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15 Feb 2024
Mercialys - In-line results, dividend policy changed

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Mercialys - In-line results, dividend policy changed
- Published:
15 Feb 2024 -
Author:
Inna Maslova -
Pages:
5 -
Invoiced rents landed at EUR 177.5m, up 2.8% YoY and 4.1% on a LfL basis. FFO per share stood at EUR 1.17, +3.3% YoY, a touch above our EUR 1.15 estimate. Proposed dividend for 2023 stands at EUR 0.99, representing 85% of the FFO.Portfolio value stood at EUR 2.87bn, down -7% YoY and -3.7% over 6 months on a LfL basis. Average gross appraisal yield stood at 6.61%.Mercialys' pro-forma economic exposure to food retail is as follows: Intermarché (5.2%), Auchan (4.1%) and Carrefour (2.0%). Casino group would represent 6.2% of rents. Mercialys guides for ‘at least +2% YoY FFOps' increase