
attractiveness of Carrefour hypermarkets.
Good leasing momentum
Leasing activity in the first quarter of 2023 remained strong,
with 176 new leases signed.
Several innovative and leading retailers signed new leases with
Carmila in the quarter including Blue Box, Lovisa, Adopt’, La
Boutique du Coiffeur and Le Comptoir de Mathilde, as well as the
Carmila Retail Development partner Bohébon, and a new pharmacy, as
part of Carmila’s strategy to pivot to a greater number of
healthcare tenants.
Reversion was +2.9% on average on the new leases signed in the
first quarter, notably driven by a high level of positive reversion
on a single new letting deal in Spain. This indicator includes new
leases on vacant premises and renewals.
Financial occupancy stood at 96.0% at end March 2023, up +20
basis points vs. end March 2022.
New secured loan of 276 million euros
Carmila signed on 17 April 2023 a new secured loan for an amount
of 276 million euros, maturing in 2030 and at a rate of 3-month
EURIBOR plus 175 basis points. This new credit line, took the form
of a mortgage loan contracted by four subsidiaries of Carmila
France (Carmila Nice, SAS Carmila Evreux, Carmila Saran and Carmila
Coquelles) and is secured by their assets. The LTV ratio of this
new financing with respect to the appraisal values of the four
assets as of 31 December 2022 is 49.4%.
Following the drawdown of the new loan, Carmila has ca. 680
million euros of cash on its balance sheet2, covering the repayment
at maturity of a bond maturing in September 2023, the outstanding
amount of which is 322 million euros, and partially covering the
repayment at maturity of a bond maturing in September 2024, the
outstanding amount of which is 539 million euros. The refinancing
of these bond issues, principally through the two bank loans put in
place in July 2022 and April 2023, will result in a gradual
increase in the average cost of debt of Carmila. The average cost
of debt of Carmila, including the effect of hedging instruments, is
estimated at around 3% in 2025.
Additional interest rate hedging since end December
2022
Since end-December 2022, Carmila has put in place additional
interest rate hedging for the coming years through both swaps and
swaptions. The total nominal amount of interest rate hedging
instruments put in place by Carmila as of today is 760 million
euros and the interest costs of its net debt is almost entirely
hedged with respect to variations in short term interest rates
between now and the end of 2025.
Closing of two asset sales agreed in February 2023, for a
total amount of 90 million euros
Carmila has closed the two transactions agreed with family
offices in February 2023 for the sale of a portfolio of four assets
in Spain and an asset in Montelimar in France.
As a reminder:
The sale price of the portfolio is Spain, including transfer
taxes, amounted to 75 million euros, in line with appraisal values.
The portfolio is made up of four centres: Los Patios and Alameda in
Malaga and Los Barrios and Gran Sur in Algeciras. The sale price of
the asset in Montelimar, including transfer taxes, amounted to 15
million euros, in line with its appraisal value.
These two asset sales follow the sale of a portfolio of six
assets in France, closed in June 2022, for a total amount of 240
million euros. Carmila
These two agreed sales follow the disposal of a portfolio of six
assets in France, closed in June 2022, for a total of 240 million
euros of disposals. With these transactions, Carmila has gone
beyond its 200 million euro disposal target for the first two years
of its new strategic plan “Building Sustainable Growth”.
Carmila is now targeting a total of €100 million in disposals by
the end of 2024, in addition to the 240 million euros of disposals
already closed.
Confirmation of expected recurring earnings per share of
€1.57 in 2023
Recurring earnings per share for Carmila in 2023 are expected to
be €1.57, corresponding to 8% organic growth (at constant scope,
and versus 2022 recurring earnings per share adjusted for
non-recurring income resulting from better-than-expected collection
of prior-year rents). This figure includes the impact of the two
asset sales as well as the new secured loan mentioned above.
Carmila continues to implement its decarbonisation
strategy
In line with its commitment to reduce energy consumption by 20%
in the winter of 2022 vs. the winter of 2019, Carmila successfully
reduced its electricity by 33% and its consumption of natural gas
by 19%.
In addition, Carmila has begun works to replace its lighting
equipment. All Carmila centres will have LED lighting by end
2023.
As a reminder, Carmila is targeting zero net carbon emissions
for scopes 1 and 2 by 2030. Carmila’s 2019-2030 carbon trajectory
has been approved by SBTi as compatible with 1.5°C of warming for
scopes 1 and 2 and 2°C of warming for scope 3.
FINANCIAL CALENDAR
11 May 2023: Annual General Meeting 25 July 2023
(after market close): First-half 2023 results 26 July
2023: First-half 2023 results presentation 19 October 2023
(after market close): Third-quarter 2023 financial
information
ABOUT CARMILA
As the third-largest listed owner of shopping centres in Europe,
Carmila was founded by Carrefour and large institutional investors
in order to transform and enhance the value of shopping centres
adjoining Carrefour hypermarkets in France, Spain and Italy. At 31
December 2022, its portfolio was valued at €6.2 billion, comprising
208 shopping centres, with leading positions in their catchment
areas.
Carmila is listed on Euronext-Paris Compartment A under the
symbol CARM. It benefits from the tax regime for French real estate
investment trusts (“SIIC”).
Carmila has been a member of the SBF 120 since 20 June 2022.
Important notice
Some of the statements contained in this document are not
historical facts but rather statements of future expectations,
estimates and other forward-looking statements based on
management’s beliefs. These statements reflect such views and
assumptions prevailing as of the date of the statements and involve
known and unknown risks and uncertainties that could cause future
results, performance or events to differ materially from those
expressed or implied in such statements. Please refer to the most
recent Universal Registration Document filed in French by Carmila
with the Autorité des marchés financiers for additional information
in relation to such factors, risks and uncertainties. Carmila has
no intention and is under no obligation to update or review the
forward-looking statements referred to above. Consequently, Carmila
accepts no liability for any consequences arising from the use of
any of the above statements.
This press release is available in the
“Financial Press Releases” section of Carmila’s Finance webpage:
https://www.carmila.com/en/finance/financial-press-releases
--------
1 As of 20 April 2023 2 As of 18 April 2023
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230420005751/en/
INVESTOR AND ANALYST CONTACT Jonathan Kirk – Head of
Investor Relations jonathan_kirk@carmila.com +33 6 31 71 83 98
PRESS CONTACT Elodie Arcayna – Corporate Communications
Director elodie_arcayna@carmila.com +33 7 86 54 40 10
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